May 12, 2017 / 12:40 PM / 3 years ago

BRIEF-SouthGobi Resources qtrly loss per share $0.04

May 12 (Reuters) - Southgobi Resources Ltd

* Southgobi resources announces first quarter 2017 financial and operating results

* Q1 revenue $25.3 million versus $12.7 million

* Qtrly loss per share $0.04

* Southgobi resources ltd - sold 1.11 million tonnes of coal product during q1 of 2017 as compared to 0.88 million tonnes

* Southgobi resources - initiated a plan to change existing product mix to higher value,higher margin outputs by washing certain grades of coal commencing in h2 2017

* Southgobi resources-due to improved market conditions and prices for coal in china, co’s q1 results improved with increase in average selling price of coal

* Southgobi resources - unless co acquires additional sources of financing and/or funding in short term, ability of co to continue as going concern is threatened

* Southgobi resources ltd - company has also completed a new mine plan

* Southgobi resources - entered an agreement for finance lease on new wash plant facility, will need financing to complete thermal coal processing facilities

* Southgobi resources - unless co, acquires additional sources of financing,funding in short term, ability of co to continue as going concern is threatened

* Southgobi resources-if co is unable to continue as going concern, it may be forced to seek relief under applicable bankruptcy and insolvency legislation

* Southgobi - plans will involve need for “significant” level of stripping activities over next 2 years & require certain capex to achieve designed production outputs Source text for Eikon: Further company coverage:

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