Khan Up 87% as Wins Mongolian Court Case

Khan Resources Inc. (KRI.TO) is up 87% at 43 cents, and off a day high 45 cents, after announcing today that the Mongolian Capital City Administrative Court has ruled in favour of its 58%-owned joint venture subsidiary, Central Asian Uranium Company, LLC, and declared that the previous purported decision by the Mongolian Nuclear Energy Agency to invalidate CAUC's mining license 237A is itself invalid and illegal.

Trading in Khan was halted aroundn 10:45 a.m. ET, but it resumed about two hours later.

As previously announced in April 2010, both CAUC and Khan's 100%-owned Mongolian subsidiary Khan Resources LLC, the respective holders of mining license 237A and exploration license 9282X), both in respect of the Dornod Uranium Property, received notices from the NEA purporting to invalidate the Licenses effective as of October 8, 2009, allegedly based on unspecified violations of Mongolian law

Subsequently, each of CAUC and Khan Mongolia filed and has since been pursuing separate formal claims in the Court challenging the legal bases for the NEA's notices asserting, among other things, that the NEA had no legal authority to make a decision to invalidate the Licenses and that the NEA's purported decision to do so violated the provisions of Mongolian law and was, therefore, invalid.


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