Friday, August 17, 2007 at 11:36AM
Khan Resources has plunged today on a news release about their Mongolia property.
However we are treating this as an opportunity to purchase more shares and perhaps make a short term trading profit on Khan.
We have just bought at $1.70 per share, please stay tuned for updates. Khan is down 30-40% today on this news so this is not for the faint hearted. Nonetheless we are flashing an additional BUY on Khan as of now to take advantage of this pullback.
The press release is below:
Khan Receives Notice Regarding Special Exploration License
Khan Resources Inc. (TSX:KRI) announces that it has received a notice from the Mineral Resources Authority of Mongolia (the "Minerals Authority") advising that the Minerals Authority has determined that the decision to issue Khan's special exploration license 9282X in respect of the property referred to as the Additional Dornod Property is considered invalid. The company understands that a number of other uranium exploration licenses have been similarly declared invalid. Khan is working closely with its counsel to assess the implications of the notice from the Minerals Authority and the company's legal rights. The company intends to vigorously oppose this determination.
This determination does not affect the existing mining license in respect of the property referred to as the Main Dornod Property. Khan indirectly holds a 58% interest in the Main Dornod Property.