Summary:Ovoot coking coal resource increased

Resource remodelling at the Ovoot coking coal project has resulted in a 10.3% increase in open pit coal resources to 253.1Mt.

In addition, the probable coal reserve has increased by a further 34Mt to 255Mt run-of-mine, confirming the project as Mongolia’s second largest coking coal reserve behind Tavan Tolgoi.

During the Mongolian winter, a geological structural and seam reinterpretation of the Ovoot open pit resource area was undertaken by project owner, Aspire Mining Ltd's geological team.

The run of mine strip ratio has also improved from 9.1:1 as estimated in the pre-feasibility study, to 7.7:1.

David Paull, Aspire’s managing director, said:  “The increased understanding of the Ovoot coking coal deposit and the larger reserves base increases the economic value of the Ovoot project.”

“Initial production will be targeting the Upper seam where yields are greater than 80%, and which now benefit from the lower strip ratio.”

Paull added that the focus would now turn to assisting government in establishing the Northern Railways Ovoot to Erdenet railway.