TORONTO, ONTARIO -- 09/08/08 -- Khan Resources Inc. (TSX: KRI) is pleased to announce that it has submitted the reserve calculation for the Dornod Uranium Project, prepared in accordance with Mongolian standards and requirements, to the Mineral Resource and Petroleum Authority of Mongolia (MRPAM). It is expected that this submission will receive approval by the MRPAM reserve committee in the near future. Approval of the reserve will facilitate the process that leads to the negotiations with the Government of Mongolia for the Investment Agreement on the Dornod Uranium Project.
The Dornod Uranium Project has a NI 43-101 compliant indicated mineral resource of 64.3 million lbs U3O8 and Khan has an overall interest in this resource of 69%, or about 44.4 million lbs U3O8. The Mongolian reserve calculation results, while very similar to the NI 43-101 results, have been calculated on different criteria established by MRPAM.
"We are very pleased that the new government has a clear majority in the Great Hural (parliament), and with the approval of this reserve calculation, we will move forward on the path to the Investment Agreement" stated Martin Quick, President and CEO of Khan.
This press release may contain forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such forward-looking statements are made as at the date of this news release, and Khan Resources 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.