News- State Geological Agency Confirms Stans State Geological Agency Confirms Stans? Compliance with Licencing Agreement
Toronto, Ontario CANADA, Aug 07, 2012 (Filing Services Canada via COMTEX) --
Stans Energy Corp. (HRE - TSX Venture), (?Stans? or the ?Company?) is pleased to report that the Kyrgyz State Geological Agency decided not to annul the Company"s licence agreement as recommended by a parliamentary committee as previously reported.
Stans Energy was granted the extension to Licence Agreement #3 on a lawful basis and the original decision by the State Geological Agency is legally binding. The lawsuit against a committee in the Kyrgyz parliament (Jogorku Kenesh) will still be pursued in the courts to ensure that rule of law is enforced and Stans" shareholders" rights are protected.
?It is extremely reassuring that Stans has been provided with statements of support from the State Geological Agency (SGA) maintaining the Company"s legal standing. We will continue negotiating the parameters of a public-private partnership, with the SGA, as set out in the previously granted framework on June 15, 2012. Although the lawsuit against the committee in the Jogorku Kenesh is ongoing, we are eager to continue to working closely with the officials and experts at the SGA. The aim of court action is to have the committee cease and desist from making further false claims against the company and its operations, and we are optimistic that given our day in court, Stans will be able to fully assert our legal position,? states Robert Mackay, President and CEO.
The Company and its Kyrgyz advisors believe this committee failed to follow Kyrgyz laws, in that it (a) failed to follow legislated inspection and investigation procedures and due process in respect of the activity of the State Geological Agency, (b) failed to consider the interests of the Company or afford the Company due process, (c) acted beyond its legislated authority and interfered in activities of the government of Kyrgyzstan and the State Geological Agency over which it had no right or capacity, and (d) now seeks to direct the State Geological Agency to implement a form of expropriation, which is contrary to Kyrgyz law.
The Company is also pleased to announce the addition of Mr. Temerbek Kenenbaev to its Board of Advisors. Mr. Kenenbaev graduated from the Kyrgyz State National University in 1973 and has led a successful career as one of the top jurisprudential experts in Kyrgyzstan. His vast experience in roles as Chairman of the Court for the International Arbitration Court in Kyrgyzstan, Deputy Chief of the Law Department of the President"s Administration of the Kyrgyz Republic, and Chief of the Law Department of the Jogorku Kenesh of the Kyrgyz Republic, will be a tremendous asset to the Company. Mr. Kenenbaev is currently a Senior Partner at Partners Law Firm, Stans" current legal counsel in Kyrgyzstan.
In consideration of his role on the Board of Advisors, Mr. Kenenbaev has been granted 350,000 incentive stock options, as approved by the Board of Directors on August 2, 2012, at an exercise price of
.61 as of the market close on July 27, 2012, expiring on August 2, 2017. This grant is subject to TSX Approval.
Robert Mackay, President and CEO of Stans Energy, is pleased to announce the promotion of Mr. David Vinokurov to Vice President of Corporate Development. ?David has become an integral part of the Stans Energy leadership team and will now focus on building our corporate awareness in The Kyrgyz Republic and begin developing the framework for the public private partnership with the people of Kyrgyzstan?.