SAT PR | 8 March 2017
Kyrgyz Republic moves to set aside Stans UNCITRAL jurisdiction ruling
Stans Energy Corp. (TSX-V: HRE, OTC PINK: HREEF), („Stans” or the „Company”) announces that the Kyrgyz Republic (the „Republic”) has notified Stans that on February 22 it filed a claim with the High Court of Justice, Queen’s Bench Division, Commercial Court, London, England to set aside the jurisdictional award rendered by the UNCITRAL Tribunal (the „Tribunal”) in favor of Stans. This submission to the English Court is made pursuant to Section 67 of the Arbitration Act (1996).
No timetables have been set in these new proceedings. Stans will issue an update both on these set aside proceedings and on the merits proceedings in UNCITRAL arbitration as schedules will become available.
„Although it is not surprising that the Republic continues to obstruct and hamper the timely proceedings of Stans’ case for the expropriation of Kutessay II deposit mining license, management together with our legal team remains vigilant in pursuing a final award from the UNCITRAL Tribunal,” states Rodney Irwin, CEO and President, Stans Energy Corp.
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About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare and specialty metals properties and processing technologies. Stans is now transitioning into a supplier of materials and technologies that will assist in satisfying the future energy supply, storage and transmission needs of the world. Previously, the Company acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic. Due to the expropriation actions taken by the Government of the Kyrgyz Republic, the Company is undertaking international arbitration litigation to protect the Company’s rights and recover damages estimated at over US$210,000,000, caused by the Republic.