ASPIRE MINING LIMITED — Investor Presentation 2011

Apr 6, 2011

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Aspire Mining Limited McCloskey Coal Conference (Ulaanbaatar) Investor Presentation Presentation April 2011

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Forward Looking Statements & Disclaimer

Forward Looking Statements

Certain statements in the presentation are or may be “forward‐looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties which may cause the Company’s actual performance in future periods to differ materially from any express or implied estimates or projections.

Disclaimer

No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its officers, employees and advisers expressly disclaims any responsibility for the accuracy , fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. Any opinions expressed in the presentation are subject to change without notice.

All persons should seek appropriate professional advice in reviewing or considering the presentation and all other information with respect to the Company and evaluating the Ovoot Coking Coal Project and the other Mongolian coal assets. The presentation does not purport to contain all of the information that may be required to evaluate all of the factors that would be relevant in determining whether to deal in the Company’s securities, including but not limited to any person’s objectives, financial situation or needs. Each person should make, and will be taken to have made, its own investigation, assessment and analysis of the information in this presentation and other matters that may be relevant to it considering whether to deal in the Company’s securities.

This presentation is not for distribution in, nor does it constitute an offer of securities for sale in, Canada, Japan, or in any jurisdiction where such distribution or offer is unlawful. Neither this presentation nor a copy of the presentation can be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person as defined in Regulation S under the US Securities Act 1933, as amended (the “Securities Act”). Any failure to comply with this restriction may constitute a violation of United States securities laws. The presentation and any oral statements made in connection with it are not an offer of securities for sale in the United States.

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Introduction

 Corporate Strategy

• To become the pre‐eminent independent coking coal miner in Mongolia

• Ovoot Coking Coal Project (100%) – A High Quality Strategic Asset

• Maiden JORC compliant coal resource of 330.7 mt

• Raw coal analysis/initial washing tests indicate a high quality coking coal product

• 2011 drill program will extend coal seam resource base

• Only 10% of the existing project area has been explored

• Targeting initial Stage 1 DSO production in 2012

• Interest from Significant Mongolian Coal Industry Players

• SouthGobi Resources Ltd – 19.9%

• Noble Group – 8.6%

• Potential Export Markets

• Include China, Japan, Korea, and Russia

• Rail access development being pursued

 A Mongolian‐Australian Partnership

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Company Snapshot

Company Overview ‐ Corporate

Capital Structure (ASX:AKM)

		Undiluted	Diluted
Share Price_(30 Mar 11)_	$	0.965	0.965
Shares Outstanding	m	536.0	850.22
Market Capitalisation	$m	517.2	820.4
Options on Issue		251.7m
Net Cash	$m	18.21	78.52
Enterprise Value	$m	499.0	741.9

1 As of 30 March 2011

2 Assuming full take up of top up rights by SouthGobi

Ownership (Fully Diluted)

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Share Price (LTM)

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$1.00 $20.1m Strategic 25 Oct 10 18 March 11 Noble Discloses 8.6% interest 22 March 11 60.0m
Placement with Additional quality data
SouthGobi confirms high yield
$0.90 expectations
50.0m
$0.80
3 Jun 10 15 Dec 10
Positive Drill Results and SouthGobi Placement
$0.70 $4.5m Placement approved by shareholders
40.0m
$0.60
6 May 10
Drilling
Commences 14 Oct 10
$0.50 Maiden 330Mt Resource 30.0m
$0.40 17 Jan 11
8 Sep 10 Noble interest is revealed at
Positive Quality Testwork 4.1%
Results 20.0m
$0.30
17 Nov 10
$0.20 Maiden Hong Kong Roadshow
10.0m
$0.10
$0.00 0.0m
Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
Price
Volume
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Project Locations

Project Locations

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Project Interests

• Ovoot Coking Coal Project (100%)

• Nuramt Coal Project (100%)

• Jilchilibag Coal Project (100%)

• Shanagan Joint Venture (51% Earn in)

• Zavkhan Iron Ore Project (Earning 70%)

Ovoot JORC Resource

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Insert pic Asset Overview

Ovoot Coking Coal Project

Project Summary

Project Seismic Plan

• 100% owned by Aspire

• Maiden 330.7 Mt JORC coal resource

• Large +500 km[2] tenement position

• Less than 10% of total project area explored to date

• Raw coal quality tests confirmed presence of high quality coal

• Aspire has approved a 10,000 metre drill program for Ovoot in 2011

• Company progressing development of key infrastructure including rail

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Hurimt
JORC Resource area
Zuun Del Prospect
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Existing JORC Compliant Resource

Category	Non Oxide (mt)	Oxide (mt)	Total (mt)
Measured	93.3	‐	93.3
Indicated	182.4	‐	182.4
Inferred	30.4	24.6	55.0
Total	306.1	24.6	330.7

• More than 80% of the resource is in the ‘Measured’ and ‘Indicated’ categories

• 75% of resource sits above 250 metres – potential for a large scale open pit operation

 Completed 44 holes and 8,364 metres of drilling

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Ovoot Raw Coal Quality Data

IM % Ash % Volatiles % Sulphur % CSN Energy Kcal\kg Raw Coking Coal 0.6% 19.5% 26.5% 1.2% 7.7 6,668 Quality (In Situ)

• Classification ASTM : HVB ISO : Medium Rank B, high vitrinite, low ash, coking coal.  All of the above results are based on a weighted average of samples on air dried basis.

• All sample results from the 2010 drilling programme have now been received.

• Resource model is currently in the process of being updated for above raw coal quality.

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Washing Yield Analysis
Yield % Ash % CSN
Initial Coal Washing 87% 7.7% 8.7
Test Results

Results for batches 1 and 2 theoretical yield at F1.60 cut

Represents 124 samples (36.4% of total samples)
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Ovoot Coking Coal Project – 2011 Things to Do

Exploration

• 10,000 metre drilling programme underway February 2011 ‐ June 2011

• Expected to boost resource base

• 200 line kilometres of 2–D seismic

Other Studies

• Geotechnical

• Hydrological

• Base line environmental

• Large diameter holes for bulk samples

• Initial open pit optimisation and mine planning

• Scoping Study – DSO Project

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Scoping Study – Direct Ship Ore Project

• Stage 1 of Ovoot Coking Coal Project Development

• Simple crush and screen then truck of low ash coal

• Trucking 550 kms east to rail siding at Erdenet

• Volume of 0.5 – 1 mtpa (Limited by road)

• Important for Stage 2 marketing

• Scoping Study to finish June\July 2011

• First Production late 2012

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Other Exploration Projects ‐ 2011
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March Qtr June Qtr September Qtr December Qtr	March Qtr June Qtr September Qtr December Qtr	March Qtr June Qtr September Qtr December Qtr	March Qtr June Qtr September Qtr December Qtr	March Qtr June Qtr September Qtr December Qtr
Nuramt Coal Project	Seismic	Follow up Drilling
Shanagan JV		Seismic and Mapping	Drilling
Jilchilibag Coal Project	Seismic – Drilling
Zavkhan Iron Ore JV	Trenching and Mapping	Drilling	Resource Calculation
July 2010 14

Feasible Rail Path Identified

Commentary

Potential Rail Route

• Calibre Rail has reviewed a

• number of rail options to connect Ovoot to coal export markets

• Multiple potential users of rail between Moron and Erdenet

• Rail path analysis identified a preferred and feasible:

• 160 km rail path to Moron

• 390 km rail path from Moron to Erdenet

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Rail Infrastructure Development Stages
Phase 3
Phase 2
Ovoot Project:
330.7mt JORC Resource
Phase 1
July 2010 16
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Rail Design Parameters

Ovoot to Erdenet Proposed Rail Line

• Consistent with Russian Rail Gauge (Mongolian Policy)

• Compatible with Erdenet spur design parameters

• 1.8 degree maximum incline for loaded train

• High capacity consists of 3 locomotives and up to 80 wagons

• 20 mtpa line capacity

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Northern Mongolian Rail Alliance

• Northern Mongolian Rail Alliance (“NMRA”) established to drive support for funding rail link between Moron and Erdenet

• Apart from Ovoot Coking Coal Project there are many other Projects near Moron which would benefit from a rail link to Erdenet:

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• The Burenhaan Phosphate Project (3 – 4 mtpa)

• Huren Chuluut Iron Ore Project (2 – 5 mtpa)

• Mogoin Gol Coal Mine

• Copper ‐ Moly Projects

• Broad acre agricultural commodity industries

• Socio Economic Study to be completed April 2011

Ovoot is the catalyst that can provide the Base Load

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Rail to Access Multiple Markets

Commentary

Focusing on Multiple Markets

Multiple markets can be accessed via rail:

• North through Trans Siberian Railway (TSR) to Japan and Korea

• North through TSR and Trans Manchurian Rail to Northern China

• South to China

Asian markets buy an estimated 70%* of global traded coking coal

Similar strategy for Tavan Tolgoi coal development

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• Source: US Energy Information Administration (EIA)

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Summary

Summary

• Maiden JORC coal resource of 330.7 mt

• New coking coal province emerging in Northern Mongolia

• Only 10% of the existing project area explored to date

• 2011 exploration programme expected to substantially grow resource

• Raw Coal quality test results from the 2010 drilling programme confirm Ovoot coking coal as a quality coking coal

• Feasible rail path identified to customers in China and North Asia

• Expected resource increase at Ovoot

• Scoping Study on DSO Project

• Scoping Study on Ovoot Coking Coal Project

• Potential for MOU with Government over rail

The Ovoot Coking Coal Project already ranks amongst the best coal deposits in Mongolia

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Competent Person Statement

In accordance with the Australian Stock Exchange requirements, the technical information contained in this announcement in relation to the Ovoot Coking Coal Project in Mongolia has been reviewed by Mr Kerry Griffin – Country Manager of Aspire Mining Limited. Mr Griffin is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Griffin consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The technical information contained in this announcement in relation to the JORC Compliant Coal Resource for the Ovoot Coking Coal Project in Mongolia has been reviewed by Mr Chris Arndt and Dr Bielin Shi of CSA Global Pty Ltd. The information in this report that relates to Exploration Results is based on information compiled by Mr Chris Arndt, Mr Arndt is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

The information in this report that relates to Mineral Resources is based on information compiled by Dr Bielin Shi, who is a member of the Australasian Institute of Mining and Metallurgy. Dr Bielin Shi has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”.

Mr Arndt and Dr Shi of CSA Global Pty Ltd consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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Contact details

Aspire Mining Limited ABN: 46 122 417 243 ASX Code: AKM Unit 2, 454 Roberts Road, Subiaco, Western Australia, 6008 Web: www.aspiremininglimited.com David Paull : Tel : +61 8 9381 1995 Managing Director Mob : +61 (0) 407 225 291 Email: david@aspiremininglimited.com

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