Khan Resources Incorporated: Up 25% in a Day!
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Topic: Uranium Mining Stocks — February 21st, 2008
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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I wonder if someone decided to take a large position in khan yesterday. Volume was also very high.
Comment by Rich — February 21, 2008 @ 5:23 pm
There was this other piece of news last week, of which this is an excerp:
Khan is also pleased to announce that the damages action and contempt proceedings have been settled and Khan has received payment in respect of certain of its costs incurred in connection with the litigation. In connection with the settlement, Mays and WM Mining have signed a letter addressed to the State Property Committee of Mongolia which retracts a previous claim to ownership of a 58% interest in Central Asian Uranium Company (the share interest), confirms that Mays and WM Mining are not asserting any ownership interest in, or claim to, the share interest and states that Mays and WM Mining, “Undertake not to assert, directly or indirectly, in any communication with any representative of the government of Mongolia, other governmental or regulatory authority or any other person that Khan Resources does not lawfully own an indirect 58% interest in Central Asian Uranium Company or cause any such assertion to be made.”
Comment by NBkid — February 22, 2008 @ 12:48 am
Great for Khan–but what in the world happend to Uranium 1 (UUU). How I wish that merger had never taken place!!! Anway, I did not see any bad news about Uranium 1–maybe there’s some insider info floating around, or at least rumours. The notion of keeping things confidential in the mining world is oxymoronic. There are always leaks, it seems, from miners, labs, etc. Pillow talk is one of the prime (and most pleasant) dissemination vectors of “insider” information. Thanks in advance for anyone who can explain what happened to UUU today! — Neil
Comment by Neil Bishop — February 22, 2008 @ 12:53 am
The key thing that has held down Khan is the fear of investing in Mongolia. When the gov’t held up the projects in 2007, it really spooked investors. This might be the first sign they are finding the price favorable for a return.
Comment by NBkid — February 22, 2008 @ 12:57 am
Sorry — I saw the bad news in another message. Misleading title: only talked about executive musical chairs, not about the downwards estimates, equipment problems, etc. UUU may be a good buy, now. Neil
Comment by Neil Bishop — February 22, 2008 @ 1:14 am
Neil,
One of our readers alerted us this article on Mineweb regarding UUU:
http://www.mineweb.com/mineweb/view/mineweb/en/page38?oid=47888&sn=Detail
Comment by Uranium Stocks — February 23, 2008 @ 2:53 am
Actually, there is bad news for UUU. It’s regarding their Dominion mine. It may not be a viable investment anymore because the revised figures now shows they are operating it at a huge loss. Everyone is now talking about who knew about it and how long did they keep it a secret. Since the merger perhaps…anyways..very ugly situation at the moment.
Back to the topic, it’s likely a dead cat bounce but stocks may have bottomed. Now it’s waiting for the right time to bounce back up.
Comment by pho — February 24, 2008 @ 9:39 pm