Daily Business News Mongolia

Western Files Environmental Impact Assessment in Mongolia

VANCOUVER, BRITISH COLUMBIA, Dec 9, 2008 (Marketwire via COMTEX) — WNP | Quote | Chart | News | PowerRating — Western Prospector Group Ltd. (TSX VENTURE:WNP) is pleased to announce that it has filed its Environmental Impact Assessment (EIA) for its Gurvanbulag project with the Mongolian Ministry of Nature and the Environment. 

“The filing of the EIA is an important regulatory requirement for Western in Mongolia,” said Eric Bohren, President and CEO of Western. “The EIA concludes that the proposed Gurvanbulag project can proceed if Western implements all required measures, including those contained in the environmental protection plan, the environmental monitoring plan, and the mine closure and rehabilitation plan.”

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Western Prospector Continues Dispute With Adamas Mining Over Joint Venture

Does Not Impact Western’s Gurvanbulag Project Or NI 43-101 Classified Resources

VANCOUVER, BRITISH COLUMBIA–(Marketwire - Oct. 22, 2008) - Western Prospector Group Ltd. (TSX VENTURE:WNP) (”Western”) responded today to the Mongolian district court’s ruling in favour of Adamas Mining Co. Ltd. (”Adamas”) regarding its claim for release of the joint venture exploration license from escrow to Adamas. Western continues its joint venture dispute with Adamas and intends to vigorously pursue all actions to complete the joint venture according to the Letter Agreement of December 7, 2004 (”Letter Agreement”) between the two companies. (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 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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Western Prospector Announces C$74 million Cash Offer By Tinpo Holdings

Vancouver, British Columbia — July 15, 2008 — Western Prospector Group Ltd. (TSX-V: WNP) and Tinpo Holdings Industrial Company Limited (”Tinpo”) announced today the execution of a definitive agreement for Tinpo to acquire all the outstanding common shares of Western for C$1.34 per share in cash, valuing Western’s equity at approximately C$74 million.

The offer represents an 86% premium to Western’s closing price of C$0.72 on July 14, 2008, and a 168% premium to Western’s closing price of C$0.50 on May 9, 2008, which was the last trading day prior to the unsolicited takeover bid by Khan Resources Inc. The offer also represents a 130% premium to Khan’s bid, which consists of 0.685 of a Khan share for each Western share. Khan’s bid currently values Western at C$0.58 per Western share, based on Khan’s trading price of C$0.85 on July 14, 2008. There is no cash component to the Khan bid.

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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.
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