Canadian-based Khan Resources
Inc. (TSX:KRI) has sold its Mongolian Big Bend gold property.
The new owner, Berleg Mining
Co. Ltd., reportedly paid $2.5 million.
"Some time ago the board
of directors of Khan determined that placer gold mining did not fit
with the company’s primary goal of becoming a uranium producer, and
the cash sale of Big Bend to a placer gold operator, fits with our strategic
objectives," stated CEO Martin Quick.
Placer mining involves sifting
through sand or gravel in streambeds to recover deposits such as gold.
Kahn continues operating the
Dornod uranium site in northeastern Mongolia.
Following its announcement,
Khan shares rose 17 cents, or 7.4 per cent, to close at $2.47 on the
Toronto Stock Exchange on Monday.
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