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Aspire Mining Limited (ASX: AKM) owns 100% of the Ovoot Coking Coal Project in northern Mongolia, which ranks as the second largest coking coal Project by Reserves in the Country. Aspire is focussed on the development of the Ovoot Project targeting a large scale open pit mining operation, to commence in 2016, producing up to 12 Mtpa...Read more
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Aspire Mining Limited is an ASX listed exploration and development company focused on discovering and developing wold class premium coal deposits in Mongolia, maximising shareholder returns over the long term, and contributing to the social and economic enrichment of local communities.
Aspire is a partnership of Mongolian Australian interests with a primary focus on Mongolia, a resource rich country with a rapidly developing coal mining industry emerging as a key future supply source given Mongolia’s close geographical position to some of the largest coking coal consumers worldwide – China, Russia, Japan, India and Korea.
Whilst a majority of coal projects are located in the south of Mongolia, Aspire is progressing the development of its flagship wholly owned Ovoot Coking Coal Project (“Ovoot Project”) in northern Mongolia. Ovoot currently has a Probable JORC Compliant Coal Reserve of 219 Mt of coking coal. With only 30% of Ovoot explored to date, Ovoot is already classed as the second largest high quality coking coal Reserve in Mongolia.
A positive Pre-Feasibility Study was completed on the Ovoot Project in May 2012, followed by a Revision in December 2012 and Aspire is now focussed on progressing further exploration, continuing development studies and gaining access to rail infrastructure to support a large scale open pit mining operation expected to commence in early 2016.
OVOOT COKING COAL PROJECT
Aspire’s wholly owned Ovoot Coking Coal Project (Ovoot Project) comprises three contiguous exploration licences which span across over 500 square kilometres and is made up of the western area which includes the JORC Compliant Coal Resource and Coal Reserve area, the new coal discovery area, and the Hurimt and Zuun Del prospects. Together, the entire Ovoot Project covers the majority of a large interpreted basin.
To date, only 30% of the entire Ovoot Basin has been explored. Exploration drilling conducted within the Hurimt and Zuun Del tenements, approximately 25kms east of the existing Ovoot Coal Resource identified the existence of coal bearing sediments without intersecting significant coal seams or basement which indicates the exploration potential.
Ovoot JORC Coal Reserve (November 2012)*
Ovoot JORC Coal Resource (November 2012)*
Note 1: Of the total Ovoot Coal Resources, 27.9Mt are considered Underground located in the North East Area of the Resource and not included as part of the May 2012 Pre-Feasibility Study.
Note 2: Total marketable Reserves are 184 Mt which includes Inferred Resources which are included in the mine plan.
* For the Competant Persons Statement, please scroll to end of page.
Development of Ovoot
A Pre-Feasibility Study (“Ovoot PFS”) was completed in May 2012 which confirmed the technical and commercial viability of a large scale open pit mining operation at the Ovoot Project.
The Ovoot Project is expected to commence production in early 2016 initially producing up to 6 Mtpa of saleable high quality coking coal (Stage 1), and up to 12 Mtpa at full production (Stage 2), for a total of 184 Mt over a mine life of 20 years. The forecasted production rates are based on 14 Mtpa Run Of Mine ("ROM") material from an open pit and 0.75 Mtpa ROM from an underground operation.
For the purposes of the PFS Revision it was assumed that 50% of Ovoot coking coal will be sold at the Chinese border, and 50% through Far East Russian ports, by accessing the Russian rail system.
Aspire was granted a Mining Licence MV 017098 in August 2012.
Aspire is now turning its attention to focus on receiving other regulatory approvals, gaining access to rail infrastructure, port facilities, completing quality testwork and progressing towards a Bankable Feasibility Study.
Ovoot PFS Revision Key Highlights
Note: Production targets are based on the recently completed Pre-Feasibility Study Revision and on the existing Coal Reserve base of the Ovoot Coking Coal Project. The development of the larger Ovoot Coking Coal Project remains subject to completion of positive feasibility studies, raising development finance, grant of other development approvals, developing the necessary rail infrastructure between Ovoot and Erdenet and securing sufficient port and rail capacity from Erdenet to take product to market.
Access to Rail Infrastructure
The Ovoot Project lies approximately 550 kilometres from the nearest rail siding at Erdenet.
Northern Railways LLC, a Mongolian registered subsidiary company of Aspire, is the responsible entity which will build, own, and operate the rail line which will extend the Trans-Mongolian rail system from Erdenet to the Ovoot Project ("Northern Rail Line"). The Northern Rail Line will be accessible for use for the transport of passengers, freight and bulk commodities. More information on Northern Railways LLC and its Northern Rail Line project can be found at www.northernrailways.mn.
The Northern Rail Line can be developed in phases with Phase 1 (between Erdenet - Point A) expected for completion in 2016.
*Competent Persons Statement
In accordance with the Australian Securities Exchange requirements, the technical information contained on this website in relation to the JORC Compliant Coal Reserves and JORC Compliant Coal Resource for the Ovoot Coking Coal Project in Mongolia has been reviewed by Mr Ian De Klerk and Mr Kevin John Irving of Xstract Mining Consultants Pty Ltd.
The Coal Resources documented in this release are stated in accordance with the guidelines set out in the JORC Code, 2004. They are based on information compiled and reviewed by Mr Ian de Klerk who is a Member of the Australasian Institute of Mining and Metallurgy (Member #301019) and is a full time employee of Xstract Mining Consultants Pty Ltd. He has more than 20 years’ experience in the evaluation of coal deposits and the estimation of coal resources. Mr de Klerk has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration to qualify him as a Competent Person as defined in the JORC Code, 2004. Neither Mr de Klerk nor Xstract have any material interest or entitlement, direct or indirect, in the securities of Aspire Mining Limited or any companies associated with Aspire Mining Limited. Fees for work undertaken are on a time and materials basis. Mr de Klerk consents to the inclusion of the Coal Resources based on his information in the form and context in which it appears.
The Coal Reserves documented in this release are stated in accordance with the guidelines set out in the JORC Code, 2004. They are based on information compiled and reviewed by Mr Kevin Irving who is a Fellow of the Australasian Institute of Mining and Metallurgy (Member #223116) and is a full time employee of Xstract Mining Consultants Pty Ltd. He has more than 35 years’ experience in the mining of coal deposits and the estimation of Coal Reserves and the assessment of Modifying Factors. Mr Irving has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration to qualify him as a Competent Person as defined in the JORC Code, 2004. Neither Mr Irving nor Xstract have any material interest or entitlement, direct or indirect, in the securities of Aspire Mining Limited or any companies associated with Aspire Mining Limited. Fees for work undertaken are on a time and materials basis. Mr Irving consents to the inclusion of the Coal Reserves based on his information in the form and context in which it appears.
The technical information contained on this website in relation to the Ovoot Coking Coal Project in Mongolia has been reviewed by Mr Neil Lithgow – Non Executive Director for Aspire Mining Limited. Mr Lithgow is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Lithgow consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Non Executive Chairman
Mr McSweeney is a lawyer by training and has over 20 years experience in the resources sector ranging from exploration to project management, project finance, commercial and legal structuring and corporate development.
A founder of Gindalbie Metals Ltd, David was the Managing Director from 1998 until December 2006. During this time at Gindalbie David oversaw the discovery and commissioning of two gold production centres and the repositioning of the company as an emerging Australian iron ore proucer with a +$300m market capitalisation.
Mr McSweeney is currently the Chairman of MSP Engineering Pty Ltd, and FeCon Ltd.
Mr David Paull
Mr Paull has over 20 years experience in resource business development and industrial minerals marketing. Mr Paull was previously Executive General Manager Business Development and Marketing where he oversaw the sale of over half the world's annual tantalum concentrate requirements and two thirds of the world's lithium minerals supply. Over the last six years David has been working on private equity and seed capital opportunities in the biofuels, transport services and resource sectors. David holds a Bachelor of Commerce from the University of Western Australia and a Master of Business Administration with Distinction from Cornell University New York. He is a fellow of the Financial Services Institute of Australia.
Mr Paull currently serves as Non-Executive Director of Pacific Wildcat Resources Corp, a TSXV listed company and Director of Red Island Resources Limited, a public unlisted company.
Mr Neil Lithgow
Mr Lithgow has over 20 years experience in mineral exploration, mineral economics and mining feasibility studies, covering base metals, coal, iron ore and gold. Mr Lithgow has previously worked for Aquila Resources Limited and Eagle Mining Corporation NL.
Mr Lithgow is a founder an a Non-Executive Director of Bauxite Resources Limited and Red Island Resources Limited, a public unlisted company. Neil is a member of the Australian Institute of Mining and Metallurgy and the Financial Services Institute of Australia.
Mr Sado Demchigsuren Turbat
Mr Turbat has over 12 years of experience in the resource sector in Mongolia. As one of the core authors of the 1997 Minerals Law of Mongolia and as an Honorary Member of Mongolian National Mining Association, Mr Turbat is a key resource person on Mongolian mining industry policy and regulative framework.
Mr Turbat is a founder of Mine Info LLC, one of the leading national companies in mining and a founder of the "Discover Mongolia" annual international mining forum. Currently Mr Turbat serves as Managing Director of Behre Dolbear Mongolia LLC.
Mr Andrew Edwards
Mr Edwards is a recently retired senior partner with PricewaterhouseCoopers. Mr Edwards had a distinguished career with PwC spanning 35 years in Perth, Auckland and Sydney. He served as Managing Partner of the Perth practice for five years and led the Perth Advisory business. Mr Edwards is a past National Vice President of the Financial Services Institute of Australasia (formerly Securities Institute of Australia) and past President of the Western Australian division of that Institute.
He currently serves as a Non-Executive Director of Mermaid Marine Australia Ltd, Nido Petroleum Ltd and is Non-Executive Chairman of MACA Ltd. He is also a past director of Calibre Global Pty Ltd.
Mr Mark Read
Mr Read is the immediate past CEO and Managing Director of ASX listed coal engineering and technology company Sedgman Ltd. While at Sedgman, Mr Read was responsible for an overseas expansion strategy that led Sedgman to position itself in emerging high-grade coal regions including Mongolia and Mozambique. Prior to his appointment as chief of Sedgman, Mr Read was Global General Manager of Mining and Metals and Executive Director of engineering services firm Sinclair Knight Merz, where he was employed for 20 years.
Mr Phil Rundell
Mr Rundell is a former Partner of a big 4 accounting firm and is now a sole practitioner Chartered Accountant specialising in providing company secretarial, compliance, accounting and reconstruction services.
Ms Hannah Badenach
Ms Badenach holds a Bachelor of Laws (Hons) and a Bachelor of Arts from the University of Tasmania. She currently acts as Vice President of Asset Development & Operations at Noble Resources Limited, a subsidiary of the Noble Group (SGX: N21).
Ms Badenach has considerable experience in management and development within Mongolia. Her previous roles have included practising law for several years in Asia, including two years in Mongolia with Lynch & Mahoney. Ms Badenach was also previously Managing Director of QGX Mongol LLC from 2006, a coal explorer and developer prior to its takeover in 2008 by Mongolia Holdings Corporation.
Fully Diluted basis at 30 September 2012.
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