|By Marketwired .||
|May 6, 2014 08:02 PM EDT||
HONG KONG, CHINA -- (Marketwired) -- 05/06/14 -- SouthGobi Resources Ltd. (TSX: SGQ)(HKSE: 1878) (the "Company" or "SouthGobi") announced today the results of the Annual Meeting of shareholders held in Vancouver, Canada on May 6, 2014.
The majority of shareholders voted in favour of all resolutions at the meeting as set out in the Company's Management Proxy Circular dated March 24, 2014 namely:
-- Election of Bold Baatar, Andre Deepwell, W. Gordon Lancaster, Pierre Lebel, Kay Priestly, Kelly Sanders and K. Ross Tromans as directors of the Company. -- Appointment of PricewaterhouseCoopers LLP as auditors of the Company. -- Fixing the number of directors to be elected at the Annual Meeting of Shareholders at seven.
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).
RESIGNATIONS OF DIRECTORS
The board of directors (the "Board") of the Company hereby announces that to pursue other interests, Mr. Lindsay Dove resigned as a non-executive director, chairman of the Mergers and Acquisitions Committee, a member of Compensation & Benefits Committee and a member of Health, Environment, Safety and Social Responsibility Committee; and Mr. Sean Hinton resigned as the Deputy Chairman, a non-executive director and a member of Nominating and Corporate Governance Committee with effect from the conclusion of the Annual Meeting of shareholder.
Mr. Dove and Mr. Hinton have each confirmed that they have no disagreement with the Board and there is no matter relating to their resignation that needs to be brought to the attention of the shareholders of the Company.
The Board takes this opportunity to express its sincere gratitude to Messrs. Dove and Hinton for their valuable contributions to the Company.
SouthGobi is listed on the Toronto and Hong Kong stock exchanges, in which Turquoise Hill Resources Ltd. ("Turquoise Hill"), also publicly listed in Toronto and New York, has a 56% shareholding. Turquoise Hill took management control of SouthGobi in September 2012 and made changes to the board and senior management. Rio Tinto has a majority shareholding in Turquoise Hill.
SouthGobi 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, 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.
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