Aspire: QUARTERLY REPORT - Quarter Ended 30 June 2012
July 31 -- Aspire Mining Limited (ASX: AKM, "Aspire" or "the Company") is pleased to present its June 2012 Quarterly Report.
Aspire is focused on developing its world-class 100%-owned Ovoot Coking Coal Project ("Ovoot Project") in northern Mongolia and advancing the region's infrastructure to bring Ovoot Project coking coal to world markets. The Ovoot Project is a new discovery of a large coking coal deposit and the Company has so far spent AU$21 M on its discovery and development.
Aspire's other Mongolian projects include the Nuramt Coal Project (100%), Jilchigbulag Coal Project (100%) and the Zavkhan Iron Ore Project (earning 70%).
Highlights
• Positive Pre-Feasibility Study for the Ovoot Project completed;
• Initial Probable Reserve of 178 Mt of coking coal, 82% yield and Life of Mine average operating costs of US$118/t;
• Mine Plan has ROM tonnes of 185 Mt and saleable coking coal production of 153 Mt over 15 years;
• Mr James Benson appointed as the Mongolian based Ovoot Project Director. Jim has significant experience in design and construction of large coal, iron ore and associated rail projects in former CIS countries;
• Basin Evolution Study at Ovoot Project by SRK identifies additional exploration targets;
• 23 holes for 4,974 metres of drilling completed at the Ovoot Project in the Quarter;
• Review of Rail Pre-Feasibility Study identifies potential cost savings;
• Ministerial approval received for the alignment of a sealed road from Ovoot to the regional capital of Moron to support initial coal haulage, project development and construction; and
• Non Binding MOU entered into with the Mongolian subsidiary of JSC Russian Railways to discuss a joint development of the Erdenet – Moron – Ovoot rail line.
…
Link to reportLink to cashflow report
Aspire is focused on developing its world-class 100%-owned Ovoot Coking Coal Project ("Ovoot Project") in northern Mongolia and advancing the region's infrastructure to bring Ovoot Project coking coal to world markets. The Ovoot Project is a new discovery of a large coking coal deposit and the Company has so far spent AU$21 M on its discovery and development.
Aspire's other Mongolian projects include the Nuramt Coal Project (100%), Jilchigbulag Coal Project (100%) and the Zavkhan Iron Ore Project (earning 70%).
Highlights
• Positive Pre-Feasibility Study for the Ovoot Project completed;
• Initial Probable Reserve of 178 Mt of coking coal, 82% yield and Life of Mine average operating costs of US$118/t;
• Mine Plan has ROM tonnes of 185 Mt and saleable coking coal production of 153 Mt over 15 years;
• Mr James Benson appointed as the Mongolian based Ovoot Project Director. Jim has significant experience in design and construction of large coal, iron ore and associated rail projects in former CIS countries;
• Basin Evolution Study at Ovoot Project by SRK identifies additional exploration targets;
• 23 holes for 4,974 metres of drilling completed at the Ovoot Project in the Quarter;
• Review of Rail Pre-Feasibility Study identifies potential cost savings;
• Ministerial approval received for the alignment of a sealed road from Ovoot to the regional capital of Moron to support initial coal haulage, project development and construction; and
• Non Binding MOU entered into with the Mongolian subsidiary of JSC Russian Railways to discuss a joint development of the Erdenet – Moron – Ovoot rail line.
…
Link to reportLink to cashflow report
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