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Khan Resources (TSE:KRI) reports that it has won the court case.
As previously announced in April 2010, both CAUC and Khan’s 100%-owned Mongolian subsidiary Khan Resources LLC (“Khan Mongolia”), the respective holders of mining license 237A and exploration license 9282X (the “Licenses”), both in respect of the Dornod Uranium Property, received notices from the NEA purporting to […]
Khan Resources (TSX:KRI) reports that it has won the court case.
As previously announced in April 2010, both CAUC and Khan’s 100%-owned Mongolian subsidiary Khan Resources LLC (“Khan Mongolia”), the respective holders of mining license 237A and exploration license 9282X (the “Licenses”), both in respect of the Dornod Uranium Property, received notices from the NEA purporting to invalidate the Licenses effective as of October 8, 2009, allegedly based on unspecified violations of Mongolian law. Subsequently, each of CAUC and Khan Mongolia filed and has since been pursuing separate formal claims in the Court challenging the legal bases for the NEA’s notices asserting, among other things, that the NEA had no legal authority to make a decision to invalidate the Licenses and that the NEA’s purported decision to do so violated the provisions of Mongolian law and was, therefore, invalid.
Mr. Grant Edey, President and CEO of Khan Resources says:
“We are extremely pleased that the Court accepted all of CAUC’s claims and unequivocally affirmed that the NEA’s actions were unlawful and illegal.”