Resignation of non-executive directors

The board (the "Board") of directors (the "Directors") of Mongolian Mining Corporation (the "Company") announces that Mr. Philip Hubert ter Woort ("Mr. ter Woort") and Mr. Gantumur Lingov ("Mr. Lingov") have resigned from their positions as non-executive Directors with effect from 12 October 2012. Each of Mr. ter Woort and Mr. Lingov resigned from the Board due to their other business engagements requiring more of their time and dedication which may affect their time commitment to the Company.

Each of Mr. ter Woort and Mr. Lingov has confirmed that he has no disagreement with the Board and 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. ter Woort and Mr. Lingov for their efforts and valuable contributions to the Company during their tenure of office and wishes them success in their future endeavours.