SouthGobi Resources Limited
SEHK : 1878

SouthGobi Resources Limited

July 31, 2009 11:20 ET

SouthGobi Energy Resources Announces a Change to Management

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2009) - Peter Meredith, CEO of SouthGobi Energy Resources Ltd. (TSX VENTURE:SGQ), today announced the resignation of Gene Wusaty as the company's Chief Operating Officer. Mr. Wusaty is leaving SouthGobi to pursue other business opportunities.

"We thank Gene for his valued contribution in establishing Ovoot Tolgoi as a key operating project and for building the foundation for anticipated similar success for SouthGobi's Mamahak coal project in Indonesia," said Mr. Meredith.

Mr. Wusaty has been with SouthGobi and its predecessor, the Coal Division of Ivanhoe Mines, for approximately four years. During that time, he played a key role in SouthGobi's successful coal exploration programs and in the development of its flagship Ovoot Tolgoi coal mine in southern Mongolia, which is now selling coal to customers in China.

The company has retained an executive search firm and is in an advanced stage with respect to sourcing a new COO.

Mr. Meredith further added, "Gene's successor will be focused on utilizing SouthGobi's strong operating teams in Mongolia and Indonesia to take our coal businesses to their next stages of development."

About SouthGobi Energy Resources

SouthGobi Energy Resources is focused on exploration and development of its Permian-age metallurgical and thermal coal deposits in Mongolia's South Gobi Region and its Eocene-age metallurgical and thermal coal deposits in East Kalimantan, Indonesia. The company's flagship coal mine, Ovoot Tolgoi, is selling coal to customers in China. The company plans to supply a wide range of coal products and electricity to markets in Asia.

Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) is SouthGobi Energy Resources' largest shareholder, currently owning, directly and indirectly, approximately 80% of the issued and outstanding shares.

Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, the company's future ability to supply coal products and electricity to markets in Asia, and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although SouthGobi Energy Resources believe that the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading "Risk Factors" in SouthGobi Energy's Management's Discussion and Analysis of Financial Condition and Results of Operations for the year end Dec. 31, 2008, which is available at

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • SouthGobi Energy Resources Ltd.
    Steven Feldman
    1 604-681-6799
    SouthGobi Energy Resources Ltd.
    Bob Williamson
    1 604-681-6799