Aspire Mining Limited (ASX:AKM) Announces Ovoot Exploration Update and 2012 Plan

Perth, Australia (ABN Newswire) - Mongolian coal explorer Aspire Aspire Mining Limited (ASX:AKM) is pleased to confirm the presence of coking coal at the New Coal Discovery area to the north east of the existing Ovoot Coal Resource.

Initial raw coal analysis shows mid-volatile coal with CSN of 7-9, low moisture and high calorific values. These high CSN's of 7-9 with mid volatile, and low moisture results are similar to the Ovoot Coal Resource.

Preliminary results are tabled below:

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Low Total Moisture                   < 1% (ar)
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Medium Volatile Coal           17 to 30% (adb)
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High CSN's                              7 to 9
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Variable Ash                  14% to 50% (adb)
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Calorific Values  3,800 to 7,000 kcal/kg (adb)
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A total of nine results have been received which have included spot samples which appear to be outliers.

Removal of one outlier sample from the raw coal results of 50% (adb) ash reduces the average raw ash content to 25% (adb). Raw coal sulphur content was shown to be relatively high compared to the Ovoot Coal Resource, however three sulphur results recorded spot highs in localised areas. Overall, sulphur levels reduce to the south and east while phosphorous was relatively low.

Washing testwork will now be performed to understand preliminary wash yields and potential product specifications.

The New Coal Discovery area is open to the north east, south east, south and south west of the existing Ovoot Coal Resource and exploration drilling is continuing.

2012 Ovoot Exploration Outlook

Aspire expects to complete 16,500 metres of exploration drilling through 2012. Exploration targets include the New Coal Discovery area, and the Hurimt and Zuun Del prospects within the Ovoot Project. Geotechnical and water drilling will continue.

In 2011, Aspire drilled an additional 74 holes for 17,700 metres at Ovoot. Of this total, 44 holes for 9,200 metres were for reserve infill, while 32 holes for 8,500 metres were for exploration.

Pre-Feasibility Infill Drilling Program Completed Aspire has recently completed infill drilling required for completion of the Pre-Feasibility Study ('PFS') regarding the development of a 15 million tonne per annum ROM open pit mine at the Ovoot Project.

The PFS is expected to be completed in February 2012.

New resource and reserve calculations are currently being prepared and will contribute to the updated Resource and Reserve Statement expected to be completed within the March 2012 quarter.

Airborne Magnetics Program Completed at Ovoot

Aspire is completing a detailed airborne magnetics program over the entire 500 square kilometre Ovoot Project area. The purpose of using airborne magnetics is to improve the understanding of basement and controls on coal distribution, and to see through the significant amount of alluvial cover sitting above much of the basin to identify further drilling targets.

The airborne magnetic survey is being conducted by Geosan LLC. Global mining consultancy SRK Consulting will analyse the data over the March 2012 quarter with a view to providing additional drill targets for later in 2012.

At present, only 20% of the Ovoot basin has been effectively drilled.

Hurimt Prospect Drilling Brought Forward

Aspire has brought forward a drilling program on the eastern area of its Hurimt prospect to February 2012. The Hurimt prospect is located within the Ovoot Project and 15 kilometres from the existing Ovoot Resource area.

Aspire has entered into a contract with Major Drilling Group International Inc. to establish a second camp and initially supply one multi-purpose drill rig.

The Hurimt drill programme will involve an initial six hole, 2,000 metre plan, targeting exposed Jurassic sediments to determine stratigraphic continuity with the existing resource area.

For the complete announcement including figures, please view:
http://media.abnnewswire.net/media/en/docs/ASX-AKM-574603.pdf

About Aspire Mining Limited:

Aspire Mining Limited (ASX:AKM) owns 100% of the Ovoot Coking Coal Project in northern Mongolia which, in 2010, announced a maiden 330 million tonne resource (93.3mt Measured, 182.4mt Indicated, and 55.0mt Inferred). Aspire is currently targeting resource upgrades at Ovoot, as well as progressing development of key infrastructure including access to rail.

Source:

Aspire Mining Limited

Contact:

David Paull 
Managing Director
Aspire Mining Limited
T: +61-8-9287-4555
F: +61-8-9388-1980
http://www.aspiremininglimited.com