CHINA RAILWAYS TO COOPERATE IN OVOOT COKING COAL PROJECT

Ulaanbaatar /MONTSAME/ Aspire Mining, a 100-percent project executor at Ovoot coal deposit, has signed an engineering, procurement and construction framework agreement with a China Railways Construction Corporation (CRCC) subsidiary for the Erdenet-Ovoot section of the Northern Rail Line of Mongolia. Given CRCC is a Fortune 500 company, this is a strong endorsement and vindication of the project. The rail line is a key requirement to unlock the value of the Ovoot Coking Coal Project and future earnings from mining and production from the project for Aspire. The agreement provides a basis for Aspire's wholly-owned subsidiary Northern Railways LLC and CR20G to negotiate for the award of a fixed price, lump sum turnkey EPC (Engineering, Procurement and Construction) Contract. This will cover phase 1 of the Northern Mongolian Rail Corridor extending rail from Erdenet heading west to Aspire's wholly owned Ovoot Coking Coal Project. Chinese financial institutions have now commenced preliminary financial analysis for both the Ovoot Project and the Erdenet-Ovoot Railway, says www.proactiveinvestors.com.hk.