SouthGobi Resources Announces Cancellation of Sale of Tsagaan Tolgoi
HONG KONG, CHINA -- (Marketwire) -- 08/29/12 -- SouthGobi Resources
Ltd. (TSX:SGQ)(HKSE:1878) ("SouthGobi") announced today that the
proposed sale of the Tsagaan Tolgoi Deposit to Modun Resources
Limited (ASX:MOU) has been cancelled by mutual agreement of the
parties. The Tsagaan Tolgoi Deposit remains non-core to SouthGobi and
SouthGobi is evaluating options.
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", "likely" 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, 2011 which is available at www.sedar.com.
SouthGobi Resources Ltd.
Vice President Investor Relations and External Affairs
+852 2156 7023
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