Yahoo | 26 January 2017
Stans Energy prevails in preliminary jurisdictional phase before UNCITRAL arbitration against the Kyrgyz Republic
Stans Energy Corp. (TSX-V: HRE, OTC PINK: HREEF), ("Stans" or the "Company") announces that a ruling has been handed down by the Arbitral Tribunal ("the Tribunal") in the matter between Stans Energy Corp. and Kutisay Mining LLC ("Claimants") and the Kyrgyz Republic ("Republic" or "Respondent") (or taken together "the Parties").
The Tribunal, in accordance with the United Nations Commission on International Trade Law Rules of Arbitration of 1976 ("Uncitral Rules") has unanimously rejected the Respondent’s preliminary jurisdictional objections and opened the way for adjudication of the merits. Any further arguments pertaining to jurisdiction will be considered together with the merits of the case.
The attorneys for Parties will now confer with each other with a view to reaching agreement on a joint proposal for a procedural timetable up to and including a hearing on the merits (and any other remaining jurisdictional objections). Whether by agreement or order of the Tribunal, the schedule should be set in February.
"We are pleased that the Tribunal has confirmed its jurisdiction in our dispute with the Republic. I would like to congratulate our attorneys at Freshfields Bruckhaus Deringer for the stellar work done to date. Stans remains committed to pursuing more than US$ 210,000,000 of compensation, including interest, and focusing on this next stage of the arbitration proceedings," states Rodney Irwin, CEO and President.
The Company also reports that COO, Boris Aryev, has been issued 200,000 shares to settle partial debts owed from salary arrears dating from February 2016 to May 2016.
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 to recover damages estimated at over US$210,000,000, caused by the Republic.