Asia Gold Corp.

Asia Gold Corp.

August 09, 2006 12:25 ET

Asia Gold Minority Shareholders Approve the Acquisition of Ivanhoe Mines' Coal Division

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 9, 2006) - Asia Gold Corp. (TSX VENTURE:ASG) is pleased to report that more than 99% of the Company's minority shareholders who attended in person or by proxy the special meeting of the shareholders held on August 8, 2006, have voted in favor of the following resolutions:

1. to authorize the Company to enter into the Coal Transaction whereby Asia Gold will acquire the coal division of Ivanhoe Mines in consideration for the issuance of common and preferred shares (see News Release dated July 11, 2006); and

2. to authorize the Funding Conversion Rights whereby the Company and Ivanhoe Mines are entitled to convert, in whole or in part, outstanding advances under the Interim Funding Agreement into common shares of the Company.

The Company's shareholders also approved the continuation of the Company into the Province of British Columbia under the name "Ivanhoe Coal Ltd." and the replacement of the Company's existing Equity Incentive Plan with an Amended Equity Incentive Plan.

The closing of the Coal Transaction remains subject to final approval by the TSX Venture Exchange and the fulfillment of certain conditions precedent, including completion of the transfer of certain mineral exploration licenses in Mongolia, applications for which have been submitted to the relevant Mongolian governmental authorities and are pending.

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

Contact Information

  • Asia Gold Corp.
    Steven Feldman
    (604) 681-6799
    Asia Gold Corp.
    Bob Williamson
    (604) 681-6799