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Conceptual mining study confirms viable development of the Nuurstei project

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World Coal,

Mongolian coal developer Aspire Mining Ltd’s 50% owned Ekhgoviin Chuluu Joint Venture (ECJV) with the Noble Group has received a conceptual mining study from specialist coal engineers, Bluefield Advisory.

Bluefield Advisory was commissioned to undertake a conceptual mining study to evaluate the viability and cost of an opencast mining operation for the Nuurstei metallurgical coal project deposit. The aim of the study was to assess the economics for a conceptual opencast mine that would enable a significant portion of the Indicated Resource to be mined.

On 13 April 2016, Aspire reported JORC 2012 compliant 4.75 million t in Indicated Resources and 8.1 million t in Inferred Resources at the project.

Preliminary internal project development time line shows first production possible within 12 to 15 months, subject to permitting and funding availability.

Aspire has indicated that the conceptual mining study supports further targeted expenditure on progressing the project so that an investment decision towards mining can be made.

The company plans to confirm the study’s assumptions with the planned 2017 Drilling and Sampling programme that is budgeted at US$1.5 million.

According to Aspire, conversion of Nuurstei Exploration License 13580X to a 30 Year Mining License is expected to be received in May 2017. Following a successful 2017 Drilling and Sampling programme and availability of funding as and when needed, it is possible for mining operations to commence in 2018.

Aspire has agreed with Noble Group to extend the exercise date for the option to acquire Noble’s beneficial 45% interest in Nuurstei from March until June 2017.

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