TORONTO, ONTARIO--(Marketwire - Nov.12, 2010) - Khan Resources Inc. (TSX:KRI) ("Khan") announcedtoday that the Mongolian Nuclear Energy Agency (the "NEA") has publisheda notice in certain Mongolian newspapers that it does not intend toreinstate Khan's exploration license 9282X and mining license 237A (the"Licenses") held through its subsidiaries Khan Resources LLC and CentralAsian Uranium Company, LLC, respectively.
While the NEA has not officially replied directly to Khan'srequests for the NEA's determination of Khan's applications tore-register the Licences under the Nuclear Energy Law, which were filed ayear ago, these published reports suggest that the NEA has officiallydetermined that "it is impossible" for the NEA to reinstate the Licenseson the basis of alleged violations of certain Mongolian laws. Khancontinues to believe that there exists no legal basis for the NEA torefuse to reinstate and re-register its Licenses.
Khan intends to challenge the NEA's actions through alllegally available means and intends to pursue all available remedies tovigorously defend its and its subsidiaries' rights and interests,including by proceeding to international arbitration.
Khan Resources Inc. (TSX:KRI) is a Canadiancompany engaged in the acquisition, exploration and development ofuranium properties. Its current activities are focused on the Dornodarea in northeastern Mongolia. Khan holds interests in the Main DornodProperty and in the Additional Dornod Property. Khan's website is www.khanresources.com.
Forward-Looking Statements and Information
This press release may contain forward-looking statements andforward-looking information, which are subject to certain risks,uncertainties and assumptions. Forward-looking statements andinformation are characterized by words such as "will", "plan", "expect","project", "intend", "believe", "anticipate", "forecast", "schedule","estimate" and similar expressions, or statements that certain events orconditions "may" or "will" occur. Forward-looking statements andinformation are not historical facts and are based upon a number ofestimates and assumptions and are inherently subject to significantbusiness, social, economic, political, regulatory, competitive and otherrisks and uncertainties, contingencies and other factors, including theimpact of international, Mongolian and Canadian laws, trade agreementsand regulatory requirements on Khan's business, properties, licenses,operations and capital structure, Khan's ability to re-instate orre-register the Dornod uranium project licenses, regulatory uncertaintyand obtaining governmental and regulatory approvals, legislative,political, social, regulatory and economic developments or changes injurisdictions in which Khan carries on business, the nature and outcomeof pending and future litigation, arbitration and other legalproceedings, the speculative nature of exploration and development,risks involved in the exploration, development and mining business,changes in market conditions, changes or disruptions in the securitiesmarkets and market fluctuations in prices for Khan securities, theexistence of third parties interested in purchasing some or all of thecommon shares or Khan's assets, the method of funding and availabilityof any potential alternative strategic transactions involving Khan orits assets, including those transactions that may produce strategicvalue to shareholders, the need to obtain, maintain and/or re-registerlicenses and permits and comply with national and international laws,regulations, treaties or other similar requirements, and uncertainty inthe estimation of mineral reserves and resources. In addition, a numberof other factors could cause actual results to differ materially fromthe results discussed in such statements and information, and there isno assurance that actual results will be consistent with them. Forfurther details, reference is made to the risk factors discussed orreferred to in Khan's annual and interim management's discussion andanalyses and Annual Information Form on file with the Canadiansecurities regulatory authorities and available on SEDAR at www.sedar.com. Such forward-lookingstatements and information are made or given as at the date of this newsrelease, and Khan assumes no obligation to update or revise them,either publicly or otherwise, to reflect new events, information orcircumstances, except as may be required under applicable securitieslaw.