Work Stoppage at Kutessay II Expires
Robert Mackay, President and CEO of Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), reports that, effective as of September 30th, the order from the previous administration of the Kyrgyz State Geological Agency (SGA), to suspend the ongoing field work at Kutessay II through to September 30, 2012, has expired, allowing the company to resume work at its 100% owned heavy rare earth mine, Kutessay II. Please refer to Stans Energy’s press release, dated September 11, 2012, for details on the cited reasons for the work stoppage.
Stans Energy’s Kyrgyz corporate legal team, led by Mr. Temerbek Kenenbaev, and Ms. Mirgul Smanalieva of Partners Law Firm elaborate, “The Law of the Kyrgyz Republic ‘On Mining’ envisages the possibility of suspension of the licence for the right on use of subsoil for a term of three months based on specific cases. However, the licence of Kutisay Mining LLC was suspended for a one month term by the State Geological Agency and Mineral Resources without probable ground. When the Commission on licensing suspended the licence of Kutisay Mining LLC, the Commission did not establish, nor did it provide, any demands regarding the Company. That is why according to the law, in connection with the expiration of the one month term of suspension of the licence of Kutisay Mining LLC, the company’s term of licence is in full effect from October 1, 2012 through to the end of 2029.”