SouthGobi Resources Limited
HKSE : 1878

SouthGobi Resources Limited

May 15, 2015 07:50 ET

SouthGobi Announces Changes to the Board of Directors

HONG KONG, CHINA--(Marketwired - May 15, 2015) - SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) ("SouthGobi" or the "Company") today announced appointment of two new directors to the Company's Board of Directors (the "Board") following the successful closing of the Novel Sunrise Investments Limited ("Novel Sunrise") private placement.

Mr. Ningqiao Li, 51, has been appointed as a non-executive director ("Non-Executive Director") of the Company effective May 15, 2015. Mr. Li is also a director of Novel Sunrise. Mr. Li has almost 30 years' experience in enterprise management, corporate governance and strategic investment. He is also knowledgeable about the real estate, energy, and financial institution sectors. Beyond his positions with the Company and Novel Sunrise, Mr. Li is also the Senior Advisor of Convoy Investment Services Limited, a Hong Kong based securities house. Prior to these positions, Mr. Li was a director of China Orient Group Incorporation. He was an independent non-executive director of China Outdoor Media Group Limited (now known as National United Resources Holdings Limited, a company listed on The Stock Exchange of Hong Kong Limited) from December 28, 2012 to June 6, 2014. He was the Senior Advisor of United Energy Group Limited and PetroAsian Energy Holdings Limited, as well as previously held several senior executive positions in China National Real Estate Development Group Corporation. Mr. Li graduated from Tsinghua University and holds a Bachelor of Engineering degree.

Mr. Yulan Guo, 30, has been appointed as a Non-Executive Director of the Company effective May 15, 2015. Mr. Yulan Guo is a Vice President of the Investment Banking Department of China International Capital Corporation Limited ("CICC"), a leading investment bank in China and Hong Kong, where he started his career in 2008. Mr. Guo possesses extensive experience in a variety of transactions in Mainland China, Hong Kong and the U.S. capital markets. He has arranged over USD 10 billion of equity and debt financings as well as M&A transactions. Mr. Guo also possesses industry expertise in mining and energy sectors, from both financial and operational aspects. Mr. Guo graduated from Peking University where he obtained his both Master of Science and Bachelor of Science degrees. He also finished his MBA program from University of International Business & Economics in Beijing.

SouthGobi also announces that effective May 15, 2015, Mr. Bold Baatar has resigned as a Non-Executive Director and member of the Health, Environment, Safety and Social Responsibility Committee and the Mergers and Acquisitions Committee due to his other business commitment.

Interim Chairman of the Board Mr. Gordon Lancaster said, "On behalf of the Board, I am pleased to welcome our new directors to the Company. Each brings significant skills and experience that will be very valuable to SouthGobi as we focus on strengthening the Company's core business performance and realizing its production potential. I would also like to thank Bold for his contributions to the Company during his tenure on the Board of Directors."

About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, is focused on exploration and development of its metallurgical and thermal coal deposits in Mongolia's South Gobi Region. It has a 100% shareholding in SouthGobi Sands LLC, a Mongolian registered company that holds the mining and exploration licences in Mongolia and operates the flagship Ovoot Tolgoi coal mine. Ovoot Tolgoi produces and sells coal to customers in China.

Contact Information