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Khan Resources stock falls nearly 50% following Mongolian government ruling |
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Monday, 20 August 2007 |
 Canadian-based Khan Resources,
Inc. saw their stock plummet by nearly 50 percent following word that
the Mongolian government had rescinded several exploration licenses.
The company's stock had opened
on Friday at $2.79 on the Toronto Stock Exchange. By day's end it was
trading at $1.46.
Khan holds a 58 percent interest
in the Dornod site, an open-pit uranium mine dating from the Soviet-era.
While the Mongolian decision
does not affect the company's interest in Dornod, it did withdraw permission
to explore a property referred to as the additional Dornod property.
In a written statement, Khan's
lawyers are reported to be "assessing the implications" of
the government notice. In the same statement, Kahn vowed to "vigorously
oppose" the actions of the Mongolian government.
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