Kyrgyzstan Court Rules Stans’ Kutessay II License Fairly Acquired

- November 18th, 2014

Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) announced that the Supreme Court of Kyrgyzstan has ruled against Baotou Hongbo Technology Company Ltd., which claimed to be the true owner of the Kutessay II mining license.

Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) announced that the Supreme Court of Kyrgyzstan has ruled against Baotou Hongbo Technology Company Ltd., which claimed to be the true owner of the Kutessay II mining license.

As quoted in the press release:

Baotau Hongbo Technology Company LTD brought suit against the State Agency for Geology and Mineral Resources of the Kyrgyz Republic (the ‘SGA’) intending  to reclaim licence rights to Kutessay II. The Inter-district Court of Bishkek ruled in favour of Baotau Technology Company LTD, overlooking significant evidence and ignoring several substantive procedural issues.  In September 2013, an appeal by Kutisay Mining LLC and the SGA was heard at the Bishkek City Court.  The Bishkek City Court overruled the lower court ruling and held that Baotau had no rights to Kutessay II.  Baotau then appealed the Bishkek City Court ruling to the Supreme Court of Kyrgyzstan which has subsequently upheld the City Court ruling.

Rodney Irwin, interim president and CEO at Stans, commented:

This ruling by the Supreme Court of Kyrgyzstan validates the Company’s due diligence process before acquisition of the mining licence for Kutessay II in an auction in December 2009.

Click here to read the full Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) press release.

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