ASPIRE MINING LIMITED — Investor Presentation 2011

Mar 1, 2011

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Aspire Mining Limited

Investor Presentation

March 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 production in 2012

• Interest from Significant Mongolian Coal Industry Players

• SouthGobi Resources has taken a 19.9% placement

• Funds used to fast track exploration & development

 Potential Export Markets

• Include Japan, Korea, eastern Europe and China

• 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_(10 Feb 11)_	$	0.650	0.650
Shares Outstanding	m	534.7	836.72
Market Capitalisation	$m	347.6	543.8
Options on Issue		253.2m
Net Cash	$m	18.21	64.02
Enterprise Value	$m	329.3	479.8

• 1 As of 31 Dec 2010

2 Assuming full take up of top up rights by SouthGobi

Ownership (Fully Diluted)

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Share Price (LTM)
$0.90 14 Jan 11 80.0m
First Washing
Yield Data
$0.80
70.0m
25 Oct 10
Placement &
$0.70
Strategic Alliance 60.0m
with SouthGobi
$0.60
14 Oct 10 50.0m
330Mt Resource
$0.50 at Ovoot Coking
Coal Project 40.0m
$0.40
12 Feb 10
Purchase of Ovoot
30.0m
Coking Coal Project
$0.30
and Change in
Company Name and
Board 20.0m
$0.20
10.0m
$0.10
$0.00 0.0m
Feb-10 May-10 Jul-10 Oct-10 Jan-11
Price Volume
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Experienced Board

Board Members

David McSweeney LLB, MAICD ‐ Chairman

• Over 20 years experience in the resources sector

• A founder of Gindalbie Metals Ltd and was the Managing Director from 1998 until December 2006

David Paull B.Com, FSIA, MBA (Cornell) ‐ Managing Director

• Over 20 years experience in resource business development, corporate management and minerals marketing

Neil Lithgow MSc, FSIA, AusIMM ‐ Non Executive Director

• Over 20 years experience in resource project development in coal and iron ore

• Previously worked for Aquila Resources Ltd, Eagle Mining Corporation NL and De Grey Mining Ltd

• Gan‐Ochir Zunduisuren ‐ Non Executive Director

• Over 10 years of experience in the resources sector in Mongolia and Canada

• Tony Pearson ‐ Non Executive Director

• Over 10 years of experience in corporate finance and investment banking roles

Russell Lynton‐Brown ‐ Non Executive Director

• Over 15 years of experience in stock broking and resource company management

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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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Strategically located – close to China

China is ‘here to stay’ as a coal importer

• Chinese coal demand continues to grow 5‐8% per year

• –

• Domestic resource quality is reducing rapidly only around 25% of remaining coking coal resources shallower than 400m

• Domestic costs increasing – coking coal cash costs now around US$110/t (twice 2006)

Mongolia – a natural supplier

• Infrastructure being developed and scalable

• Located close to fast‐growing markets

China coking coal imports by source

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Source: SouthGobi Resources

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SouthGobi Transaction

Placement & Strategic Partnership

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Listing TSX, HKEx Market Cap US$2.1b Cash (as at 30 Sep) US$744m Key Shareholders Ivanhoe (57.2%) CIC (13.3%) Status Leading Mongolian Coal Miner

1.

2.

3.

4.

19.9% placement to SouthGobi with top up rights to maintain holding at this level

Funds being used to fast-track exploration & development of Ovoot Coking Coal Project

Strategic partnership to provide technical & logistical assistance to accelerate future production

Aspire retains unencumbered control of an emerging coking coal province

“Aspire has moved quickly to establish a measured plus indicated JORC resource in excess of 275.7 million tonnes of coking coal in Mongolia.

“It’s a business that has the potential to replicate the SouthGobi story and we appreciate the opportunity to participate in Aspire’s growth as a friendly strategic partner.”

Alexander Molyneux, President and CEO of SouthGobi Resources Ltd.

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Insert pic Asset Overview

Ovoot Coking Coal Project

Project Summary

Project Location

• 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

• Recent 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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JORC Resource
Mogoin Gol Zuun Del Prospect
Coal Mine
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Ovoot Maiden JORC Coal 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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Results Highlight Future Resource Growth

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Ovoot Raw Coal Quality Data Update

IM % Ash % Volatiles % Sulphur % CSN Energy Kcal\kg Raw Coking Coal 0.6% 19.5% 27.1% 1.1% 7.7 6,618 Quality (In Situ)  All results on air dried weighted average basis for raw coal samples  Data based on 18 holes and 221 samples  Further 119 samples awaiting processing at lab Yield % Ash % CSN Initial Coal Washing 87.7% 9.5% 9 Test Results  Upper seam theoretical yield based on DH 215

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Ovoot Coking Coal Project ‐ 2011

Exploration

• 10,000 metre drilling program underway Feb 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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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
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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:

• 162 km rail path to Moron

• 390 km rail path from Moron to Erdenet

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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

North Asian markets buy 65% of global traded coking coal

Similar strategy for Tavan Tolgoi coal development

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Summary

Summary

• Maiden JORC coal resource of 330.7mt

• 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

• Coal quality test results continue to be received through March 2011 quarter

• 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

• 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 22 5291 Email: david@aspiremininglimited.com

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