Aspire Mining study results support open cut coal mine

Oyundelger 2017-04-20 07:04

Mining

Study results suggest open cut mining at Nuurstei as early as 2018.

Aspire Mining study results support open cut coal mine. Study results suggest open cut mining at Nuurstei as early as 2018. Aspire Mining received results from a conceptual mining study evaluating the viability of a mining operation at its 45% owned Nuurstei Coking Coal Project in Mongolia. The Nuurstei Coking Coal Project is located in northern Mongolia and is held in the Ekhgoviin Chuluu Joint Venture (ECJV) with the Noble Group. Nuurstei can be viewed as a starter project which assists with the development of Aspire’s much larger and 100% owned Ovoot Coking Coal Project which is 160 kilometres further to the west. The aim of the study was to assess the economics for a conceptual open cut pit that would enable a significant portion of the deposit’s Indicated Resource to be mined. A preliminary internal project development time line shows first production is possible within 12 to 15 months, subject to permitting and funding. Results suggest an internationally competitive delivered cost onto Chinese rail for a washed hard coking coal. The Nuurstei Coking Coal Project provides a potential path to production and associated rail connectivity and a long term cash-flow source while the company continues to evaluate the world class Ovoot Coking Coal Project.  Aspire plans to confirm the study assumptions with the planned 2017 drilling and sampling program which is budgeted at US$1.5 million.