ASX Announcement by Aspire: New Rail Policy Includes Erdenet to Ovoot to Arts Suuri Rail

   Mongolian Government officially affirms recent agreements with Russia and China to deliver large scale transport infrastructure

   Rail link from Erdenet west to Aspire’s wholly owned Ovoot Coking Coal Project and on to the Russian Border at Arts Suuri approved

   Decision paves the way for a rail solution connecting the Ovoot Coking Coal Project with major international coal markets

   Underpins economic development and regional integration of Northern Mongolian Provinces

  Aspire Mining Limited (ASX: AKM, the “Company” or “Aspire”) is pleased to announce that a new National Rail Policy (“Rail Policy”) was approved by a strong majority at last Friday’s sitting of the Mongolian Parliament. The new Rail Policy includes the extension of rail from Erdenet to Ovoot and on to the Russian border at Arts Suuri (“Northern Rail Line”). This represents a new important rail connection between Russia, Mongolia and through the Trans-Mongolian Railway to China. The Rail Policy also stipulates the required rail gauges for specificrail lines in Mongolia’s south.

  The Mongolian Government is now empowered to negotiate a Concession Agreement for the railway between Erdenet to Ovoot as the first stage of the Northern Rail Line.

  This Rail Policy decision follows the recent addition of the Erdenet to Ovoot railway onto the Mongolian Government’s Concession List of "Approved Projects".

  In the medium term, the Erdenet to Ovoot railway is positioned to form a critical link within a highly strategic rail network connecting the Ulug Khem coking coal basin in Russia’s south with the Trans- Mongolian Railway through to China. The Ulug Khem coking coal basin is estimated to contain approximately 2.5 billion tonnes of metallurgical coal reserves and when combined with Aspire’s wholly owned Ovoot Coking Coal Project ("Ovoot Project"), will represent a major new long term source of high quality coking coal. Exports from this very large coal basin in Russia to China are expected to provide substantial transit freight volumes for both the Erdenet to Ovoot railway and the Trans-Mongolian Railway.