Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
MONGOLIA ENERGY CORPORATION LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 276) PROFIT WARNING
This announcement is made by the Company pursuant to Rule
13.09 of the Listing Rules. The Board wishes to inform the
shareholders of the Company and potential investors that
based on the information currently available, it is expected
that the Group may record a significant loss, which is mainly
an impairment loss of the mining assets of the Group, for the
year ended 31 March 2012 as compared with the audited loss
for the corresponding period in 2011.
This profit warning announcement is only based on the
preliminary review on the currently available information and
the management accounts of the Group, which have not been
confirmed nor audited by the Company's independent auditor.
This announcement is made by Mongolia Energy Corporation
Limited (the "Company", and together with its subsidiaries,
the "Group") pursuant to Rule 13.09 of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited (the "Listing Rules").
The Board wishes to inform the shareholders of the Company
and potential investors that based on the information
currently available, it is expected that the Group may record
a significant loss, which is mainly an impairment loss, for
the year ended 31 March 2012 as compared with the audited
loss for the corresponding period in 2011. Based on
preliminary assessment, an impairment loss is expected to be
recognized in relation to the mining assets of our Khushuut
Coking Coal Project. The possible impairment loss is a
non-cash accounting treatment in accordance with Hong Kong
Financial Reporting Standards and it has no effect on the
cash flow for the Group's operation.
This profit warning announcement is only based on the
preliminary review on the information currently available and
the management accounts of the Group, which have not been
confirmed nor audited by the Company's independent auditor.
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Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.By Order of the Board Mongolia Energy Corporation Limited Tang Chi Kei
Company Secretary
Hong Kong, 8 June 2012
As at the date hereof, the Board comprises seven Directors, of which Mr. Lo Lin Shing, Simon, Ms. Yvette Ong and Mr. Liu Zhuo Wei are Executive Directors, Mr. To Hin Tsun, Gerald is a Non-executive Director and Mr. Peter Pun OBE. JP, Mr. Tsui Hing Chuen, William JP and Mr. Lau Wai Piu are Independent Non-executive Directors.
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