Stans Energy Responds to Kyrgyz Media Report
September 15, 2014 (Source: Businesswire) — Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), wishes to respond to comments issued in Kyrgyz media and attributed to government representatives of the Kyrgyz Republic.
Recently, Head of the Department of Fuel and Energy Complex and Subsoil Use, Turatbek Dzhunushaliev issued comments to media in Kyrgyzstan relating to the Company’s licence for the Kutessay II and Kalesay deposits. According to comments attributed to Mr. Dzhunushaliev, the licenses for Kutessay and Kalesay were being prepared for auction. The author of the article goes on further that these licenses had been revoked in 2012, on the initiative of deputies of the parliamentary faction of Ar-Namys.
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Notwithstanding recent court cases between the General Prosecutors Office (“GPO”) and the State Agency for Geology and Mineral Resources of the Kyrgyz Republic (“SGA”), the licenses for Kutessay II and Kalesay have not been formally revoked and remain in full possession of Stans and its Kyrgyz subsidiaries, albeit under a stop work order for the Kutessay II and Kalesay licenses. According to the Laws on Subsoil of the Kyrgyz Republic, only the SGA has the legal authority to revoke any subsoil licenses and only under a very specific set of circumstances. According to our legal team those circumstances have not been breached and as such the SGA has no legal standing to revoke Stans’ licenses. In regards to the Mr. Dzhunushaliev’s comments, the SGA has no grounds to prepare the Company’s licenses for any official tender or auction process.
Management has received no indications from the SGA that revocation of any licence is in progress.
About Stans Energy
Stans Energy Corp. is a resource development company focused on progressing Heavy Rare Earth (HRE) properties in areas of the Former Soviet Union. In December 2009, Stans acquired a 20-year mining license for the past-producing Kutessay II rare earth mine from the Kyrgyz Republic. On May 26, 2011 Stans completed the purchase of the Kashka Rare Earth Processing Plant (KRP) the same plant that previously refined REEs historically from Kutessay II. The KRP was the only hard rock plant to produce all rare earth elements outside of China, producing 120 different metals, alloys, and oxides. For over 30 years, Kutessay II produced 80% of the rare earth metals for the former Soviet Union.
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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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>