CORRECTION: Stans Signs Memorandum of Cooperation for a Major Potash Deposit
This release corrects the release disseminated December 6, 2021 at 3:55pm ET. The release was missing information in the second, fourth and fifth paragraphs. Please see the full corrected release below.TORONTO, ON / ACCESSWIRE / December 7, 2021 / …
This release corrects the release disseminated December 6, 2021 at 3:55pm ET. The release was missing information in the second, fourth and fifth paragraphs. Please see the full corrected release below.
TORONTO, ON / ACCESSWIRE / December 7, 2021 / Stans Energy Corp. (TSXV:HRE.H)(OTC PINK:HREEF) ("Stans" or the "Company") is pleased to announce that it has signed a Memorandum of Cooperation (the "MOC") with the TradePromService LTD (hereinafter "TPS"), a Russian limited liability corporation, for an option to acquire 100% of Yakshinskoye potash deposit.
Under the terms of the MOC, Stans and TPS (together the "Parties") have agreed to undertake a project development program which will result in: a) NI 43-101 compliant measured mineral resources estimate, b) pilot ISL production testing and c) Bankable Feasibility Study (upon completion of steps "a" and "b"). The Option Agreement negotiations will commence upon completion of Measured Mineral Resources Report. Funding for steps prior to the Option Agreement is the obligation of TPS.
The extensive technical information provided to Stans by TPS was reviewed, verified and resulted in detailed recommendations which were provided to the TPS' Team. This extensive review was led by the company's qualified person, Dr. Gennady Savchenko FGS London, Director of Stans's International Mining Operations.
The JORC Report prepared by ERCOSPLAN Group (Germany) in July 2015 using data from 18 drill holes estimates the indicated mineral resources of the deposit at: Sylvinite: 189 million tonnes at 23.9% KCl; Carnallitite: 935 million tonnes at 13.9% KCl.
The Pre-feasibility Study prepared by ERCOSPLAN Group in December 2015 recommends solution mining as the best option for the carnallitite horizons which should be mined at phase one of deposit development, and provides a business-financial model for the 1 million tpa production rate.
"This MOC represents an exciting new opportunity for Stans and our stakeholders as we embark down a path of the potential of developing a world class fertilizer production property. Stans' team experience in the development of ISL deposits will be utilized in this challenging project, and we are confident that our technical team and Stans' management are up to the task," states Rodney Irwin, Interim President and CEO.
Shares for Debt Settlement
The Company reports that COO, Boris Aryev, has been issued 1,400,000 shares at $0.05 per share to settle partial debt owed from salary arrears dating from July 2019 to October 2021. The Shares for Debt Settlement Agreement was approved by Stans Board of Directors on December 3d, 2021.