Source: www.miningweekly.com   Date: May 1, 2010

Laramide Resources, which owns about 13.2% of Khan Resources, has requisitioned a special meeting of the uranium junior's board to introduce new directors to the firm's existing board “to facilitate the best shareholder outcome if the existing takeover offer fails to materialize”. Laramide said it has requested this meeting in consultation with other large institutional shareholders, to respond to recent developments in Mongolia including the extension of the CNNC Overseas Uranium Holding Ltd takeover offer.

Khan agreed earlier this year to be acquired by CNNC, as part of its defense against a hostile takeover offer from Russia's Atmoredmetzoloto. Earlier this month, Khan said that it received notification from the Mongolian Nuclear Energy Agency that mining and exploration licenses for the company's flagship uranium project in the country had been invalidated.

Khan is challenging the decision in court, and has said that it does not expect the developments to affect the takeover by CNNC, but shareholders are obviously concerned. Laramide said that it had not entered into a lock-up agreement with CNNC, but agreed with Khan's board recommendation to accept the CNNC offer, which has been extended to expire on May 25.