Mines & Money (Hong Kong) Presentation by Aspire Mining Limited in March 2011. The presentation provides an overview of Aspire Mining's Ovoot Coking Coal Project in Mongolia, including: a 330.7 million tonne JORC-compliant coal resource at Ovoot; initial coal washing test results showing 87% yield and low ash content; and an estimated enterprise value of US$560 million based on the resource size and quality, representing a potential value of US$2.80 per tonne of saleable coking coal. However, the presentation notes that further analysis is required to fully articulate the project's development timeline, logistics solutions, capital and operating costs to help reduce

1. Mines & Money (Hong Kong) Presentation
Aspire Mining Limited
March 2011

2. 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.
2

3. I am a Country
• Which has an indigenous populationindigenous population with a long and proud history
• Which is one of the least populatedleast populated countries in the world, with vast deserts
• That is resource richresource rich particularly in gold, coal and iron ore but hampered by lack
of infrastructure
• For which ChinaChina has become the most important trading partnerimportant trading partner in recent years
• That has a 99% literacy rate
• Which has one of the most successful economiessuccessful economies and stock marketsstock markets since the
GFC
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AUSTRALIA MONGOLIA
✓ ✓

4. Ovoot Exploration Camp
4

5. Mongolian Projects
5
Ovoot Project:
330.7mt JORC Resource

6. Ovoot Coking Coal Project
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Zuun Del Prospect
JORC Resource area
Hurimt

7. Ovoot Raw Coal Quality Data Update
IM % Ash % Volatiles % Sulphur % CSN Energy
Kcalkg
Raw Coking Coal
Quality (In Situ)
0.7% 20.2% 26.7% 1.1% 7.5 6,541
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Data based on 19 holes and 254 samples (74.7% of total samples)
Further 86 samples awaiting processing at lab
Yield % Ash % CSN
Initial Coal Washing
Test Results
87% 7.7% 8.7
Results for batches 1 and 2 theoretical yield at F1.60 cut
Represents 124 samples (36.4% of total samples)

8. What is the Value of Aspire Mining Limited?
8
1. Assumes 65% washing yield from non oxide coal to product
2. 93.3Mt Measured, 182.4Mt Indicated, and 55.0Mt Inferred
Resource 330.7 MtEnterprise Value
~ US$560mil
$2.50/t of saleable coal
$2.80/t of saleable coking
coal 1
2

9. World Coking Coal Provinces
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Mature Region
Ramp-up region
Emerging region
N.E & S.E BC (USA)N.E & S.E BC (USA)
Appalachia (USA)Appalachia (USA)
Poland, GermanyPoland, Germany
Shanxii, ChinaShanxii, China
Moatize (Mozambique)Moatize (Mozambique)
Kuzbass (Russia)Kuzbass (Russia)
Elga & E.SiberiaElga & E.Siberia
Mongolia/SouthGobiMongolia/SouthGobi
Kalimantan (Indonesia)Kalimantan (Indonesia)
Bowen Basin (Australia)Bowen Basin (Australia)

10. Why the Interest in Mongolian Coal?
10
• Mongolia is expected to be a major supplier to China, the fastest growing
market for Coking Coals!
Chinese Coking Coal ImportsChinese Coking Coal Imports

11. Fastest Growing Provinces in China
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Source: SouthGobi
Eastern China
GDP per capita = US$4,789
FA investment growth = 12%
Central China
GDP per capita = US$2,817
FA investment growth = 16%
Western China
GDP per capita = US$2,499
FA investment growth = 37%
Proportion of fiscal stimulus
allocated = 62%
Ovoot projectOvoot project
Tavan TolgoiTavan Tolgoi
Ovoot TolgoiOvoot Tolgoi

12. Comparing the Value of Coal Deposits
12
Coking Coal deposits are substantially more valuable than export
thermal coal

13. Comparing the Value of Coal Deposits
13
What is sold in the first 25 years drives Net Present Value

14. Value of Riversdale: Benga Deposit
14
1. 25 year mine life at 20mtpa ROM – 100% of Benga Project
Reserve 502 Mt (100%)Enterprise Value
= US$4bn
- US$0.5bn (less cash & value of ZAC
Anthracite mines)
- US$2bn (less value of Zambeze project )
US$1.5bn Value for 65% of Benga deposit
$9.20/t of saleable coal (export)
$15.30/t of saleable coking coal
1

15. Value of Mongolian Mining Corp.
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1. Based on disclosed washing yields to final product
2. Applied to resources above 300m. Note that recoverable reserves are 182mt of both coking and
thermal coals.Total resource would support 15mtpa ROM for 25 years.
Resource 423 Mt
1
1
1
2Enterprise Value
~ US$4.7bn
- US700m (less cash)
= US4.0bn
$14.80/t of saleable coal
$26.30/t of “saleable” coking coal

16. What is the Value of Aspire Mining Limited?
16
1. Assumes 65% washing yield from non oxide coal to product
2. 93.3Mt Measured, 182.4Mt Indicated, and 55.0Mt Inferred
Resource 330.7 MtEnterprise Value
~ US$560mil
$2.50/t of saleable coal
$2.80/t of saleable coking
coal 1
2

17. Relative Values
17
…….Aspire looks undervalued.Aspire looks undervalued

18. Why this Undervaluation?
Not suggesting we deserve an immediate 10x ratingNot suggesting we deserve an immediate 10x rating
• Need full washing yield analysis
• Need to articulate development time frame
• Articulate logistics solutions including rail
• Capex and Operating estimates
• Time
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Test Results: May 2011Test Results: May 2011
✓Rail Scoping Study: July 2011Rail Scoping Study: July 2011
✓
Rail PFS: March 2012Rail PFS: March 2012
✓
Scoping Study: June 2011Scoping Study: June 2011
✓

19. The Goal is Clear!
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20. Contact details
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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
Competent Person Statement
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. Mr Chris Arndtt 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”. 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 announcement of the matters based on this information in the form
and context in which it appears.