Khan Resources Inc.: Mongolia Files to Annul Arbitration Award


TORONTO, ONTARIO--(Marketwired - July 15, 2015) - Khan Resources Inc. ("Khan" or the "Company") (CSE:KRI) announces that it received on July 14, 2015 a one page notice from the Chief Clerk of the French Court of Appeal in Paris that the Government of Mongolia has initiated an attempt to annul the international arbitration Award rendered in Khan's favour on March 2, 2015 as compensation for the Government of Mongolia's illegal actions in relation to the cancellation of Khan's uranium licenses in 2009.
Mr. Grant Edey, President and CEO of Khan, commented, "The international arbitration Award is final and due for payment. On July 9, 2015, the Government of Mongolia filed a notice for annulment of this final Award in the French Courts and has given no indication on what basis it seeks to annul the Award. Khan believes that this attempt to annul the Award will not succeed and is merely a frivolous attempt to delay the inevitable payment of the Award. This action by the Government of Mongolia makes a mockery of their Prime Minister's recent public statements indicating that Mongolia would comply with the March 2, 2015 Award. The arbitration process entailed three and a half years of consideration and $20 Million of legal fees and expenses before the Award was rendered by a senior and well respected tribunal of arbitrators. The Government's action now places it squarely amongst the small number of recalcitrant nations that do not respect international arbitration as a process for dispute resolution. This decision by the Government only enlarges the cautionary flag that has been raised to all investors considering the funding of Mongolian projects and initiatives."
Khan is well funded and will vigorously attack this latest attempt by the Government of Mongolia to avoid its obligations. The Company also intends to initiate actions to recover all expenses incurred to collect the Award.
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