Stans Energy Corp. (TSXV:HRE, OTCQX:HREEF), provided investors with an update on the international arbitration proceedings. The company announced that an inter-departmental working group has been formed by the Government of Kyrgyzstan in reaction to Stans’ ongoing International Arbitration claim. A stated aim of this working group is to hold negotiations with Stans to reach an out-of-court settlement with the Company.
Rodney Irwin, Interim CEO and President said:
It is encouraging to now see that the Government of Kyrgyzstan, through the Office of the Prime Minister, has decided to commence meaningful negotiations with Stans Energy. This will begin the dialogue we have always hoped to have that will help us to expand our operations in Kyrgyzstan. Stans will, in the meantime, continue to pursue recourse through the arbitration hearings in Moscow in parallel with the upcoming government talks. Stans remains committed to developing Kutessay II, resuming production of rare earth elements and restoring opportunities to the communities in which we operate in Kyrgyzstan. Management is eager to sit down with the government working group and resolve the outstanding disputes so that all stakeholder interests will be secured moving forward.