TSX-listed Khan Resources has submitted the reserve calculations for its Dornod uranium project, in Mongolia, to the country's government for approval, the firm announced on Monday.
Khan expects to receive the green light on the reserve calculations “in the near future” from the Mineral Resource and Petroleum Authority of Mongolia, the firm said.
The approval of the reserve calculations is one of the requirements leading up to the start of negotiations with the government of Mongolia for an investment agreement on the Dornon project.
The Dornod uranium project has a NI 43-101-compliant indicated mineral resource of 64,3 million pounds of uranium oxide and Khan has an overall interest in this resource of 69%, or about 44,4-million pounds.
"We are very pleased that the new government has a clear majority in the Great Hural (parliament), and with the approval of this reserve calculation, we will move forward on the path to the investment agreement," said president and CEO Martin Quick.
Last week, Khan allowed a takeover offer for fellow explorer Western Prospector to lapse, after the other company supported a rival bid.