Aspire Mining Limited (ASX:AKM) Complete Placement And Announce Board Appointment

Perth, Dec 23, 2010 AEST (ABN Newswire) - Aspire Mining Limited (ASX:AKM) (PINK:ASPXF) ("Aspire") is pleased to announce the completion of the placement of 105,860,186 ordinary shares at A$0.19 per share to SouthGobi Resources Limited (TSX:SGQ) ("SouthGobi").

Aspire and SouthGobi announced the Placement Agreement on 25 October 2010, under which Aspire has raised A$20.1 million through the issue of 19.9% of the company's issued ordinary share capital to SouthGobi. Aspire received shareholder approval for the placement and strategic alliance on 15 December 2010 and SouthGobi received Foreign Investment Review Board ("FIRB") approval on 22 December 2010.

The funds from the placement will assist Aspire with its 2011 exploration and resource drilling programme at the Aspire 100%-owned Ovoot Coking Coal Project in Mongolia and the payment of the deferred consideration owing in respect to the acquisition of Ovoot.

Mr Tony Pearson, SouthGobi's Vice President of Corporate Development, joined the Aspire Board of Directors today. He has previously held senior positions with the Australian Securities & Investments Commission, Citigroup's (NYSE:C) Metals and Mining Investment Banking team and Westpac Banking Corporation (ASX:WBC) (NYSE:WBK).

During his time with Citigroup, Mr Pearson advised mining clients on capital raisings, mergers, acquisitions and divestitures, particularly for Asian and Australian mining companies. At Westpac, Mr Perason was integral to the establishment of the bank's infrastructure and funds management business, focusing on financing and investment activities in the infrastructure and transportation sectors.

Aspire's Managing Director, Mr David Paull, said: "We are very pleased to welcome SouthGobi as the company's cornerstone shareholder and look forward to a very active 2011 exploration and development programme targeted towards our Ovoot Coking Coal Project."

Contact

David Paull Managing Director Aspire Mining Limited Tel: +61-407-22-5291 Email: info@aspiremininglimited.com http://www.aspiremininglimited.com