ARSMF - Ares Strategic Mining Announces DTC Eligibility for its Common Shares
(TheNewswire)
Vancouver, B.C. - TheNewswire - June 1 st , 2021 — Ares StrategicMining Inc. (“Ares” or the “Company”) (TSXV:ARS) (OTC:ARSMF)(FRA:N8I1), is pleased to announce that its common shares (includingthose traded on the OTCQX) are now eligible for electronic clearingand settlement through the Depository Trust Company ("DTC")in the United States.
DTC is a subsidiary of the Depository Trust & ClearingCorporation, a U.S. company that manages the electronic clearing andsettlement of publicly traded companies. Securities that are eligibleto be electronically cleared and settled through DTC are considered tobe "DTC eligible". DTC eligibility is expected to create aseamless process of trading and enhance liquidity of the Company'scommon shares in the United States over time.
James Walker, President and CEO of the Company said,“The ability to have Ares’ shares electronically cleared andsettled in the U.S. is more convenient and reduces the costs incurredin trading shares . With our shares tradedelectronically, existing investors benefit from greater liquidity overtime and execution speeds, while new investors are far less restrictedfrom investing in our stock.”
About Ares
Ares Mining owns the only permitted fluorspar mine inU.S. The Company is in the process of ramping up production throughnew equipment, designing a new plant tailored to the fuorspar,acquiring new professional personnel, and new strategic partners, andbuilding a global customer base. The Company is designing new miningplans to optimize output, as well as infrastructure investment so wecan meet the demands of the large American market which currently hasto import all its fluorspar from abroad. Ares has ambitions to createa large mining operation, capable of producing industry-grade metsparand acidspar for the world markets, and a thriving, consistent, andhealthy business through the next several decades.
Disclosure: Companies typically rely on comprehensive feasibilityreports on mineral reserve estimates to reduce the risks anduncertainties associated with a production decision. Some industrialmineral ventures are relatively simple operations with low levels ofinvestment and risk, where the operating entity has determined that aformal prefeasibility or feasibility study in conformance with NI43-101 and 43-101 CP is not required for a production decision. TheCompany has not completed a feasibility study on, nor has the Companycompleted a mineral reserve or resource estimate at the Lost SheepMine and as such the financial and technical viability of the projectis at higher risk than if this work had been completed. Based onhistorical engineering work, geological reports, historical productiondata and current engineering work completed or in the process by Ares,the Company intends to move forward with the development of thisasset. The Company further cautions that it is not basing anyproduction decision on a feasibility study of mineral reservesdemonstrating economic and technical viability, and therefore there isa much greater risk of failure associated with its productiondecision. In addition, readers are cautioned that inferred mineralresources are considered too speculative geologically to have economicconsiderations applied to them that would enable them to becategorized as mineral reserves. The development of a mining operationtypically involves large capital expenditures and a high degree ofrisk and uncertainty. To reduce this risk and uncertainty, the issuertypically makes its production decision based on a comprehensivefeasibility study of established mineral reserves. The Company hasdecided to proceed without established mineral reserves, basingdecision on past production and internal projections.
Lost Sheep Fluorspar Project – Delta, Utah
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- 100% owned – 2,100 acres – 108 Claims
- Located in the Spor Mountain area, Juab County, Utah, approximately214 km south-west of Salt Lake City.
- Fully Permitted – including mining permits.
- NI 43-101 Technical Report identified extensive high-grade fluorsparwith low levels of impurities.
- Mining plan approved by BLM 1
First approved by Rex Rowley – Area Manager, Bureauof Land Management – 24th August 1992.
Renewed by Paul B. Baker – Minerals ProgramManager, Bureau of Land Management – 12th December 2016.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARES STRATEGIC MINING INC.
James Walker
Chief Executive Officer and President
For further information, please contact Mark Bolin byphone at 604-781-0535 or by email at mbolin@aresmining.com
Neither the TSX Venture Exchange norits Regulation Service Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. No stock exchange, securitiescommission or other regulatory authority has approved or disapprovedthe information contained herein.
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