ARSMF - Ares Strategic Mining Completes Tailings Storage Facility Design

(TheNewswire)

Vancouver, BC - TheNewswire - July 11, 2023 - AresStrategic Mining Inc. (“ Ares ” or the “Company”) (TSXV:ARS) (OTC:ARSMF)(FRA:N8I1) , is pleased to announce that theCompany has completed the tailings storage facility (TSF) design workfor its upcoming manufacturing and processing fluorspar operation inDelta, Utah, United States.

Knight Piésold and Co. (“Knight Piésold ”)was retained by Ares to provide engineering services for the TSFdesign and provide support for the permitting process. The new TSFwill be located on Ares’ 48-acre property and will be constructed instages. Stage 1 will include construction of a single storage cell, tobe used for the first three years of operation. Stage 2 will includeconstruction of a second storage cell, to be commissioned upon Cell 1reaching storage capacity. Stage 3 will raise the entire perimeterembankment, which will combine Cells 1 and 2 into a single cell, to beused for the remaining years of capacity.

During the construction of Cells 1 and 2, the footprintareas will be excavated, and beneficial material will be used toconstruct perimeter embankments. Each storage cell will be fully linedwith a composite liner system, including a geomembrane placed on alow-permeability bedding soil. A seepage collection system will beinstalled to collect and recirculate seepage water that drains fromthe stored tailings. An environmental compliance monitoring systemwill be included with the facility design, as well as non-contactdiversion channels to manage stormwater run on. The conceptualfacility layout attempts to minimize volumes of materials that wouldeither need to be imported from offsite to construct the embankmentsor would be excess and require offsite disposal.

Figure 1 – TSF Cross Section

James Walker, CEO and President of the Company, said,“We are very pleased with the progress we are making in Delta, Utahas we prepare our newly acquired site for operation. The TSF providesus with a facility that will save the company significant time andcosts during operation, while providing storagefor material that we believe will be suitable to sell for buildingmaterials in the future. Knight Piésold is a specialist in designingand supporting the construction of tailings facilities, and we arevery confident and happy with the work that they have delivered.We’re looking forward to advancing this work, our mine, and ourfacility development concurrently over the next few months, so we candeliver on our plans.”

In 2018 the U.S. government classified fluorspar as aCritical Mineral, “deemed critical to U.S. national security and theeconomy.” Fluorspar remains the only non-metallic Critical Mineral,which is 100% imported in the entire country. Fluorspar’sclassification as a Critical Mineral in the United States translatesto a faster permitting period, enabling mining operations to initiatemore quickly than operations for conventional minerals.

The Company also issued 613,496 common shares (each a “Share”) ata deemed price of $0.25 per Share settling $ 153,374 in debt owing to a creditor (the “Debt Settlement”) forpast consulting services provided to the Company. All securitiesissued pursuant to the Debt Settlement are subject to a mandatory 4month hold period.

Lost Sheep Fluorspar Project – Delta, Utah

• 100% owned – 5,982 acres – 353 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.

• Mining plan approved by BLM 1

First approved by Rex Rowley – Area Manager, Bureauof Land Management – 24th August 1992.

Renewed by Mike Gates – Minerals Program Manager,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 James Walker byemail at jwalker@aresmining.com

DISCLOSURE AND FORWARD-LOOKINGSTATEMENTS:

Companies typically rely oncomprehensive feasibility reports on mineral reserve estimates toreduce the risks and uncertainties associated with a productiondecision. Historically, situations where the issuer decides to put amineral project into production without first establishing mineralreserves supported by a technical report and completing a feasibilitystudy have a higher risk of economic or technical failure, though someindustrial mineral ventures are relatively simple operations with lowlevels of investment and risk, where the operating entity hasdetermined that a formal prefeasibility or feasibility study inconformance with NI 43-101 and 43-101 CP is not required for aproduction decision. Based on historical engineering work, geologicalreports, historical production data and current engineering workcompleted or in the process by Ares, the Company intends to moveforward with the development of its Utah asset.

Certain information in this newsrelease may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often identified by terms such as “will”,“may”, “should”, “anticipate”, “expects” and similarexpressions. All statements other than statements of historical factincluded in this news release are forward-looking statements thatinvolve risks and uncertainties. There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements. Important factors that could cause actual results todiffer materially from the Company’s expectations include thefailure to satisfy the conditions of the relevant securitiesexchange(s) and other risks detailed from time to time in the filingsmade by the Company with securities regulations. The reader iscautioned that assumptions used in the preparation of anyforward-looking information may prove to be incorrect. Events orcircumstances may cause actual results to differ materially from thosepredicted, as a result of numerous known and unknown risks,uncertainties, and other factors, many of which are beyond the controlof the Company. The reader is cautioned not to place undue reliance onany forward-looking information. Such information, although consideredreasonable by management at the time of preparation, may prove to beincorrect and actual results may differ materially from thoseanticipated. Forward-looking statements contained in this news releaseare expressly qualified by this cautionary statement. Theforward-looking statements contained in this news release are made asof the date of this news release and the Company disclaims anyintention or obligation to update or revise such information, exceptas required by applicable law.

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