SouthGobi Resources Limited
HKSE : 1878

SouthGobi Resources Limited

June 30, 2016 08:06 ET

SouthGobi Resources Announces Retirement of Director

HONG KONG, CHINA--(Marketwired - June 30, 2016) - SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) ("SouthGobi" or the "Company") announces that Mr. Pierre Bruno Lebel, is retiring as Lead director and as an Independent non-executive director on June 30, 2016, the date originally scheduled for the Company's annual general meeting (the "AGM"). Effective upon his retirement, Mr. Lebel will cease to be a member of the Company's Audit, Nominating and Corporate Governance and Compensation and Benefits Committees.

Mr. Lebel joined the Company's Board of Directors in 2003, prior to the Company's initial public offering, and was instrumental in the Company's transition from an exploration company to an operating mining company. Mr. Ningqiao Li, Chairman, said, "On behalf of SouthGobi, I would like to thank Mr. Lebel for his long term leadership, dedication and significant contributions to the Board of Directors and the Company and wish him the best."

Mr. Lebel has confirmed that he has no disagreement with the Board and there is no matter relating to his retirement that needs to be brought to the attention of the shareholders of the Company.

Following Mr. Lebel's resignation, the Company, through its Nominating and Corporate Governance Committee, is actively seeking North America based, qualified candidates, with experience in the Canadian capital markets for appointment to the Board as Independent directors.

The Company also announces that effective June 30, 2016, Mr. Zhu Liu will join the Audit Committee, Ms. Jin Lan Quan will join the Compensation and Benefits Committee and Mr. Mao Sun will Chair the Nominating and Corporate Governance Committee.

The Company's AGM, originally scheduled for June 30, 2016, has been rescheduled to September 30, 2016 which provides sufficient time for the Company to complete an exhaustive search and evaluation of candidates for director succession.

About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining and exploration licences of its other metallurgical and thermal coal deposits in South Gobi Region of Mongolia. SouthGobi produces and sells coal to customers in China.

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