SouthGobi Energy Resources Achieves Record Coal Sales
07 Juli 2009 - 2:30PM
Marketwired
Alexander Molyneux, President of SouthGobi Energy Resources Ltd.
(TSX VENTURE: SGQ), announced today that a new monthly sales record
of 231,566 tonnes of coal was set in June at the company's Ovoot
Tolgoi mine in southern Mongolia.
June coal sales record
June sales more than doubled the previous monthly record. Major
factors contributing to the record were the signing of new customer
contracts, mobilization by customers of larger truck fleets to
transport Ovoot Tolgoi coal and continued enhancement of operations
at the Shivee Khureen (Ceke) border crossing between Mongolia and
China.
"The June sales success demonstrates the strength of the market
in China for SouthGobi's coal and confirms that the logistical
capacity exists to move large tonnages across the border," Mr.
Molyneux said. "It's particularly pleasing to see that with June's
contribution our total sales for the second quarter of 2009 are
around three times greater than our sales for the first quarter -
and we're now focused on further growth."
Round-the-clock production begins at Ovoot Tolgoi
With the increasing sales rate and a reduction in its coal
inventory to less than 700,000 tonnes, SouthGobi has initiated a
plan to utilize full mining capacity at Ovoot Tolgoi. Since July 1,
2009, the existing mining fleet has been operating 24 hours a day,
seven days a week. In addition, SouthGobi expects to have its
second mining fleet commissioned in October of this year. The
company is targeting coal production of 1.1-1.3 million tonnes in
the second half of this year.
About SouthGobi Energy Resources
SouthGobi Energy Resources is focused on exploration and
development of its Permian-age metallurgical and thermal coal
deposits in Mongolia's South Gobi Region and its Eocene-age
metallurgical and thermal coal deposits in East Kalimantan,
Indonesia. The company's flagship coal mine, Ovoot Tolgoi, is
selling coal to customers in China. The company plans to supply a
wide range of coal products and electricity to markets in Asia.
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) is SouthGobi
Energy Resources' largest shareholder, currently owning, directly
and indirectly, approximately 80% of the issued and outstanding
shares.
Forward-Looking Statements: This document includes
forward-looking statements. Forward-looking statements include, but
are not limited to, the company's plan to expand production, the
expected timing for the commissioning of the company's second
mining fleet, the company's future ability to supply coal products
and electricity to markets in Asia, and other statements that are
not historical facts. When used in this document, the words such as
"could", "plan", "estimate", "expect", "intend", "may",
"potential", "should", and similar expressions are forward-looking
statements. Although SouthGobi Energy Resources 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 Energy's Management's Discussion and Analysis of
Financial Condition and Results of Operations for the year end Dec.
31, 2008, which is available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: SouthGobi Energy Resources Ltd. - Investors Steven
Feldman 604-681-6799 SouthGobi Energy Resources Ltd. - Media Bob
Williamson 604-681-6799 www.southgobi.com
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