Sudden death of Khan Resources president

Jim Doak, the president of uranium developer Khan Resources, passed away in his hotel room today, the company announced. The Canadian citizen was staying in Ulaanbataar for meetings with the Mongolian government.

Khan said that Doak had completed a second series of meetings with representatives of the government of Mongolia. The company had been in a prolonged legal battle over the licenses to develop the Dornod uranium deposit, which the Mongolian government cancelled in 2009. Last month an international tribunal ruled that the Mongolian government must pay Khan Resources a settlement of $100 million.

"Jim's contribution to the success of the company has been enormous," said Khan CEO Grant Edey, "He was a very special and uniquely talented individual whose insights and decision-making abilities were off the scale. His integrity and the constant pursuit of the best interests of shareholders provided the basis for the company's strategies. He will be sorely missed, both by the company and by me personally as Jim and I had become very close friends over the years we worked together".

"In respect of international arbitration," said Edey, "Jim and I and the board had developed a clear and consistent strategy for settlement of the award and for obtaining value for the shareholder. That strategy will not change one iota as a result of Jim's passing".

The cause of death was not disclosed.

Researched and written
by World Nuclear News