Wednesday, February 20, 2008 at 10:04PM
On turnover of 655,000 shares Khan Resources Incorporated gained $0.35 or 25% to close at $1.75, as the uranium stocks generally had a pretty good day.
Well just maybe the uranium cat is not so dead after all. Yesterday we reviewed the situation posing the question of whether this sector is undergoing a Dead Cat Bounce or a Trend Reversal, it would appear that the progress north continues. For example other stocks involved in moves higher today were:
Blue Sky Uranium Corporation Up 28.21%
Bitterroot Resources Ltd. Up 19.30%
Uranium City Resources Incorporated. Up 15.0%
Waseco Resources Incorporated Up 25.71%
Mega Uranium Ltd. Up 5.26%
Laramide Resources Up 4.37%
Not too shabby to say the least, these increases must have have brought a little smile back to the faces of those who have decided to stick with it, including us.
Back to Khan, there does not appear to be any breaking news here that would affect the stocks price other then a week ago they announced an addition to the board as follows:
"The appointment of Stephen Harapiak to its Board of Directors. Steve brings a rich background in mining, project management, and engineering to the Board. Beginning with a mechanical engineering degree from the University of Manitoba in 1959, Mr. Harapiak embarked on an impressive career that led to leadership positions at companies including Noranda, Davy International (now Kvaerner) and Potash Corporation. More recently, Mr. Harapiak has been involved in international resource industry projects at a senior level including operations in Russia, ranging from a General Director position at a $230 million gold mining operation to recent work with the International Finance Corporation of the World Bank, dealing with small and medium enterprises supplying the resource industries in that region. Mr. Harapiak will bring valued industry experience and expertise to the Board. This looks to be a good appointment as Mr. Harapiak brings with him engineering disciplines and procedures.
This could be a cheap entry point for those who have Khan on their watch list and have previously been put off by higher prices.
Have a good one.
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