In Public key cryptosystems based on elliptic curve (EC) discrete logarithm Problem, EC exponentiation is the mostfundamental and also the most time-consuming function among EC functions. Thus it is important to implement efficient EC exponentiation to have an efficient EC cryptosystem. In this paper, we propose an efficient EC exponentiation algorithm which is optimized fur $GF(p^m)$, by applying mixed coordinate technique. In addition, we show that a more efficient implementation is possible by utilizing 'IM (inversion with multiplication), algorithm.