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Message: Khan says Mongolian Court rules in favor

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Khan says Mongolian Court rules in favor

posted on Jul 19, 10 03:19PM (Log in to use the IP Check tool) ^[?]

UPDATE 1-Khan Resources says Mongolian court rules in favor

1:08pm EDT

* Says court invalidates unit's mining licence cancellation

* Says CAUC eligible for license re-registration

* Shares rise 57 pct

July 19 (Reuters) - Canada's Khan Resources Inc (KRI.TO: Quote, Profile, Research,Stock Buzz) said a Mongolian administrative court has ruled in favor of its majority-owned unit, and invalidated the decision by the Mongolian Nuclear Energy Agency (NEA) to cancel its mining license, sending its share up as much as 57 percent.

Khan, which owns 58 percent of Central Asian Uranium Co LLC (CAUC), said its unit's mining license is no longer considered invalidated and will be eligible for re-registration by the NEA.

The Canadian explorer, which has been facing trouble from the Mongolian authorities with regard to its uranium projects in the country, said it will continue to challenge the NEA action.

The company was also hopeful that its other unit Khan Mongolia, whose hearing is scheduled for July 22, will also get a favourable decision from the Mongolian Capital City Administrative Court.

Shares of the company were up 12 Canadian cents at 35 Canadian cents Monday afternoon on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Vyas Mohan)

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