Notified That Turquoise Hill Resources Ltd. and Aluminum Corporation of China Limited (Chalco) Agree to Terminate Proportional Takeover Bid for SouthGobi Resources
03.09.2012 | Marketwire
HONG KONG, CHINA -- (Marketwire) -- 09/03/12 -- SouthGobi Resources Ltd. (TSX: SGQ)(HKSE: 1878) ("SouthGobi") was notified today that Turquoise Hill Resources Ltd., and Chalco have agreed to terminate the lock-up agreement between them, including Chalco's obligation to make a proportional takeover bid for up to 60%, but not less than 56% of the common shares of SouthGobi. The press release issued by Turquoise Hill regarding the termination is available on their website www.turquoisehill.com.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, produces and sells 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 quarter ended June 30, 2012 which is available at www.sedar.com.
Contacts:
SouthGobi Resources Ltd.
Dave Bartel, Vice President Investor Relations and External Affairs
(Hong Kong)
+852 2156 7023
www.southgobi.com