Revised estimates for the proposed wash plant at Aspire Mining’s Nuurstei Coking Coal Project in northern Mongolia have reduced capital costs by US$4 million to $5 million. The plant is now expected to cost between US$10 million and $12 million while local supporting infrastructure and services have been estimated at between US$5.75 million and $7.75 million.

The revised estimates have been received from Mongolian mining contract and services company, Ferrostaal Mining Services LLC, and from German wash plant design and construction company, MBE Coal & Minerals Technology GMBH.

The total estimate amounts to approximately US$16 million to $20 million, below the US$20 million to $25 million estimate provided in the Nuurstei Project Conceptual Mining Study, results of which were announced in April 2017.

MBE has provided an initial plant design based on analysis of the physical and coking properties of an indicative bulk sample from the Nuurstei project. Based on this analysis, MBE has estimated a capital cost of for the plant as well as foundations, piping and materials handling.

This estimate is preliminary and subject to potential design changes once additional washability test work has been conducted over the course of 2017.

Aspire is in discussions regarding a potential contractor based solution where the contractor will provide the wash plant at Nuurstei on a toll treatment basis.

In addition, Ferrostaal Mining Services LLC, the preferred sub-contractor for Nuurstei, has provided a desk top analysis of the cost of associated infrastructure required to establish an operation. These activities include: Heavy equipment workshop\warehouse; administration and laboratory; site power and water; and road access.

Aspire says these estimates will continue to be confirmed over the course of 2017.

www.aspiremininglimited.com

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