ARSMF - Ares Strategic Mining Contracts Completes Construction and Commissioning Permitting Process

(TheNewswire)

• Ares completes change of work permitting.

• Ares receives city planning approval to complete plantconstruction and commissioning.

Vancouver, B.C. - TheNewswire - October 10 th , 2023 — AresStrategic Mining Inc. (“Ares” or the “Company”) (CSE:ARS)(OTC:ARSMF) (FRA:N8I1), is pleased to announce the Company hascompleted the planning permission approval process, authorizing thecompany to fully construct and commission its lumps manufacturingplant at its Delta City, Utah, industrial site.

Ares has designed and fabricated all the components ofits new fluorspar plant and has now cleared the permissions process toenable the company to complete the foundations, steel erection, andthe installation of the assembled plant. All components are alreadydelivered, and the team is already assembled to complete constructionof the only plant of its kind in the United States.

The approval is the culmination of a substantial amountof work completed by Ares in collaboration with its Delta Citypartners and the local government. As part of the permitting process,Ares will ensure it follows all its environmental management plans tocreate a safe and environmentally concordant operation.

With its new plant, Ares is will aim to produce ahigh-grade fluorspar product, to the specifications required byindustry. Industrial manufacturers, both international and domestic,have expressed considerable interest in the product. The lumps areexpected to principally supply the steel industries but will also feedinto the ceramics and glass industries.

James Walker, CEO and President of the Company, said,“All the components to launch our operation are lining up. We haveobtained enormous support locally, with nearby operations evenoffering to assist us to support our operation. We are getting closerto being part of the U.S. industrial landscape. We have an excellentteam in Utah ready to push this project forward and provide value toour Ares shareholders.”

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 theUnited States translates to a faster permitting period, enablingmining operations to initiate more quickly than operations forconventional minerals.

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 such statements. Important factorsthat could cause actual results to differ materially from theCompany’s expectations include the failure to satisfy the conditionsof the relevant securities exchange(s) and other risks detailed fromtime to time in the filings made by the Company with securitiesregulations. The reader is cautioned that assumptions used in thepreparation of any forward-looking information may prove to beincorrect. Events or circumstances may cause actual results to differmaterially from those predicted, as a result of numerous known andunknown risks, uncertainties, and other factors, many of which arebeyond the control of the Company. The reader is cautioned not toplace undue reliance on any forward-looking information. Suchinformation, although considered reasonable by management at the timeof preparation, may prove to be incorrect and actual results maydiffer materially from those anticipated. Forward-looking statementscontained in this news release are expressly qualified by thiscautionary statement. The forward-looking statements contained in thisnews release are made as of the date of this news release and theCompany disclaims any intention or obligation to update or revise suchinformation, except as required by applicable law.

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