Khan Resources Inc.
TSX : KRI

Khan Resources Inc.

August 23, 2007 09:12 ET

Khan Statement Regarding Special Exploration License

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2007) - On August 17, 2007, Khan Resources Inc. (TSX:KRI) announced that it had received notice from the Mineral Resources and Petroleum Authority of Mongolia ("MRPAM") advising that MRPAM has determined that the decision to issue Khan's special exploration license 9282X, in respect of the property referred to as the Additional Dornod Property, is considered invalid. Following conversations with officials at MRPAM, Khan Resources today issued the following statement concerning the status of the special exploration license:

"We have been advised by MRPAM that Khan's special exploration license 9282X has not been rendered invalid, but rather is subject to review by MRPAM and may be declared invalid. Talks are underway with the appropriate government officials in an effort to resolve this matter in an expedient fashion. In the meantime, we continue to work with the Mongolian government to ensure that all regulatory and environmental requirements are being satisfied and look forward to continued positive relations within the region. The Company will provide more information as it becomes available."

The management and Board of Directors of Khan wish to re-assure its investors that no effort is being spared to bring about a successful resolution of this issue in the shortest time possible.

Khan presently has in excess of US$34 million in its treasury, is debt free, and all of its cash is currently invested in demand deposits at a Canadian bank.

Khan Resources (TSX:KRI) is a Canadian acquisition, exploration and uranium development company. Its current activities are focused on the Dornod area in north eastern Mongolia, the site of a former Russian open-pit uranium mine. Khan holds interests in the Main Dornod Property, licensed for mining, and in the Additional Dornod Property, licensed for exploration. The Company's website is www.khanresources.com.

Contact Information