SOURCE: Sharyn Gol JSC

Sharyn Gol JSC

October 07, 2010 22:09 ET

SharynGol JSC Releases Ernst & Young Audited IFRS Financials for Year End 2009

ULAANBAATAR, MONGOLIA--(Marketwire - October 7, 2010) -  In line with SharynGol's initiatives to act as a market leader for transparency among Mongolian Stock Exchange ("MSE") listed companies, management is pleased to announce that Ernst & Young has completed the audit of SharynGol's 2009 accounts. The Ernst & Young audited accounts will not replace the 2009 accounts already approved by the board and shareholders. Instead, the accounts represent an important milestone in management's continued efforts to bring the company into compliance with global standard for business practices.

To the best of management's knowledge this marks the first time that a MSE listed company has produced and made available to shareholders audited financial statements by a Big Four international accounting firm.

Further information regarding SharynGol, including a copy of its financial statements, can be found at www.sharyngol.com.

About SharynGol JSC

SharynGol JSC (SHG MO: MSE) has a coal mining operation located in Northern Mongolia. It currently owns and operates 100% of the established SharynGol Coal Mine. The Company was privatised and listed on the Mongolian Stock Exchange in 2003.

The Company has been mining coal at SharynGol for over 45 years, supplying domestic and export customers with coal for thermal and semi-coking (smokeless fuel) uses.

A dedicated rail spur links the mine to the Trans-Mongolian railroad, currently Mongolia's main railway connecting Mongolia to the major markets of Russia and China. This exclusive access to the rail spur provides the Company with a significant competitive advantage over the majority of coal mining operations in Mongolia.

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