SouthGobi Resources Limited
TSX : SGQ
SEHK : 1878

SouthGobi Resources Limited

May 17, 2011 16:15 ET

SouthGobi Resources Announces Results of Annual Meeting of Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2011) - SouthGobi Resources Ltd. (TSX:SGQ)(SEHK:1878) announced today the results of the Annual Meeting of shareholders held in Vancouver, Canada on May 17, 2011.

The majority of shareholders voted in favour of all resolutions at the meeting as set out in the Company's Information Circular dated March 24, 2011, namely:

  • Re-election of Peter Meredith, Alexander Molyneux, Pierre Lebel, John Macken, Andre Deepwell, R. Edward Flood, Robert Hanson, R. Stuart Angus and W. Gordon Lancaster as directors of the Company.
  • Appointment of Deloitte & Touche as auditors of the Company.
  • The electronic delivery of the Company's Annual and Interim Reports to shareholders resident in Hong Kong.
  • Amendments to the Company's Equity Incentive Plan to a) require shareholder approval for any amendment which reduces the exercise price or extends the expiry date of the option period in respect of any options; and b) increase the number of shares available under the share purchase plan from 200,000 to 500,000.

The Stock Exchange of Hong Kong has granted SouthGobi a waiver from Listing Rule 13.39(4) which requires that any vote of shareholders at a general meeting must be taken by poll. Therefore this notice does not contain the specific information set out in Listing Rule 13.39(5).

About SouthGobi Resources

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

Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, plans to supply a wide range of coal products to markets in Asia; and other statements that are not historical facts. When used in this document, the words such as "plan", "estimate", "expect", "intend", "may", and similar expressions are forward-looking statements. Although SouthGobi believes 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's Management Discussion and Analysis of Financial Condition and Results of Operations for the year ended Dec. 31, 2010, and quarter ended March 31, 2011 which is available at www.sedar.com.

Contact Information

  • SouthGobi Resources
    Dave Bartel, Vice President External Affairs and
    Investor Relations (Hong Kong)
    +852 2156 7023

    SouthGobi Resources
    Steven Feldman
    Investor Relations Manager (Vancouver)
    +1 604 331 9813
    www.southgobi.com