A Toronto-based junior whose chairman, Rodney Irwin, is the former Canadian ambassador to Russia and currently the Honorary Consul for the Kyrgyz Republic to Canada, has bought its fifth mineral property in Kyrgyzstan.
Stans Energy’s (RUU-V) latest acquisition in the former Soviet republic is Kutessay II, a past-producing Rare Earth Elements mine.
The open pit mine previously produced about 80% of the former Soviet Union’s rare earth elements between 1960 and 1991.
News of the acquisition sent Stans Energy’s shares up 45.8% or 5.5¢ to 17.5¢ in mid-afternoon trading in Toronto.
In its heyday Kutessay II produced all fifteen REEs along with lead, zinc, silver, bismuth, molybdenum, thorium, tin, and copper. Kutessay II also contains niobium, tantalum, and hafnium, the company says.
The past-producing mine is about 140 km from Bishkek, Kyrgyzstan’s capital, and is situated about 43 km from a rail line.
Stans Energy says Kutessay II contains all fifteen rare earth elements with a 50:50 ratio of light rare earth elements to heavy rare earth elements.
Kutessay II concentrate was refined into 120 different REE compounds, Stans Energy said.
The junior acquired 100% of the Kutessay II deposit and 100% of the Kalesay beryllium deposit from the Government of Kyrgyzstan for US$855,000.
The company has already started a feasibility study that is looking into restarting the mine.
The company says it will be working with the “original Russian engineering institutes that designed the mine, mill and processing plants to modernize the efficiency of producing the end products that were mined.”
“There is a vast database on this past-producing mine and Stans is in the process of translating the information so it can be made available to investors.”
The company has traded in a 52-week range of 1.5¢-15¢ per share and has 85.5 million shares outstanding.
Be the first to comment on "Stans Energy picks up rare earth elements in Kyrgyzstan"