TORONTO, ON / ACCESSWIRE / June 5, 2017 / Stans Energy Corp. (TSX-V: HRE, OTC PINK: HREEF), ("Stans" or the "Company") is pleased to provide an update on ongoing corporate initiatives.
PERVOMAYSKIY LITHIUM PROJECT
Stans has previously entered into a Memorandum of Understanding ("MOU") with Pervomayskiy GOK ("PGOK") for the acquisition of the Pervomayskiy lithium mineralization stockpile and processing mill (together the "Project"). Stans Moscow counsel, Norton Rose Fulbright had identified several outstanding legal issues that needed to be addressed by PGOK with respect to land assembly of the various parcels on which critical infrastructure and mineralized material are located. PGOK has undertaken significant steps to address the outstanding items and continues moving towards satisfying all unresolved concerns.
In addition to the ongoing due diligence, Stans' partners have secured a RUB$ 400 million (US$ 8 million) grant from the State Atomic Agency Corporation (ROSATOM) and the Ministry of Education of The Russian Federation. The grant will be used to advance the Project to develop an industrial scale prototype for the production of a lithium concentrate and lithium carbonate using the mineralized material contained within the Pervomayskiy Stockpile and the milling and processing technology developed by VNIIHT.
VNIIHT had originally been retained by Stans' partners to develop laboratory scale testing on research on the feasibility of producing a lithium concentrate and carbonate from the Pervomayskiy Stockpile. This research was financed on a 50/50 basis by Stans partners and a government grant from the Ministry of Education of the Russian Federation.
"Although the legal due diligence is taking longer than expected, we are pleased that our partners together with other stakeholders in the project, the industry and the local region, continue to work on advancing the Pervomayskiy Project. As the project continues to evolve, Stans is committed to negotiating a favorable partnership structure that will benefit all stakeholders: Stans' shareholders, our Russian partners and the local community in Pervomayskiy" states Rodney Irwin, CEO and President of Stans.
LONDON SET ASIDE PROCEEDINGS
Stans is pleased to report that local London, England, counsel has been retained by the Company and councel is finalizing the Company's statement of defense. The Kyrgyz Republic (the "Republic") is attempting to have the UNCITRAL Tribunal (the "Tribunal") jurisdictional ruling set aside. This ruling confirmed the Tribunal's jurisdiction to hear the merits of the arbitration claim brought by Stans against the Republic. The date for the London hearings remains July 24-25, 2017.
UNCITRAL ARBITRATION
The Republic previously requested a two week delay for document submission to the Tribunal. Both Stans and Tribunal have agreed to this request, however the Tribunal decided to keep the scheduled final hearing date unchanged. The Tribunal will hold a hearing on the merits of the case on April 15-19, 2018.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
We seek safe harbour.
Contact Details
Rodney Irwin
Stans Energy Corp
Interim President & CEO
rodney@stansenergy.com
647-426-1865
David Vinokurov
Stan Energy Corp
VP Corporate Development
david@stansenergy.com
647-426-1865
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.
SOURCE: Stans Energy Corp.
