Sunday, August 6, 2006 at 09:38AM
Acquisition hungry Mega Uranium Limited buys a piece of Khan Resources Inc.
Having acquired Redport Limited, an Australian miner quoted on the ASX, Mega Uranium has now bought into Khan Resources Limited. This management team are certainly not sitting on their hands and continue to acquire stakes in uranium mining opportunities, which pleases us enormously. When the world wakes up and realizes that the future is nuclear those companies with a foot on the best properties will be sitting pretty. Mega Uranium is one such company.
What do we know about their latest acquisition Khan resources? Well for starters they are engaged in the acquisition, exploration, and development of uranium properties in Mongolia. Its main asset is the uranium properties in the Dornod district of Northeast Mongolia.
Khan Resources holds a 58% interest in the major partially developed Dornod property, which is licensed for mining. Khan also has 100% interest in the additional Dornod property that is currently licensed for exploration. Development of the mine is expected to progress quickly and there is an indicated resource of approximately 40.1 million lb of U3O8.
Mega Uranium is currently trading at $7.73 and we will continue to accumulate as and when our cash position allows.
Khan Resources Inc. (TSX: KRI)
Mega Uranium Ltd. (TSX: MGA)
06 August 2006