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Thursday, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED


Press Release
– SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining Limited (“Aspire”) (ASX: AKM) announced on October 26, 2010. Pursuant to the private placement, SouthGobi has acquired 105,860,186  common shares of Aspire at a price of A$0.19 per share, for an aggregate purchase price of approximately A$ 20.1 million.

After giving effect to the transaction, SouthGobi holds approximately 19.9% of Aspire. SouthGobi will have the right to nominate one director to the Board of Aspire and the right to maintain its proportionate shareholding in Aspire for a period of two years.

The closing price of Aspire on the ASX on December 23 was A$0.485.

Aspire is a ASX listed coal exploration company focused on advancing the Ovoot Coking Coal Project in Mongolia along with the Nurant and Shanagan Coal Projects.

For more details about SouthGobi Resources, please click here.



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