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24.04.2012 09:00  | Marketwired

Southgobi Resources Announces Extension to Expected Closing Date of Sale of Tsagaan Tolgoi Deposit

HONG KONG, CHINA -- (Marketwire) -- 04/24/12 -- SouthGobi Resources Ltd. (TSX: SGQ)(HKSE: 1878) ("SouthGobi" or "the Company") announced today that the expected closing date of the sale of the Tsagaan Tolgoi Deposit to Modun Resources Limited (ASX: MOU) ("Modun") is extended to be on or before December 31, 2012. On April 16, 2012 SouthGobi announced the Mineral Resource Authority of Mongolia requested suspension of certain of the Company's mining and exploration licenses. The extension of the expected closing date with Modun allows additional time to resolve any issues. All other material terms of the deal remain unchanged.


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.

Contacts:

SouthGobi Resources Limited

Dave Bartel

Vice President Investor Relations and External Affairs

(Hong Kong) +852 2156 7023


SouthGobi Resources Limited

Steven Feldman

Investor Relations Manager

(Vancouver) +1 604 331 9813
www.southgobi.com




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