ARSMF - Ares Strategic Mining Announces SEDAR Filing of Updated NI 43-101 Compliant Technical Report on Utah Fluorspar Property

(TheNewswire)

• - Company to resume trading imminently.

  - Ares updates and resubmits documentation for CSEExchange move.

  - Company resumes all operational, construction, andexpansion activities.

Vancouver, B.C. - TheNewswire- September 30 th , 2021 — AresStrategic Mining Inc. (“Ares” or the “Company”) (TSXV:ARS)(OTC:ARSMF) (FRA:N8I1), is pleased to announce the SEDAR filing of aNational Instrument 43-101 ("NI 43-101") compliant updatedTechnical Report on its Spor Mountain Fluorspar Project, located nearDelta, Utah.

The Technical Report with an effective date ofSeptember 17, 2021 titled "Technical Report on The Lost SheepFluorspar Property, Juab County, Utah, U.S.A." was SEDAR filed onSeptember 28 th , 2021 and was prepared in accordance with NationalInstrument 43-101 - "Standards of Disclosure for Mineralprojects". The submitted Technical Report is an update of aformer Technical Report titled "Technical Report on the LostSheep Property" dated June 30th, 2019.

The Technical Report summarizes the geological setting,mineralization, exploration activities, metallurgical work,permitting, claims, geophysics, conceptual mining and processingmethods, plant designs, and other works carried out by the Company onthe Property. The NI 43-101 compliant Technical Report was prepared byP&E Mining Consultants Inc., who are Independent Qualified Personsin accordance with NI 43-101.

James Walker, President and CEO of the Company said,“We are pleased we can get back to work developing and growing theCompany. While working to fulfil regulatory requests we have takenadvantage of the time to work on conceptual expansion plans, toprovide for future operations possibilities.  We look forward toembarking on more detailed planning and moving quickly towards ourgoals.”

Lost Sheep Fluorspar Project – Delta, Utah

• - 100% owned – 2,100 acres – 111 Claims

  - Located in the Spor Mountain area, Juab County, Utah,approximately 214 km south-west of Salt Lake City.

  - Fully Permitted – including mining permits.

  - NI 43-101 Technical Report identified extensivehigh-grade fluorspar with low levels of impurities.

Ares has notcompleted a Feasibility Study on, nor has Ares completed a MineralReserve or Mineral Resource Estimate at the Lost Sheep Mine and assuch the financial and technical viability of the Project is at higherrisk than if this work had been completed. Based on historicalengineering work, geological reports, historical production data andcurrent engineering work completed or in progress by Ares, Ares intends tomove forward with the development of this asset. Ares further cautionsthat it is not basing any production decision on a Feasibility Studyof Mineral Reserves demonstrating economic and technical viability,and therefore there is a much greater risk of failure associated withits production decision. Ares has decided to proceed withoutestablished Mineral Resources or Mineral Reserves, basing its decisionon past production and internal projections.

The contents of this news release have been reviewedand approved by Raul Sanabria, P.Geo., Ares VP Exploration and byEugene Puritch, P.Eng, FEC, CET, President of P&E MiningConsultants Inc. who is an independent of Ares. Mr. Sanabria and Mr.Puritch are Qualified Persons as defined by NI 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS OF

ARES STRATEGIC MINING INC.

James Walker
Chief Executive Officer and President

For further information, please contact James Walker byphone at 604-345-1576 or by email at jwalker@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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