ARSMF - Ares Strategic Mining Contracts Provo Mining for Mine Preparation Activities and Mining

(TheNewswire)

• Ares and Provo will commence drilling at Ares’permitted mine site to provide the data for the mineworks design andinstallations.

• A ramp installation is being planned, with offshootadits, to intersect several fluorspar pipes.

• The mined product will provide feed for the lumps plantcurrently under construction at Ares’ processing site.

• Provo Mining will provide mining services to extractfluorspar mineralization for the Ares processing facility.

• The completion of the mineworks is planned to coincidewith the completion of the lump’s construction.

Vancouver, B.C. - TheNewswire- January 9 th , 2024 — AresStrategic Mining Inc. (“Ares” or the “Company”) (CSE:ARS)(OTC:ARSMF) (FRA:N8I1), is pleased to announce the Company has enteredinto an agreement with Provo Mining & Construction, Inc.(“Provo”) to prepare Ares’ permitted mine site for producingfluorspar feed for its anticipated fluorspar productionoperation.

Provo is a Utah based mining contracting company, thatutilizes innovative engineering for project and constructionmanagement to deliver safe, well-executed mining projects. Provospecializes in EPCM, feasibility assessments, design, build and thecommissioning of mining projects.  Provo has begun planning work onthe Ares mine site and is looking to start physical work at the siteimminently. Drilling work will commence to inform the mineinstallation works, with an aim to retrieve fluorspar mineralizationfor processing as inexpensively and efficiently as possible.

Ares is undertaking simultaneous activity across itsmine site and processing facility to expedite its Utah operation’sdevelopment. In addition to the mine preparation, the Company iscurrently constructing its lumps plant at its 50-acre industrial site.The Company recently closed a State of Utah backed financing (seePress Release dated December 22, 2023) and is in the process ofordering a flotation plant capable of delivering the highest gradefluorspar products needed by industry, enabling the Company to havemultiple product lines.

James Walker, CEO and President of the Company, said,“All the components to launch our operation are lining up. Theproject is now well financed, has professional and experienced teams working on both the mine and theprocessing site, while we also scale up our manufacturing capabilitywith new and advanced equipment. We are looking forward to keeping ourshareholders updated with our progress during this very busy period ofdevelopment for our Company and project.”

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.

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.

1 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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