ASPIRE MINING, NOBLE GROUP TO DEVELOP NUURSTEI COAL PROJECT

Ulaanbaatar /MONTSAME/ Aspire Mining continues to develop its alliance with Noble Group with an agreement to acquire a 50% interest in the Ekhgoviin Chuluu Joint Venture (ECJV) that holds a 60% interest in the Nuurstei Coking Coal Project in northern Mongolia. The project will be acquired from Xanadu Mines at a highly favourable price, says proactiveinvestors.com.au on Friday. Noble holds the remaining 50% interest in ECJV. It will issue Xanadu 10 million Aspire shares upon the ECJV entering into an agreement to undertake feasibility studies in the Nuurstei Project area or, upon the Mineral Resource Authority of Mongolia granting a mining license over all or part of the Nuurstei Project area. Nuurstei contains a low volatile bitumous coal with moderate to high ash levels and low sulphur. There may be operational and marketing synergies with its Ovoot Coking Coal Project. “Aspire is very pleased to become involved in developing the Nuurstei Project in partnership with the Noble Group as we investigate the possibility of a start to production from the Nuurstei Project pre-rail,” managing director David Paull said. “There are many potential synergies with the Ovoot Coking Coal Project, not the least of which potentially being an important initial customer for Northern Railways LLC.” Nuurstei is located just 10 kilometres from the Khuvsgul provincial capital of Moron. It was acquired by the ECJV in mid-2011 and immediately had drilling success. Subsequent test work has shown that the Nuurstei Project contains a low volatile bitumous coal with moderate to high ash levels and low sulphur. Washed coal has high indicative coking properties however further testwork is required. It is relatively close to a public sealed road that is currently being constructed that connects Moron to Erdenet. The project is also located within a relatively short trucking distance to the proposed Northern Rail Line being developed by Aspire’s subsidiary, Northern Railways LLC. Preliminary indications are that Nuurstei Project coking coal could also be a useful blending partner for Aspire’s wholly owned Ovoot Project coking coal, and there would be a number of other operational and marketing synergies between the two operations.