Aspire Mining announces progress on Nuurstei Coking Coal Project

Aspire Mining announced that they received results from a conceptual mining study evaluating the viability of a mining operation at its Nuurstei Coking Coal Project in Mongolia.

“The company has received an independent conceptual mining study from Bluefield Advisory, which targeted a starter open pit based largely on indicated and inferred resources,” Aspire stated.

The aim of the study was to assess the economics of a conceptual open cut pit that would enable a significant portion of the deposit’s indicated resource to be mined.

A preliminary internal project development timeline shows first production is possible within 12 to 15 months, subject to permitting and funding.

Results suggest an internationally competitive delivered cost onto Chinese rail for washed hard coking coal. The 2017 drilling and sampling program, which is budgeted at 1.5 million USD, is planned to confirm the study assumptions.

David Paull, managing director of Aspire Mining said, "The Nuurstei Coking Coal Project provides a potential path to production and associated rail connectivity, and a long term cash flow source while the company continues to evaluate the world class Ovoot Coking Coal Project."

According to Proactive Investors, “The project could also benefit through future access to the planned Northern Rail Line just 70 kilometers to the south. Given a successful 2017 drilling and sampling program and access to required funding, it is possible for a 2018 start to mining operations. Aspire is the largest coal tenement holder in Mongolia’s Northern provinces, and the key to unlocking the deposit is infrastructure. Production from the company's Ovoot Project can coincide with the commissioning of the Erdenet to Ovoot Railway. Aspire stands to potentially gain significantly from China’s One Belt One Road policy, one of the world’s largest infrastructure initiatives.”