Source: Bloomberg.com   April 19, 2010

Mongolia will develop its biggest untapped uranium field in a venture with Russia after revoking Khan Resources Inc.’s permit to exploit the Dornod resource. State-owned MonAtom will hold at least 51 percent in a venture with Russia’s government-run ARMZ Uranium Holding and possible partners from Japan or China. The uranium venture, called Dornod Uranium, will be registered in Mongolia “in the very near future”, Mr. T. Bayarbayasgalan, nuclear materials chief at Mongolia’s Nuclear Energy Agency, said in an e-mailed response to questions on April 9, confirming the cancellation of Khan’s license.