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Asia Gold announced today that
a change of the company's name to SouthGobi Energy Resources Ltd. (TSX
VENTURE: SGQ) was approved by the company's shareholders.
In a written statement, the
company explained that the name change, “…more accurately reflects
the company's strategic focus on integrated coal and energy development
in southern Mongolia, near the border with China.”
Effective at the opening on
May 29, the company's common shares currently listed on the TSX Venture
Exchange under the symbol ASG will begin trading under the new name,
SouthGobi Energy Resources, and their new symbol, SGQ.
SouthGobi Energy Resources
had acquired the Coal Division of Ivanhoe Mines by issuing 82,576,383
shares of SouthGobi Energy Resources, successfully completing the transaction
that was approved by Asia Gold's shareholders in August 2006. With the
acquisition, SouthGobi Energy Resources now controls 55 coal exploration
licenses covering more than 20,700 square kilometers in southern Mongolia.
The company's coal portfolio
includes the Ovoot Tolgoi mine development and five other exploration
and development projects.
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