Khan Resources: Stock Up Despite Political Unrest

Khan Resources Inc. (KHRIF.PK) investors continues to fatten the uranium miner's share price despite Mongolian riots that broke out Tuesday following the results of a disputed general election.

While the election mayhem has increased uncertainty surrounding the development of Ivanhoe Mines Ltd.'s (IVN) massive Oyu Tolgoi copper and gold mining project in the country, driving Ivanhoe shares down 3% in the process, Khan, who explores for and develops uranium properties in Mongolia, saw its stock climb 20% Wednesday to $1.24 on strong volumes.        

One trader in Khan shares couldn't account for the healthy increase in the stock, other than to note that uranium stocks on average have been on the uptick over the past two weeks thanks to rising uranium prices.  The spot price for uranium improved from $57 to $59, reversing a downward trend going back to November of last year.  

Shares in Khan fell to a 52-week low of $0.78 on June 20, one day after the company offered to purchase all of the issued and outstanding common shares of Western Prospector Group Ltd. on the basis of 0.685 of a Khan Common Share for each Western Prospector common share.