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.
Exploration 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 Coal Reserve (Nov 2012)
Ovoot Coal Resource (Nov 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. 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. For more information on the Ovoot Project Pre-Feasibility Revision findings, please view the Ovoot PFS Factsheet here.
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. Click here for more information on Northern Railways LLC and its Northern Rail Line project. The Northern Rail Line can be developed in phases or as a single line. It is anticipated that the Northern Rail Line would be operational in 2016.
*Competent Persons Statement 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.
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