KHAN RESOURCES INC: LIFTING OF MONGOLIAN MINING LICENSE SUSPENSION

Ulaanbaatar, /MONTSAME/ Khan Resources Inc. has announced that it was informed by the legal counsel in Mongolia representing the joint venture company Central Asia Uranium Corporation Limited ("CAUC"), that a settlement has been reached with the Mineral Resources Authority of Mongolia ("MRAM") whereby the suspension of CAUC's mining license 237A has been terminated.
The mining license is one of the two primary licenses for Khan's Dornod uranium deposit, and its reinstatement was a prerequisite to re-registration of the license under the Nuclear Energy Law. CAUC is a joint venture between one of Khan's wholly owned subsidiaries (58%), the Russian company JSC Priargunsky (21%), and the Government of Mongolia (21%).
"This is very good news for the project as the lifting of the CAUC license suspension was an essential step in the ongoing re-registration process of the two licenses," commented Martin Quick, President & CEO of Khan. "We continue our efforts to reach mutually satisfactory arrangements with the Government of Mongolia with a view to the best interests of Khan and to maximize value for our shareholders."
Khan Resources is a Canadian company engaged in the acquisition, exploration and development of uranium properties. Its current activities are focused on the Dornod area in north eastern Mongolia, the site of a former Russian open-pit uranium mine. Khan holds interests in the Main Dornod Property, licensed for mining, and in the Additional Dornod Property, licensed for exploration.
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