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Stans Energy Corp. (TSXV:HRE) announced the withdrawal of the appeal made by the legal representative of the Jogorku Kenesh of the Kyrgyz Republic, ending all legal controversy surrounding the licence for Kutessay II.
As quoted in the press release:
On November 15, 2012 the Company reported that it received favourable judgments from the Kyrgyz courts upholding the Company’s rights to exploit the Kutessay II deposit. These judgments had voided earlier decisions of the Committee to order the Company’s Licence Agreement #3 annulled, to order the tender of Kutessay II, and to recommend to the State Geological Agency that Licence Agreement #3 be annulled. It was noted at the time that the Committee had appealed those decisions. The Bishkek City appeals court has now dismissed the proceedings by the Committee against the Company.
Stans Energy Corp. President and CEO, Robert Mackay said:
This successful final resolution of this legal process surrounding our Licence Agreements validates our adherence to the highest standards of business and reporting practices. I would like to congratulate our team at Partner Law Firm for their diligent representation of the company and its interests. As previously announced our 2013 field program is underway. Stans Energy is now looking forward to advancing its plans for development and production at Kutessay II.
Click here to read the Stans Energy Corp. (TSXV:HRE) press release
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