Aspire Mining has cemented its Ovoot Coking Coal Project as one of Mongolia’s
largest coking coal reserves with the delivery of a maiden 178 million tonne
open pit coal Reserve.

The project is rapidly taking on Tier 1 class dimensions.

The two largest coking coal deposits are the Mongolian Government owned
Tavan Tolgoi deposit and Mongolian Mining Corporation’s Ukhaa Khudag (“UHG”)
Mine.

The delivery of the Reserve for Ovoot paves the way for the completion of the
Pre-Feasibility study.

Importantly, there is clear scope to increase this Reserve to more than 200
million tonnes through exploration drilling planned for 2012.

Aspire plans to do this through further geotechnical investigations to refine
the pit design for extraction of deeper coal that could allow 20 million tonnes
of Measured and Indicated Coal Resource below 300 metres to be considered for
mining as part of the planned open pit.

Further increases could result from additional infill drilling to upgrade 18
million tonnes of Inferred Resources to the higher confidence Indicated and
Measured categories.

Based on the maiden coal Reserve, Ovoot is expected to produce more than 147
million tonnes of marketable coking coal.

Aspire is targeting the development of up to a 15 million tonne per annum run
of mine open pit at the project.

The company has also revised and remodelled the Ovoot coal Resource to 252
million tonnes, with around 62% now in the higher confidence Measured
category.  

The 500 square kilometre project has demonstrated potential to evolve into a
Tier 1 asset with five exploration areas and a comprehensive airborne magnetics
program defining an extensive basin.