 Following tumbling
stock prices, Khan Resources Inc. (KRI/TSX) shareholders saw their stock
rise 43 percent on news Wednesday that the Mongolian government has
approved an exploration license at the company’s Dornod site.
In mid-August,
Khan’s stock fell from $2.79 to $1.25 when Mongolia withdrew various
mining licenses. The government claimed work at the mines was proceeding
too slowly.
Khan, and seventeen
other companies, have been aggressively working to have their licenses
reinstated.
Finally, on
Wednesday morning, the chairman of the Mineral Resources and Petroleum
Authority of Mongolia (MRPAM) said, "In this connection, I would
like to emphasize that if the concerned license holders change them
into exploitation or pre-exploitation or production licenses in accordance
with the Minerals law they are most welcome."
"Important
is to accept the legal framework that companies can not anymore continue
possessing exploration licenses in areas where exploration has initialized
long ago and instead they are obliged to move on to develop the deposits.
"They
have absolutely no risk to loose their rights, if they fulfill the legal
requirements,"
Khan’s stock
rose to $2.43 per share following the announcement.
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