Khan Resources: A Speculative BUY
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Topic: Uranium Mining Stocks — August 17th, 2007
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.
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Have you seen their homepage?
The contract is ok!
regards/Bjorn
Comment by Bjorn — August 27, 2007 @ 2:26 pm
This is what we see on the last news release on the Home page.
“We have been advised by MRPAM that Khan’s special exploration license 9282X has not been rendered invalid, but rather is subject to review by MRPAM and may be declared invalid.”
So Khan is not out of the woods yet.
However, the price is recovering and it has started well today, up 9%, so our little short-term move may pay off for us.
Comment by Uranium Stocks — August 27, 2007 @ 2:31 pm