The Board of Directors of Mongolia Energy Corporation Limited announced that Mr. James J. Schaeffer, Jr. will retire from the office of Chief Executive Officer with effect from June 1, 2012. He will continue to provide strategic and technical advice to the company as a strategic adviser effective on the same date. Mr. Schaeffer joined the company in 2007 overseeing the technical and business development of newly acquired resources projects in Mongolia. In addition, the Board announced that Ms. Ong, aged 47, the current Executive Director, will be appointed as Managing Director of the company. She has been a Director to the company since September 27, 1999. Ms. Ong is responsible for providing leadership for the management, implementing strategies and overseeing the operations of the company. Ms. Ong has over 20 years of experience in business management.