Khan Files First Quarter 2014 Financial Results
February 21 2014 - 7:00AM
Marketwired Canada
Khan Resources Inc. (CSE:KRI) ("Khan" or "the Company") announced today that it
has filed its financial statements and management's discussion and analysis for
the three months ended December 31, 2013 on SEDAR and has posted these documents
to its website www.khanresources.com.
Highlights
-- International arbitration action against the Government of Mongolia -
The hearing by the International Arbitration Tribunal on merits and
quantum was held and completed between November 11 and November 15,
2013. Arguments were heard by the Tribunal from Khan and from the
Government of Mongolia on the merits of the case and the damages
incurred by Khan due to the illegal expropriation in 2009 of the mining
and exploration licenses for the Dornod uranium project in northeastern
Mongolia. At the completion of the hearing, the Tribunal asked for the
submission of two post-hearing briefs before rendering their decision.
The first post-hearing brief was submitted on February 5, 2014 and the
second will be submitted on April 11, 2014. After receipt of the final
brief, it is expected that the Tribunal will then formulate and render
their decision. The amount of damages sought by Khan currently exceeds
$326 million.
-- Investments - Khan holds 15.5 million common shares of Macusani
Yellowcake Inc.
("Macusani") which represents 9.7% of the 159.5 million Macusani
outstanding common shares.
The value of the Company's investment in Macusani as at December 31,
2013 was $1,319,000, an increase of $155,000 from its value at September
30, 2013.
-- Corporate matters - The Mongolian subsidiaries were closed on September
30, 2013 and all Mongolian tangible assets were retired. On October 17,
2013 and December 4, 2013, the Company sold the remaining assets at or
associated with the Dornod site. These sales were completed for gross
proceeds of $47,000. The windup of these entities is expected to be
completed in the second quarter.
-- The following table summarizes financial results of the Company for the
three months ended December 31, 2013 and 2012.
In thousands of dollars
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Change
2013 2012 %
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Net loss from continuing operations
Three months ended December 31 (1,086) (1,161) 6.5%
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Net income (loss) from discontinued
operations
Three months ended December 31 30 (42) 171.4%
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Basic and diluted earnings per share ($)
Three months ended December 31 (0.01) (0.02) 15.4%
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Cash flow
Three months ended December 31 (728) (659) -10.5%
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Cash and cash equivalents
As at December 31 1,503 4,021 -62.6%
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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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations Contacts:
Grant Edey
Khan Resources Inc.
President & CEO
Office: 416.360.3405
gedey@rogers.com
Bruce Gooding
Khan Resources Inc.
Chief Financial Officer
Office: 416.360.3405
bgooding@khanresources.com
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