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Aspire Mining Ltd responds to ASX price and volume query

Published: 11:46 21 Sep 2016 AEST

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Aspire Mining Ltd (ASX:AKM) received an ASX price and volume query today noting the 81% increase to an intra-day high of $0.049 from the $0.027 close price on 14 September 2016.

In a reply to the ASX,  Aspire noted it was not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities.

Earlier in the month Aspire received an expression of interest (EOI) from China Development Bank to fund up to 75% of the engineering, procurement and construction contract to build the Erdenet to Ovoot Railway in Northern Mongolia.

The EOI comes after the Erdenet to Ovoot Railway was recently included in the new Northern Rail Corridor which is to connect China and Russia through Mongolia.

CDB intends to provide a non-binding term sheet in relation to the provision of a long term debt facility subject to being satisfied with the first stage of the bankable feasibility study.

Aspire is the largest coal tenement holder in Mongolia’s Northern provinces and is the 100% owner of the Ovoot Coking Coal Project which is the second largest coking coal project by reserves in Mongolia.

The Ovoot project development is dependent on the construction of the Erdenet to Ovoot railway which is being progressed by Aspire’s subsidiary Northern Railways.

 

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