Canadian-based Tinpo Holdings Industrial Company Limited announced on Wednesday that it has withdrawn its offer to acquire Western Prospector Group Ltd. (TSX VENTURE: WNP).

Explaining its actions, Tinpo officials acknowledged becoming concerned when the National Security Council (the "NSC") of Mongolia passed a resolution instructing the government to explore the full nationalization of the uranium industry in Mongolia. The members of the NSC are the President, the Prime Minister and the Chairman of the legislature of Mongolia. 
In a statement, Tinpo said, “In light of this, and given that Western Prospector's uranium projects are all in Mongolia, Tinpo has determined to withdraw the offer. Tinpo remains interested in Western Prospector and hopes the situation in Mongolia will evolve in a way that would permit a transaction to occur in the future.”

 

Source: Mongolia Web
Oct 2, 2008