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Khan Files First Quarter 2013 Financial Results

Khan Files First Quarter 2013 Financial Results 
TORONTO, ONTARIO -- (Marketwire) -- 02/14/13 -- Khan Resources Inc.
(CNSX:KRI) ("Khan" or "the Company") announced today that it has
filed its financial statements and management discussion and analysis
for the three months ended December 31, 2012 on SEDAR and has posted
these documents to its website www.khanresources.com.  
Highlights for the quarter include: 


 
--  International arbitration action against the Government of Mongolia -
    Submissions on the merits and damages arising from the Mongolian
    Government's expropriatory and unlawful treatment of Khan were filed by
    the Company on December 7, 2012. A Statement of Defense and Counterclaim
    by the respondents is due on April 5, 2013. Khan's claim has been
    revised upwards from $200 to $326 million. This submission was pursuant
    the Tribunal's ruling on July 26, 2012 which dismissed all of Mongolia's
    objections to the continuance of the suit. 
--  The decision of the Court of Appeal for Ontario remains pending
    regarding the $300 million lawsuit against Atomredmetzoloto JSC
    ("ARMZ"). The appeal was heard on September 11, 2012. 
--  The Company closed and began decommissioning the Dornod site on June 30,
    2012. By the end of January, 2013, in conjunction with closing the
    Dornod camp, most of the assets at the camp, with the exception of a
    transformer and power lines, have been sold and removed or demolished. 
--  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, 2012 was $2,251,000, an increase of $78,000
    from its value at September 30, 2012.  
--  The following table summarizes financial results of the Company for the
    three months ended December 31, 2012 and 2011.
 
In thousands of dollars                                                     
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                     Change 
                                               2012        2011     
      % 
----------------------------------------------------------------------------
Net loss                                                                    
  Three months ended December 31             (1,203)       (932)      -29.1%
                                                                            
----------------------------------------------------------------------------
Basic and diluted earnings per share ($)                                    
  Three months ended December 31              (0.02)      (0.02)       -3.3%
                                                                            
----------------------------------------------------------------------------
Cash flow                                                                   
  Three months ended December 31               (659)       (922)       28.5%
----------------------------------------------------------------------------
Cash and cash equivalents                                                   
  As at December 31                           4,021       5,005       -19.7%
----------------------------------------------------------------------------

 
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.
Contacts:
Investor Relations Contacts: Khan Resources Inc.
Grant Edey
President & CEO
Office: 416.360.3405
gedey@rogers.com 
Khan Resources Inc.
Marilyn Barton
Manager, Administration
Office: 416.360.3405
mbarton@khanresources.com
www.khanresources.com
 
 
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