Stans Receives Preliminary Legal Due Diligence Report on Pervomayskiy Lithium Project

Stans Energy (TSXV:HRE) has announced it has received a preliminary Legal Due Diligence Report on assets of its partner, Pervomayskiy GOK.
As quoted in the press release:

The Report addresses several key issues, in particular:
1.     Ownership of the Mill (“Mill”) and Lithium mineralization stockpiles (“Stockpiles” and together with Mill – “Assets)”.
2.     Rights of PGOK to land plots beneath the Mill.
3.     Rights of PGOK to land plots beneath the Stockpiles.
The Report generally confirms the fact of: (i) registration of the Mill in the name of PGOK and (ii) acquisition of the Stockpiles by PGOK on 24 June 2016 and identifies, inter alia, certain land registration issues that should be resolved.  PGOK is undertaking the necessary actions to address these issues, namely: complete proper registration procedures for the land parcels comprising Mill territory and conclude municipal leasing agreements for land plots beneath the Stockpiles. There remain certain legal matters to satisfy Stans’ legal due diligence requirements related to the title to the Assets.
While the legal due diligence is being completed, Stans and PGOK are finalizing the terms of a Binding Memorandum of Understanding (“BMOU”) further to the non-binding MOU announced by the Company on August 26, 2016.  Once legal due diligence is completed to the Company’s satisfaction, a geological and technical assessment will be undertaken in order to produce an NI 43-101 compliant preliminary economic assessment (“PEA”) on the Project.

Click here to read the full press release.