Posts tagged ‘MonAtom’

Khan Resources Uranium Mining & Exploration Licences Invalidated

By , 16 April, 2010, 2 Comments

Below is Press Release from Khan Resources.  Two related posts on our Mongolia Business Blog (MBB) website are Dornod Uranium, Khan Resources, ARMZ, Russia, & Mongolia and Khan Rebuts All Charges Based on “Inaccurate Information”.  On the day of the press release, the stock price of Khan Resources on the Toronto Stock Exchange dropped from 85 cents to 67 cents and then to 57 cents (33% drop).

TORONTO, ONTARIO, April  13, 2010 – Khan Resources Inc. (TSX:KRI) (“Khan”) announced today that its 58%-owned Mongolian joint venture subsidiary, Central Asian Uranium Company, LLC (“CAUC”) and its 100%-owned Mongolian subsidiary, Khan Resources LLC (“Khan Mongolia”) have received notice from  the Mongolian Nuclear Energy Agency (the “NEA”) stating that CAUC’s mining license 237A (the “Mining License”) and Khan Mongolia’s exploration license 9282X (the “Exploration License”) have been invalidated. The invalidations purport to be effective as of October 8, 2009 and purport to be based on a failure by CAUC and Khan to address violations of Mongolian law stemming from a July 2009 report issued by an inspection team appointed by the Mongolian State Specialized Inspection Agency (the “SSIA”) in respect of the Mining License.

Khan continues to believe that it and its Mongolian subsidiaries have always operated and continue to operate in compliance with all applicable Mongolian laws, including the Nuclear Energy Law, and there is no legal basis for the NEA invalidation notices.  Khan intends to challenge the NEA’s actions through all legally available means.  In Khan’s view, the actions by the NEA are a clear violation of Khan’s rights and interests under the laws and Constitution of Mongolia, and are in breach of Mongolia’s obligations under international law.  Khan and its legal counsel intend to vigorously defend its rights and interests, and to pursue all available rights and remedies in the Canadian and Mongolian courts and, if necessary, in international arbitration.

Background

Khan believes that in order to understand the  latest action by the NEA, it is necessary to understand the background and recent history.

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Khan Rebuts All Charges Based on “Inaccurate Information”

By , 22 March, 2010, No Comment

In an open letter to MP Z. Enkhbold, Khan Resources has clarified its point of view about certain conclusions and recommendations recently made by the working group led by him after its visit to Dornod uranium district last summer.

The company notes that the license it holds was not included in the list of licenses whose legality was sought to be investigated. Reiterating that the company has been fully cooperating with Government officials, Khan says it would be pleased to provide all relevant documents to the working group if asked to do so. Expressing confidence that Khan has fulfilled all its obligations towards Central Asia Uranium Corporation (CAUC), the company says it is difficult to understand why only it should be investigated when there are two other partners in the joint venture. “It is most unfortunate that inaccurate information has been delivered…through recent official and unofficial sources that suggests that only Khan may have been in breach of the law,” the letter says.

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