Noble Group (SIN:N21) Makes Further Investment In Aspire Mining Limited (ASX:AKM)
Noble Group (SIN:N21) Makes Further Investment In Aspire Mining Limited (ASX:AKM)
Perth, Mar 22, 2011 AEST (ABN Newswire) - Aspire Mining Limited (ASX:AKM) (PINK:ASPXF) has been notified that commodity trading house Noble Group (SIN:N21) (PINK:NOBGF) has agreed to acquire a further 18 million shares in Aspire from Mongolian shareholders representing the vendors of Aspire's Ovoot Coking Coal Project.

The share sale represents 3.36% of the current issued capital of the Company, which will give Noble an 8.6% undiluted interest in the Company.

Aspire welcomes the continued interest and investment in the Company by Noble.

The block of 18 million shares subject to sale by the Mongolian vendors to Noble represents just 10% of the vendors' holdings. Aspire looks forward to continuing its good relationship with the vendors.

Aspire has received confirmation from the Mongolian vendors that they do not intend to sell additional shares at this time.

About Aspire Mining Limited

Aspire Mining Limited (ASX:AKM) owns 100% of the Ovoot Coking Coal Project in northern Mongolia. Aspire completed a Pre-Feasibility Study for the Ovoot Project in May 2012, targeting a large scale open pit mining operation, with production of 10-12 Mtpa of saleable coking coal at full capacity. Aspire is targeting first production at Ovoot in early 2016 subject to approvals and licenses. Ovoot ranks as the second largest coking coal Reserve, by project in Mongolia, with a JORC Code compliant Coal Resource at Ovoot of 252 Mt (156 Mt Measured, 70 Mt Indicated, 26 Mt Inferred) and Probable Coal Reserves of 178 Mt. Aspire is continuing to progress its application for a mining license, and access to rail infrastructure and other regulatory approvals.

 


Contact

David Paull
Managing Director
Aspire Mining Limited
Tel: +61-8-9381-1995
Email: info@aspiremininglimited.com
http://www.aspiremininglimited.com



Related Companies

Noble Group Limited          
Aspire Mining Limited          

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