ID :
116847
Thu, 04/15/2010 - 16:31
Auther :
Shortlink :
http://m.oananews.org//node/116847
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KHAN RESOURCES RECEIVES NOTICE OF LICENSE INVALIDATIONS
Ulaanbaatar, /MONTSAME/ Khan Resources Inc. announced April 13 that its 58%-owned Mongolian joint venture subsidiary, Central Asian Uranium Company, LLC ("CAUC") and its 100%-owned Mongolian subsidiary, Khan Resources LLC ("Khan Mongolia") have received notice from the Mongolian Nuclear Energy Agency (the "NEA") stating that CAUC's mining license 237A (the "Mining License") and Khan Mongolia's exploration license 9282X (the "Exploration License") have been invalidated.
The invalidations purport to be effective as of October 8, 2009 and purport to be based on a failure by CAUC and Khan to address violations of Mongolian law stemming from a July 2009 report issued by an inspection team appointed by Mongolia's State Specialized Inspection Agency (the "SSIA") in respect of the Mining License.
Khan continues to believe that it and its Mongolian subsidiaries have always operated and continue to operate in compliance with all applicable Mongolian laws, including the Nuclear Energy Law, and there is no legal basis for the NEA invalidation notices. Khan intends to challenge the NEA's actions through all legally available means. In Khan's view, the actions by the NEA are a clear violation of Khan's rights and interests under the laws and Constitution of Mongolia, and are in breach of Mongolia's obligations under international law. Khan and its legal counsel intend to vigorously defend its rights and interests, and to pursue all available rights and remedies in the Canadian and Mongolian courts and, if necessary, in international arbitration.
S.Batbayar
The invalidations purport to be effective as of October 8, 2009 and purport to be based on a failure by CAUC and Khan to address violations of Mongolian law stemming from a July 2009 report issued by an inspection team appointed by Mongolia's State Specialized Inspection Agency (the "SSIA") in respect of the Mining License.
Khan continues to believe that it and its Mongolian subsidiaries have always operated and continue to operate in compliance with all applicable Mongolian laws, including the Nuclear Energy Law, and there is no legal basis for the NEA invalidation notices. Khan intends to challenge the NEA's actions through all legally available means. In Khan's view, the actions by the NEA are a clear violation of Khan's rights and interests under the laws and Constitution of Mongolia, and are in breach of Mongolia's obligations under international law. Khan and its legal counsel intend to vigorously defend its rights and interests, and to pursue all available rights and remedies in the Canadian and Mongolian courts and, if necessary, in international arbitration.
S.Batbayar
