SouthGobi Announces Improve of Chief Monetary Officer, Resignation of Chief Operating Officer, Appointment of Vice President of Public Relations and Re-Designation of Vice President of Sales

VANCOUVER, British Columbia, Feb. 10, 2021 (Globe NEWSWIRE) — SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) announces that successful from February 10, 2021, (i) Mr. Weiguo Zhang (“Mr. Zhang”) has tendered his resignation as the Company’s Main Economic Officer (the “CFO”) (ii) Mr. Aiming Guo (“Mr. Guo”) has tendered his resignation as the Company’s Main Functioning Officer (the “COO”) and a member of the Well being, Setting, Safety and Social Obligation Committee (the “HESS Committee”) (iii) Mr. Alan Ho (“Mr. Ho”) has been appointed as the Company’s acting CFO (iv) Mr. Munkhbat Chuluun (“Mr. Chuluun”) has been appointed as the Vice President of Public Relations and as a member of the HESS Committee and (v) Mr. Tao Zhang has been re-specified from Vice President to Vice President of Income.

Mr. Zhang has resigned as CFO thanks to other operate preparations. Mr. Zhang has confirmed that he has no disagreement with the Board of Administrators of the Firm (the “Board”) and that there are no issues relating to his resignation that require to be introduced to the consideration of the shareholders of the Enterprise and the Hong Kong Stock Trade. The Board expressed its wonderful gratitude to Mr. Zhang for his leadership, assistance and dedication to the Company since his appointment in June 2018.

Mr. Guo has resigned as COO due to other work preparations. Mr. Guo has confirmed that he has no disagreement with the Board and that there are no matters relating to his resignation that need to be introduced to the attention of the shareholders of the Corporation and the Hong Kong Stock Trade. The Board expressed its terrific gratitude to Mr. Guo for his dedication and efforts on behalf of the Enterprise given that his appointment in June 2018.

Mr. Ho, age 37, beforehand held the place of Controller of the Corporation, has in excess of 15 years of money accounting, auditing and corporate finance practical experience. Prior to joining the Business in 2013, Mr. Ho was the audit manager in Ernst & Young, overseeing the audits of numerous public providers in various industries. Mr. Ho holds a Bachelor of Economics and Finance from the University of Hong Kong and is a member of the Hong Kong Institute of Accredited Community Accountants and the Canadian Institute of Corporate Administrators. He is also a Chartered Fiscal Analyst (CFA) and a Licensed Fiscal Risk Manager (FRM).

Tale proceeds

Mr. Chuluun, age 61, has served as President and Government Director of the Company’s wholly-owned subsidiary SouthGobi Sands LLC (“SGS”) due to the fact September 2015. He joined SGS as an advisor in 2013 and was later appointed as interim President and Govt Director and Basic Supervisor of Government Relations and Compliance. Prior to signing up for SGS, Mr. Chuluun was the Undertaking Director of Asia Advancement Bank, the Coordinator of The Environment Bank and the Deputy of Prosecutors of Mongolia. Mr. Chuluun is the New Zealand Honorary Consul-Normal in Mongolia and serves on the Board of AmCham Mongolia (American Chamber of Commerce), and General public Administration magazine, and is the President of the Mongol-New Zealand Friendship Culture. Mr. Chuluun holds a Grasp of Social Sciences in Community Administration and Community Coverage from the University of Waikato, Hamilton, New Zealand, a postgraduate Diploma in Community Administration from the Academy of Management, Ulaanbaatar, Mongolia and a Bachelor of Regulation from the Institute of the Ministry of Inner Affairs, Leningrad, Russia.

The appointment of Messrs. Ho and Chuluun as govt officers of the Enterprise has been authorised by the Board upon the recommendation of the Nominating and Corporate Governance Committee of the Board, which is comprised of all impartial non-executive administrators, by reference to each of their respective duties and duties as well as the prevailing industry problems.

Mr. Mao Sunshine, the Lead Director of the Board, mentioned, “The Board is extremely happy to announce the appointment of Mr. Ho as performing CFO and welcome Mr. Chuluun to the Company’s senior administration team. We glance forward to benefiting from their expertise and various operate knowledge. The Company’s senior management team has the aid of China Investment decision Corporation and China Cinda Asset Management Co., Ltd., the Company’s two greatest shareholders.”

About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi generates and sells coal to buyers in China.