Daily Business News Mongolia

Khan Resources Announces Normal Course Issuer Bid

TORONTO, ONTARIO–(Marketwire - Oct. 21, 2008) - Khan Resources Inc. (TSX:KRI) announced today that the Toronto Stock Exchange (”TSX”) has accepted a notice filed by Khan Resources of its intention to make a normal course issuer bid.

Khan Resources currently has 54,143,279 common shares outstanding. The notice provides that under the normal course issuer bid, Khan Resources may purchase up to 4,056,828 common shares, being 10% of the public float. In addition, the notice provides that the aggregate number of shares that Khan Resources may purchase during any trading day will not exceed 22,978 shares, being 25% of the average daily trading volume of the shares based on their trading volume on the TSX for the most recently completed six calendar months preceding the date of the notice of intention, subject to the Company’s ability to make “block” purchases through the facilities of the TSX in accordance with the TSX rules. (more…)

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Khan Resources Issues Update on Mongolia and the Dornod Uranium Project

Khan Resources Inc. (TSX:KRI) is pleased to provide an update on the political situation in Mongolia as it relates to the mining industry. On October 1, 2008, President Nambaryn Enkhbayar in his opening speech to the Mongolian Parliament said “It is the reality that Mongolians cannot invest in deposit independently, introduce advanced technology and provide qualified experts. Therefore, there is no other way than attracting major investors, their financial resources, technology and experts. Investors would want to calculate their investment returns and control expenditures of their investment. They would aspire to recover their investment and make profit. This is natural.” President Enkhbayar continued, “Therefore, there is no other way than for all parties concerned to accept market principles of allowing the investors to own more than 51% of the deposit”. An excerpt of the translated speech can be found at www.khanresources.com.
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Khan Resources Issues Update on Mongolia and the Dornod Uranium Project

TORONTO, ONTARIO, Oct 03, 2008 (MARKET WIRE via COMTEX) — Khan Resources Inc. (CA:KRI: news, chart, profile) is pleased to provide an update on the political situation in Mongolia as it relates to the mining industry. On October 1, 2008, President Nambaryn Enkhbayar in his opening speech to the Mongolian Parliament said “It is the reality that Mongolians cannot invest in deposit independently, introduce advanced technology and provide qualified experts. Therefore, there is no other way than attracting major investors, their financial resources, technology and experts. Investors would want to calculate their investment returns and control expenditures of their investment. They would aspire to recover their investment and make profit. This is natural.” President Enkhbayar continued, “Therefore, there is no other way than for all parties concerned to accept market principles of allowing the investors to own more than 51% of the deposit”. An excerpt of the translated speech can be found at www.khanresources.com. (more…)

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Khan Resources Announces Construction of Power Line and Sedimentation Pond at Dornod Uranium Project

TORONTO, ONTARIO, Sep 18, 2008 (MARKET WIRE via COMTEX) — Khan Resources Inc. (CA:KRI: news, chart, profile) is pleased to announce that it has entered into contracts for the construction of a power line and sedimentation pond for the Dornod Uranium Project.
The electric power line will be constructed from the Xin Xin Mine to the Dornod Uranium Property, a distance of about 26 kilometres and an electrical substation will be constructed at the site. The Xin Xin Mine is connected to an electric power line from the Choilbalsan generating plant, approximately 120 kilometres to the south. (more…)

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Khan Resources makes key submission to Mongolia for uranium project

TSX-listed Khan Resources has submitted the reserve calculations for its Dornod uranium project, in Mongolia, to the country’s government for approval, the firm announced on Monday.

Khan expects to receive the green light on the reserve calculations “in the near future” from the Mineral Resource and Petroleum Authority of Mongolia, the firm said.

The approval of the reserve calculations is one of the requirements leading up to the start of negotiations with the government of Mongolia for an investment agreement on the Dornod project.

The Dornod uranium project has a NI 43-101-compliant indicated mineral resource of 64,3 million pounds of uranium oxide and Khan has an overall interest in this resource of 69%, or about 44,4-million pounds. (more…)

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Khan Resources Announces Submission of Reserve to Mongolian Government

TORONTO, ONTARIO — (MARKET WIRE) — 09/08/08 — Khan Resources Inc. is pleased to announce that it has submitted the reserve calculation for the Dornod Uranium Project, prepared in accordance with Mongolian standards and requirements, to the Mineral Resource and Petroleum Authority of Mongolia (MRPAM). It is expected that this submission will receive approval by the MRPAM reserve committee in the near future. Approval of the reserve will facilitate the process that leads to the negotiations with the Government of Mongolia for the Investment Agreement on the Dornod Uranium Project.

The Dornod Uranium Project has a NI 43-101 compliant indicated mineral resource of 64.3 million lbs U3O8 and Khan has an overall interest in this resource of 69%, or about 44.4 million lbs U3O8. The Mongolian reserve calculation results, while very similar to the NI 43-101 results, have been calculated on different criteria established by MRPAM. (more…)

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Khan walks away from bid for Western Prospector

TSX-listed Khan Resources will allow its offer for Western Prospector to lapse on Wednesday, the company said in a statement.
Western Prospector, which has said that Khan’s offer of 0,685 of a Khan share for each Western share undervalued its prospects, in July endorsed a rival C$1,34 a share bid from Tinpo Holdings.
Khan first announced its takeover plans in May.

Both it and Western Prospector have properties in Mongolia, but Western Prospector argued that its Saddle Hills uranium project is closer to a production decision than Khan’s Dornod prospect. (more…)

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Khan Resources Allows Offer for Western Prospector to Expire

TORONTO, ONTARIO, Sep 03, 2008 (MARKET WIRE via COMTEX) — Khan Resources Inc. (CA:KRI: news, chart, profile) announced that it will allow its offer to acquire the outstanding common shares of Western Prospector Group Ltd. to expire today and will not acquire any shares of Western Prospector pursuant to the offer.
On May 11, 2008, Khan announced its offer to acquire all of the outstanding common shares of Western Prospector in order to consolidate its position in the Saddle Hills district of Mongolia and achieve significant synergies from the joint development of Khan’s Dornod uranium deposit and Western Prospector’s Gurvanbulag uranium deposit in that district. (more…)

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Merger of two uranium companies could create a major player in Mongolia

by Danny Deadlock

Khan Resources makes an offer to buy out Western Prospector.

Western Prospector (TSX: V.WNP, Bullboard, 63 cents)
www.westernprospector.com

Some very good news out Sunday on WNP. Khan Resources (TSX: T.KRI, Bullboard), 93 cents) is offering to buy out WNP for the equivalent of 66 cents based upon Friday’s closing prices. Given the strength of this deal, that number could move higher, as the deal would create a major uranium player in Mongolia. We’ve been bottom fishing WNP for some time now (below cash value) and this is an excellent scenario for several reasons: (more…)

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Canadians are to Unite

Khan Resources Company proposed a purchase of Western Prospector
With purposes of strengthening its position and influence in uranium sector, a Canadian Company Khan Resources proposed to acquisition of shares of and merge with Western Prospectors group. However the proposal was like a demand. WPG rejected the proposal, but Khan Resources Company left the proposal open until June 20 without adjusting conditions. These two companies trade their shares at Toronto Stock Exchange and both own deposits in Dornod province. In addition, WPG has coal deposits in Choibalsan and Baganuur.
(more…)

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