ASPIRE MINING LIMITED

ABN: 46 122 417 243 Level 2, Suite 20, 22 Railway Road Subiaco WA 6008 PO Box 1918 Subiaco WA 6904 Tel: (08) 9287 4555 ASX RELEASE Fax: (08) 9388 1980

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Web: www.aspiremininglimited.com Email: [email protected]

For Immediate Release – 10 April, 2014

Aspire Signs Letter of Intent for Power Supply to its Ovoot Coking Coal Project

Aspire Mining Limited (ASX: AKM, the “ Company ” or “ Aspire ”) is pleased to announce that a non-binding Letter of Intent (“ LOI ”) has been signed for the future supply of power to its wholly owned Ovoot Coking Coal Project (“ Ovoot Project ”) located in the Khusvgul province in northern Mongolia.

The non-binding LOI covers the supply of 30-35 megawatts per annum of power supplied from the Zavkhan Power Plant which is expected to be commissioned in late 2015.

The coal fired Zavkhan Power Plant is located approximately 70 kilometres south of the Ovoot Project and is being constructed by New Asia Group LLC. Electricity produced from the power plant will feed directly into the existing 110kv power grid that runs directly through the Ovoot Project licence area.

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Figure 1: Location plan of the Ovoot Project and the Zavkhan Power Plant

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Aspire’s Managing Director Mr David Paull commented “The signing of this letter of intent for power supply highlights the ready accessibility of power to the Ovoot Coking Coal Project”.

“Access to sufficient quantities of power and water are essential to a successful coal mining operation”.

“We are fortunate that both are readily available to the Ovoot Project”, Mr Paull said.

Underpinning the development of the Ovoot Project, a railway connecting the Ovoot Project to the TransMongolian Railway at Erdenet will need to be completed (“ Northern Rail Line ”). Northern Railways LLC, Aspire’s Mongolian rail infrastructure subsidiary has applied to the Mongolian Government for a rail concession over the Northern Rail Line. Mongolian Government approval is required before this rail project can proceed.

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ABOUT ASPIRE MINING LIMITED

Aspire is listed on the ASX (Code: AKM) and owns 100% of the Ovoot Coking Coal Project in northern Mongolia. Aspire completed a Pre-Feasibility Study (PFS) for the Ovoot Project in May 2012, a PFS Revision in December 2012 and was granted its Mining Licence in August 2012. Aspire is targeting first production of 5Mtpa at the Ovoot Project in 2017 subject to funding, approvals, licenses and construction of rail infrastructure. Aspire’s wholly owned subsidiary Northern Railways LLC is currently continuing to progress the development of railway which will connect the Ovoot Project directly to the existing Mongolian rail network. For the key assumptions used to achieve the first year target of 5mtpa of marketable coking coal, refer to December 2013 Quarterly Report announced 31 January 2014.

Aspire’s development timeline for its Ovoot Project relies primarily on i) the provision of a rail concession and other approvals from the Government of Mongolia for Northern Railways to build, and operate the Northern Rail Line, connecting the Ovoot Project to the Trans-Mongolian Railway at Erdenet; and ii) financing of the Northern Rail Line. The timing with respect to the grant of a rail concession is outside of the control of Aspire. Certain activities to further progress the Ovoot Project and Northern Rail Line development, and which will follow the grant of the rail concession licences, include the completion of detailed engineering work to support definitive financing negotiations. The Company’s development timeline to achieve first production by 2017/18 is indicative and assumes the grant of necessary Government licences, agreements and approvals in 2014.

ABOUT NORTHERN RAILWAYS LLC

Northern Railways LLC (“Northern Railways”) is the Mongolian registered rail infrastructure subsidiary of Aspire Mining Limited, established as the entity to focus on developing railway infrastructure in northern Mongolia.

Northern Railways is in charge of the advancement of an extension to the existing Trans-Mongolian Railway of approximately 547 kilometers from the current terminus at Erdenet through to the Ovoot Coking Coal Project (“Northern Rail Line”), thereby connecting the northern Mongolian Khuvsgul, Bulgan, and Orkhon provinces to the existing Trans-Mongolian rail network. In accordance with Mongolian National Rail Policy, the multi-user rail line will be available for the transport of bulk materials, agricultural and general freight and passengers from the region to export markets including China, Russia and seaborne markets.

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For more information contact:

Corporate

David Paull Aspire Mining Ltd +61 8 9287 4555 Managing Director

Investor Relations

Naomi Dolmatoff Aspire Mining Ltd +61 8 9287 4555 Email: [email protected] Marketing Scott Southwood Aspire Mining Ltd +61 7 3012 6305 Email: [email protected]

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AI assistant

ASPIRE MINING LIMITED Capital/Financing Update 2014

64354_rns_2014-04-09_39b4df3d-4934-4c21-910c-e640d6b6b052.pdf