Stans Energy Corp.
Monday, April 6, 2020 11:15 AM
TORONTO, ON / ACCESSWIRE / April 6, 2020 / Stans Energy Corp. (TSXV:HRE)(OTC:HREEF) (“Stans” or the “Company”) is pleased to announce that it has entered into a Cooperation agreement with its Finance Providers to secure financing for the Award recognition and enforcement proceedings. This Agreement is an extension of the existing Litigation funding agreement of March 2018, and its main terms provide for the following:
- Stans assigns all its rights to title to and interest in the Award and the Costs Order (by the High Court of Justice of England) to the Finance Providers.
- Parties to the Cooperation agreement will cooperate in all matters pertaining to recognition and enforcement proceedings relating to the Award and the Costs Order.
- The Finance Providers bear full responsibility for all collection activities with respect to the Award and the Costs Order
- If the proceeds of the Award and the Costs Order are collected, then the Finance Providers shall pay the Stans an amount equal to US$500,000.
Update on the Status of the Lobash-1 Gold-Copper Project
The initial review by Stans of the documentation of the Lobash-1 gold-copper project produced the following results:
- The current status of the Mine Licensing Agreement for the Lobash-1 property, held by the JSC “Promnedra-Regions”, is being confirmed with the Russian State Sub-soil Agency.
- Since exploration began in 1980, 100 exploration drill holes totalling over 23,000 m of core have been completed on the Lobash-1 property. Of these, analytical results from core from 43 drill holes completed in 2009, were used to prepare mineral resource estimates for the property.
- The preliminary C2 Category mineral resource estimates of the Russian Federation Standard for the Lobash-1 property, as approved by the Russian State Reserves Committee in its report of February 17, 2010, are reported in the Company’s Press Release of February 27, 2020.
- The mineral resource estimates for the Lobash-1 project are not NI 43-101 compliant and should not be relied upon.
The Company is continuing its due diligence of the data including exploration and metallurgical test results, as well as the mineral resource estimates, while waiting for licensing issues to be cleared.
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 rare and specialty metals properties and processing technologies. Stans is now transitioning to become a supplier of materials and technologies that will assist in satisfying the future energy supply, storage and transmission needs of the world. Previously, the Company acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic. Due to the expropriation actions taken by the Government of the Kyrgyz Republic, the Company proceeded with the international arbitration litigation to protect the Company’s rights and in August 2019 won the Award for damages at over US$24,000,000 plus interest.
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.
SOURCE: Stans Energy Corp.