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- BREAKING NEWS -
Monday, March 7, 2016
Khan Announces Settlement and Terms of Payment of Arbitration Award
TORONTO, ONTARIO--(Marketwired - March 7, 2016) - Khan Resources Inc. ("Khan" or the "Company") (CSE:KRI) announces that Khan and the Government of Mongolia have signed an agreement whereby in consideration of the payment to Khan of US$70 million on or before May 15, 2016, all outstanding matters pursuant to the international arbitration award received by Khan are resolved and terminated. The Government of Mongolia has further agreed it shall forthwith withdraw and discontinue the proceedings to annul the award before the Paris courts. Upon receipt of the consideration by Khan, any and all other proceedings shall be terminated by Khan including the certification application in the U.S. District court in Washington.
Mr. Grant Edey, President and CEO of Khan, commented, "We believe that this agreement is in the best interest of Khan's shareholders as it provides a complete resolution of all outstanding matters in a timely manner."
Suite 303, Level 3, Elite Complex
14 Chinggis Avenue, Sukhbaatar District 1
Ulaanbaatar 14251, Mongolia
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