TORONTO, ONTARIO--(Marketwire - April 3, 2012) - Khan Resources Inc. (TSX:KRI) ("Khan" or the "Company") announces that the Toronto Stock Exchange ("TSX") is reviewing the Company's Common Shares with respect to meeting the requirements for continued listing pursuant to their Expedited Review Process. The review of Khan's compliance with the TSX's continuing listing standards is a direct result of the Company putting their Dornod uranium project in Mongolia on a care and maintenance status and initiating an international arbitration action for US$200 million in January 2011 against the Government of Mongolia and its state-owned uranium company, MonAtom LLC.
On April 2, 2012, the Company received a letter from the Compliance and Disclosure Department of the TSX. The letter states that the TSX is reviewing the Company with respect to the following continued listing criteria: 1) ceased to be actively engaged in ongoing business, 2) did not spend at least $350,000 on exploration and/or development work in the most recent year, and 3) discontinued or materially changed the nature of its business.
A hearing on the issue is scheduled for April 10, 2012. There can be no assurance that the Company meets the continued listing requirements of the TSX and as a result the Company is actively pursuing a listing on the Canadian National Stock Exchange ("CNSX") to facilitate an orderly transition of trading activity in the event of a negative decision.
Khan Resources Inc. (TSX:KRI) is a Canadian company engaged in the acquisition, exploration and development of uranium properties. Its current activities are focused on the Dornod area in northeastern Mongolia.
Forward-Looking Statements and Information
This press release may contain forward-looking statements and forward-looking information, which are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are characterized by words such as "will", "plan", "expect", "project", "intend", "believe", "anticipate", "forecast", "schedule", "estimate" and similar expressions, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements and information are not historical facts and are based upon a number of estimates and assumptions and are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors, including the impact of international, Mongolian and Canadian laws, trade agreements and regulatory requirements on Khan's business, properties, licenses, operations and capital structure, Khan's ability to re-instate or re-register the Dornod uranium project licenses, regulatory uncertainty and obtaining governmental and regulatory approvals, legislative, political, social, regulatory and economic developments or changes in jurisdictions in which Khan carries on business, the nature and outcome of pending and future litigation, arbitration and other legal proceedings, the speculative nature of exploration and development, risks involved in the exploration, development and mining business, changes in market conditions, changes or disruptions in the securities markets and market fluctuations in prices for Khan securities, the existence of third parties interested in purchasing some or all of the common shares or Khan's assets, the method of funding and availability of any potential alternative strategic transactions involving Khan or its assets, including those transactions that may produce strategic value to shareholders, the need to obtain, maintain and/or re-register licenses and permits and comply with national and international laws, regulations, treaties or other similar requirements, and uncertainty in the estimation of mineral reserves and resources. In addition, a number of other factors could cause actual results to differ materially from the results discussed in such statements and information, and there is no assurance that actual results will be consistent with them. For further details, reference is made to the risk factors discussed or referred to in Khan's annual and interim management's discussion and analyses and Annual Information Form on file with the Canadian securities regulatory authorities and available on SEDAR at www.sedar.com. Such forward-looking statements and information are made or given as at the date of this news release, and Khan assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.