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

HONG KONG, CHINA, Apr 24, 2012 (MARKETWIRE via COMTEX) -- SouthGobi Resources Ltd. /quotes/zigman/38823 CA:SGQ -0.15% /quotes/zigman/38822 HK:1878 +1.06% ("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

SOURCE: SouthGobi Resources Limited

http://www.southgobi.com

Copyright 2012 Marketwire, Inc., All rights reserved.

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