SouthGobi Energy Resources (TSX:V.SGQ,) reported Monday that it had discovered significant high-quality coking and thermal coal seams at its new Sumber coal site in southern Mongolia. 

Following news of the discovery, the company’s stock soared 13.6 percent to $21.00. 

The new discovery includes, among others, a near-surface seam of 51.5 meters. 

"This discovery validates our expectations that there are multiple, near-surface thermal and coking coal deposits along strike from the existing mine at Oyu Tolgoi," says Gene Wusaty, chief operating officer, coal division of SouthGobi Energy Resources. "The existing Oyu Tolgoi mine site, airport and future coal transportation infrastructure will benefit the development at the Sumber discovery,” he added. 

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