RESIGNATION AND APPOINTMENT OF NON-EXECUTIVE DIRECTOR
07/04/2012| 06:41pm US/Eastern
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in reliance upon the whole or any part of the contents of
MONGOLIAN MINING CORPORATION
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 975)
RESIGNATION AND APPOINTMENT OF NON-EXECUTIVE DIRECTOR
The Board announces that Mr. Enkh-Amgalan Luvsantseren has
resigned from his position as non-executive Director and Mr.
Od Jambaljamts has been appointed as a non-executive Director
with effect from 4 July 2012.
RESIGNATION OF NON-EXECUTIVE DIRECTOR
The board (the "Board") of directors (the "Directors") of
Mongolian Mining Corporation (the "Company") announces that
Mr. Enkh-Amgalan Luvsantseren ("Mr. Luvsantseren") has
resigned from his position as non-executive Director with
effect from 4 July 2012 to resume his duties as vice
president of MCS Holding LLC (together with its subsidiaries
the "MCS Group"), an associate of MCS Mining Group Limited (a
substantial shareholder of the Company), and director of a
number of subsidiaries within the MCS Group.
APPOINTMENT OF NEW NON-EXECUTIVE DIRECTOR
Mr. Luvsantseren has confirmed that he has no disagreement
with the Board and he is not aware of any matters in
connection with his resignation that needs to be brought to
the attention of the shareholders of the Company.
The Board would like to take this opportunity to thank Mr.
Luvsantseren for his efforts and valuable contributions to
the Company during his tenure of office and wishes him
success in his future endeavours.
The Board is also pleased to announce the appointment of Mr.
("Mr. Jambaljamts") as a non-executive Director with effect
from 4 July 2012.
Mr. Jambaljamts, aged 48, is the president of MCS Group and a
director of a number of subsidiaries within the MCS Group.
Mr. Jambaljamts also works in the Royal Danish Consul in
Mongolia, a member of the National Consul of the Pacific
Economic Council, and is a board member of the Osazawa
Foundation. Mr. Jambaljamts was awarded a bachelor's degree
in International Relations at the Institute for International
Relations, Moscow, Russia in 1988 and master's degree in arts
majoring in foreign affairs from the University of Oxford,
United Kingdom in 1993. Mr. Jambaljamts was awarded the
Honorary Labour Medal of Mongolia in 1997, and twice awarded
with the Polestar medal of Mongolia. Mr. Jambaljamts does not
hold and has not held any directorships in other public
companies which are listed in Hong Kong or overseas in the
preceding three years prior to the date of this announcement,
and save as disclosed above, he does not have other major
appointments and professional qualifications.
Mr. Jambaljamts has over 20 years of experience in both
private and public sector. Mr. Jambaljamts has extensive
experience in working with companies in diversity of
Mr. Jambaljamts is the brother of Mr. Odjargal Jambaljamts,
the chairman of the Company, an executive Director and the
controlling shareholder of the Company. Mr. Jambaljamts is
the controlling shareholder of MCS (Mongolia) Limited, which
in turn is the controlling shareholding company of MCS Mining
Group Limited. Save as disclosed above, Mr. Jambaljamts does
not have any relationship with any Directors, senior
management or substantial shareholders or controlling
shareholders of the Company and does not hold any other
positions with the Company or any of its subsidiaries.
As at the date of this announcement, Mr. Jambaljamts is
deemed to be interested in 1,345,763,949
Shares, representing approximately 36.32% of the issued share
capital of the Company within the meaning of Part XV of the
Securities and Futures Ordinance (Chapter 571 of the Laws of
Hong Kong). 106,304,907 Shares, representing approximately
2.87% of the issued share capital of the Company are held by
Trimunkh Limited, a company wholly owned by Mr. Jambaljamts
and 1,239,459,042 Shares, representing approximately 33.45%
of the issued share capital of the Company are held by MCS
Mining Group Limited which is 100% owned by MCS (Mongolia)
Limited, the controlling Shareholder.
Mr. Jambaljamts has entered into a service contract with the
Company for a term of two years commencing on 4 July 2012.
The director's remuneration of Mr. Jambaljamts is US$18,000
per annum which is determined with reference to his
qualifications, experience and duties and responsibilities in
the Company and the market conditions. He will be subject to
retirement by rotation and re-election at the general meeting
in accordance with the articles of association of the
Save as disclosed above, there are no other matters relating
to the appointment of Mr. Jambaljamts as a non-executive
Director that need to be brought to the attention of the
shareholders of the Company and there is no other information
which shall be disclosed pursuant to Rule 13.51(2) (h) to (v)
of the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited.
The Board wishes to express its warm welcome to Mr.
Jambaljamts on his appointment as the non- executive
For and on behalf of the Board Mongolian Mining Corporation
Mr. Odjargal Jambaljamts
Hong Kong, 5 July 2012
As at the date of this announcement, the Board consists of
Mr. Odjargal Jambaljamts and Dr. Battsengel Gotov, being the
executive Directors, Mr. Od Jambaljamts, Mr. Philip Hubert
ter Woort, Dr. Oyungerel Janchiv, Mr. Batsaikhan Purev, Mr.
Gantumur Lingov and Ms. Enkhtuvshin Gombo, being the
non-executive Directors, and Mr. Ochirbat Punsalmaa, Mr.
Unenbat Jigjid and Mr. Chan Tze Ching, Ignatius, being the
independent non-executive Directors.