Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), ("Stans" or the
"Company") announced today that it has obtained an injunction (the
"Order") from the Ontario Superior Court of Justice which, among other
things, prohibits the Kyrgyz Republic and Kyrgyzaltyn JSC ("KJSC") from
selling, disposing, exchanging, assigning, transferring, pledging or
encumbering 47,000,000 shares (the "Shares") in the capital of Centerra
Gold Inc. ("Centerra") registered in the name of KJSC, subject to
certain exceptions. The Order also prohibits Centerra and its transfer
agent from issuing share certificates in respect of the Shares.
The Order was obtained in a proceeding by Stans for recognition and
enforcement of an international arbitration award of the Arbitration
Court at the Moscow Chamber of Commerce & Industry against Kyrgyz
Republic for US$118,206,058.04 (the "Award"). The Kyrgyz Republic has
refused or failed to pay the Award.
As a term of the Order, Stans will be seeking an extension of the
injunction until the hearing of its application for recognition and
enforcement of the Award as a judgment of the Superior Court of Justice.
There can be no assurance that Stans will be successful in obtaining an
extension of the injunction or that Stans will ultimately be successful
in obtaining an order for recognition and enforcement of the Award in
Ontario.
"At this time, we see no alternative other than to proceed as we have on
our present track for successful resolution of our arbitration award,"
says Rodney Irwin, Interim President and CEO.
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 Heavy Rare Earth (HRE) properties in areas of Central Asia and
Russia. In December 2009, Stans acquired a 20-year mining license for
the past-producing Kutessay II rare earth mine from the Kyrgyz Republic.
On May 26, 2011 Stans completed the purchase of the Kashka Rare Earth
Processing Plant (KRP) the same plant that previously refined REEs from
Kutessay II ores. The KRP was the only hard rock plant to produce all
rare earth elements outside of China, producing 120 different metals,
alloys, and oxides. For over 30 years, Kutessay II produced 80% of the
rare earth metals for the Former Soviet Union.
We seek safe harbour.
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.
Copyright Business Wire 2014