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Message: SouthGobi Energy Resources Names Senior Asia Mining Investment Banker Molyneux
| February 10, 2009 |
| SouthGobi Energy Resources Names Senior Asia Mining Investment Banker Alexander Molyneux as President to Lead the Expansion of SouthGobi's Coal Projects in Mongolia and Indonesia |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2009) - Ivanhoe Mines Ltd. (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) - Peter Meredith, Chief Executive Officer of SouthGobi Energy Resources Ltd. (TSX VENTURE:SGQ), is pleased to announce the appointment of Alexander Molyneux as the company's new President, effective April 27, 2009. Mr. Molyneux, based in Hong Kong, will be responsible for business and corporate development initiatives. Mr. Molyneux most recently was Managing Director, Head of Metals & Mining Investment Banking, Asia Pacific, with Citigroup. Mr. Molyneux has spent approximately 12 years providing advice and investment-banking services to mining, metals and industrial corporations. He joined Citigroup from UBS in early-2007 as Head of Metals & Mining Investment Banking and rapidly established Citi as a leading metals and mining investment banking business in Asia. Mr. Molyneux has been working with Asia-based clients since 2002. He has raised more than US$20 billion of capital for clients and advised on many significant merger and acquisition transactions in the metals and mining sector. Mr. Molyneux holds a Bachelors degree in Economics from Monash University in Australia. "We are very pleased to have Alexander join SouthGobi's management team," said Mr. Meredith. "His extensive international experience in the mining industry, especially in Asia, makes him a true asset to the company as we move forward to expand our coal-mining projects in Mongolia and Indonesia." Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) is SouthGobi Energy Resources' largest shareholder and currently owns, directly and indirectly, approximately 80.2% of SouthGobi's issued and outstanding shares. 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 in production and selling coal to customers in China. The company plans to supply a wide range of coal products and electricity to markets in Asia. The company also is investigating the implementation of clean-coal technologies in the development of coal power-generating capacity to benefit all of its stakeholders. |
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