Khan Resources Inc.
TSX : KRI

Khan Resources Inc.

April 12, 2012 08:00 ET

Khan Receives Notice of Delisting from TSX and Announces Conditional Approval for Trading on the CNSX

TORONTO, ONTARIO--(Marketwire - April 12, 2012) - Khan Resources Inc. (TSX:KRI) ("Khan" or the "Company") announced today that it has received a notice from the Toronto Stock Exchange ("TSX") that the TSX has decided to delist the Company's securities effective at the close of market on May 11, 2012. The TSX has determined that the Company has failed to meet the continued listing requirements of the TSX, on the basis of its determination that the Company: 1) has ceased to be actively engaged in ongoing business, 2) discontinued or divested a substantial portion of operations, 3) did not spend at least $350,000 on exploration and/or development work in the most recent year, and 4) has discontinued or materially changed the nature of its business. These determinations are as a result of the Company putting its 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.

Trading in the Company's common shares will continue on the TSX for 30 days before delisting. The Company is pleased to announce that its common shares have been conditionally approved for trading on the Canadian National Stock Exchange ("CNSX"). While there can be no assurance that the CNSX listing will be completed prior to the TSX delisting, the Company is hopeful the formal approval by the CNSX will be completed in the near future and there will be no disruption to trading in Khan shares during the change-over. The Company will inform shareholders of the details of the transition when determined.

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.

Contact Information

  • Investor Relations Contacts: Khan Resources Inc.
    Grant Edey
    President & CEO
    Office: 416.360.3405
    gedey@rogers.com

    Khan Resources Inc.
    Marilyn Barton
    Manager, Administration
    Office: 416.360.3405
    mbarton@khanresources.com