SouthGobi Announces Change of Chief Financial Officer, Resignation of Chief Operating Officer, Appointment of Vice President of Public Relations and Re-Designation of Vice President of Sales

VANCOUVER, British Columbia, Feb. 10, 2021 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) announces that effective from February 10, 2021, (i) Mr. Weiguo Zhang (“Mr. Zhang”) has tendered his resignation as the Company’s Chief Financial Officer (the “CFO”); (ii) Mr. Aiming Guo (“Mr. Guo”) has tendered his resignation as the Company’s Chief Operating Officer (the “COO”) and a member of the Health, Environment, Safety and Social Responsibility Committee (the “HESS Committee”); (iii) Mr. Alan Ho (“Mr. Ho”) has been appointed as the Company’s acting CFO; (iv) Mr. Munkhbat Chuluun (“Mr. Chuluun”) has been appointed as the Vice President of Public Relations and as a member of the HESS Committee; and (v) Mr. Tao Zhang has been re-designated from Vice President to Vice President of Sales.

Mr. Zhang has resigned as CFO due to other work arrangements. Mr. Zhang has confirmed that he has no disagreement with the Board of Directors of the Company (the “Board”) and that there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company and the Hong Kong Stock Exchange. The Board expressed its great gratitude to Mr. Zhang for his leadership, guidance and commitment to the Company since his appointment in June 2018.

Mr. Guo has resigned as COO due to other work arrangements. Mr. Guo has confirmed that he has no disagreement with the Board and that there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company and the Hong Kong Stock Exchange. The Board expressed its great gratitude to Mr. Guo for his commitment and efforts on behalf of the Company since his appointment in June 2018.

Mr. Ho, age 37, previously held the position of Controller of the Company, has over 15 years of financial accounting, auditing and corporate finance experience. Prior to joining the Company in 2013, Mr. Ho was the audit manager in Ernst & Young, overseeing the audits of numerous public companies in diverse industries. Mr. Ho holds a Bachelor of Economics and Finance from the University of Hong Kong and is a member of the Hong Kong Institute of Certified Public Accountants and the Canadian Institute of Corporate Directors. He is also a Chartered Financial Analyst (CFA) and a Certified Financial Risk Manager (FRM).