Khan’s Largest Shareholder Requisitions Special Meeting of Shareholders Laramide Resources Ltd. (TSX: LAM) ("Laramide") holds 7.1 million shares, or approximately 13.2% of Khan Resources Inc. (TSX: KRI) ("Khan") as a strategic investment. Laramide has requisitioned a special meeting for the purpose of introducing new Board members to the existing Board of Khan, to facilitate the best shareholder outcome if the existing takeover offer fails to materialize. Laramide 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. ("CNNC") takeover offer.
Although Laramide declined CNCC’s request to join members of Khan’s Board of Directors and certain of their executive officers in a lock-up agreement committing their shares to the takeover offer, Laramide management agrees with the unanimous recommendation put forward by Khan’s directors to tender shares to the CNNC offer, which has been extended from April 6th to May 25th. Laramide expects that any special meeting pursuant to this requisition would occur no sooner than mid to late June 2010.
Laramide is engaged in the exploration and development of high quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Laramide's portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project, Westmoreland, in Queensland, Australia, is one of the largest projects currently held by a junior mining company. Its U.S. assets include La Jara Mesa in Grants, New Mexico and La Sal in the Lisbon Valley district of Utah. Its portfolio also includes joint venture, strategic equity positions and royalty participation in uranium development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.
For further information contact:
|Flora Wood, Investor Relations
Toronto, Canada +1 (416) 599 7363
|Marc Henderson, CEO
Toronto, Canada +1 (416) 599-7363
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.