TORONTO, ON / ACCESSWIRE / October 19, 2017 / Stans Energy Corp. (TSX-V: HRE, OTC PINK: HREEF) ("Stans" or the "Company") reports that the State Committee of Industry, Energy and Subsoil Use of the Krygyz Republic has announced a new tender for the subsoil rights to develop Kutessay II for rare earth elements and Kalesay for beryllium.
The Tender Committee determined the cost of payment for the right of subsoil use for this tender to be an amount no less than USD$ 10 million.
Along with other Tender terms, there is also a requirement to take over any Kyrgyz Government liabilities deriving from any Arbitration proceedings associated with these licenses.
The deadline for submissions for the tender is November 3, 2017.
As previously reported by Stans on May 26, 2016, an earlier tender was held by the Kyrgyz Republic for the Kutessay II and Kalesay properties. The bidder in that case, Kamal Oil, failed to satisfy terms of the tender and the subsoil rights remained with the Republic.
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.
Contact Details
Rodney Irwin
Stans Energy Corp
President & CEO
[email protected]
647-426-1865
David Vinokurov
Stans Energy Corp
VP Corporate Development
[email protected]
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 believes that its 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 statements. 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.