Stans Energy Corp. (TSX-V: HRE, OTCQB: HREEF), (“Stans” or the “Company”), reports that the UNCITRAL Tribunal has issued a timetable for bifurcation of the jurisdiction in the arbitration case brought by Stans and Kutisay Mining LLC (“Kutisay Mining” or the “Claimant”) against the Kyrgyz Republic (the “Republic” or the “Respondent”).
The following procedural timetable for the jurisdiction phase has been set:
|May 11, 2016||Respondent shall files its Statement of Defence on Jurisdiction. (Respondent’s Submission on Jurisdiction).|
|June 6, 2016||Claimants shall submit their Comments on the Respondent’s jurisdictional objections. (Claimants’ Submission on Jurisdiction).|
|July 1, 2016||Respondent shall submit its Reply, but only in rebuttal to the Claimants’ Submission. (Respondent’s Reply on Jurisdiction).|
|July 22, 2016||Claimants shall file their Rejoinder. (Claimants’ Rejoinder on Jurisdiction).|
|August 1, 2016||The Tribunal issues a draft procedural order regarding the jurisdiction hearing.|
|August 8, 2016
or other agreed date
|Status conference by telephone, if still considered necessary by the Tribunal after consultation with the Parties.|
|August 29. 2016||The Tribunal issues procedural order regarding the hearing on jurisdiction.|
|September 22, 23, or 24, 2016||One day hearing on jurisdiction.|
|Nov. – Dec. 2016||Tribunal issues its decision on jurisdiction.|
Once a decision is reached regarding the jurisdiction of the UNCITRAL Tribunal another procedural schedule will be issued relating to merits phase of the claim.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare earth and specialty metals properties in areas of Central Asia and Russia. Stans acquired the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic in 2009. Since that time the Government of the Republic of Kyrgyzstan took expropriatory actions against the Company’s interests in that country, Subsequently Stans Energy applied to international arbitration to resolve the conflict. On June 30, 2014, Stans Energy was awarded US$118 Million by the Arbitration Tribunal at the Moscow Chamber of Commerce and Industry. On October 24, Stans Energy arrested 47 million shares of Centerra Gold (TSX: CG) as security in this matter. This security allows the Company to pursue the recognition of its arbitral award against the Kyrgyz Republic in the Canadian court system. Stans is now seeking recognition by the Ontario Court of Justice to collect US$ 118 Million worth of Centerra Gold shares.
We seek safe harbour.
President & CEO
VP Corporate Development
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, use of proceeds from the Offering, the completion of the Offering, the continued advancement of the company’s general business development, research development and the company’s development of mineral exploration projects. When used in this press release , the words “will”, “shall”, “anticipate”, “believe”, “estimate”, “expect”, “intent”, “may”, “project”, “plan”, “should” and similar expressions may identify forward-looking statements. Although Stans Energy Corp. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statement. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.