ARSMF - Ares Strategic Mining Expands Utah Fluorspar Land Holdings Following Mapping Work

(TheNewswire)

• Company more than doubles land holdings in UtahFluorspar Spor Mountain Area.

• Large exploration program re-designed around newlydiscovered fluorspar breccias.

• Radiological program across Spor Mountain plannedalongside mine construction.

Vancouver, B.C. - TheNewswire - November 23 rd , 2021 — Ares StrategicMining Inc. (the “Company”) (CSE:ARS) (CNSX:ARS.CN) (OTC:ARSMF) (FRA:N8I1), is pleased toannounce that following detailed geological mapping work across theentire project area, claimed and additional unclaimed lands on SporMountain, the Company has proceeded to more than double its landholdings in the area at Spor Mountain. The Ares geological team hasalso successfully identified over 160 new drill targets within the newproperty outline which the Company plans to continue developing as theUtah operation commences.

The Company had previously claimed areas of visiblefluorspar showings.   An extensive field program including,geological mapping, geophysical interpretation and sampling resultedin a significant increase in potential targets warranting a further3,899 acres of land being acquired.  The Company now controls almost6,000 acres across the Spor Mountain District.

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Figure 1 – Ares previous claims(Green), and Ares newly staked claims (Blue).

Figure 2 – Table Showing Increaseof Claims

James Walker, President and CEO of the Company said,“While doing the recent NI 43-101 report our geology team invested alot of time understanding the local geology to identify numeroustargets and laying the groundwork for several years’ worth ofexploration activities to further develop themining district beyond the areas currently planned for mining. Theteam did a tremendous job identifying fluorspar breccias andgeological features indicating fluorspar mineralization. We now haveover 160 drill targets that further reinforces the long-term prospectsfor the district, which we intend to begin developing once productionis underway.”

Raul Sanabria, P.Geo., is a qualified person as definedby NI 43-101 and has reviewed and approved the technical contents ofthis news release.  Mr. Sanabria is not independent to the Company ashe is a Director and shareholder.

The Company also announces a non-brokered privateplacement of up to 2,400,000 common shares (each, a “Share”) inthe capital of the Company at a price of $0.38 per Share for grossaggregate proceeds of up to $912,000 (the “Offering”). Theproceeds from the Offering are expected to be used for general workingcapital purposes. Finder’s fees may be payable in connection withthe Offering in accordance with the policies of the CanadianSecurities Exchange (the “Exchange”). At this time, the Companydoes not anticipate any related parties of the Company willparticipate in the Offering.

All securities issued in connection with the Offeringwill be subject to a statutory hold period expiring four months andone day after closing of the Offering. Completion of the Offering issubject to a number of conditions, including, without limitation,receipt of all regulatory approvals, including approval of theExchange. None of the securities to be issued in connection with theOffering will be or have been registered under the United StatesSecurities Act of 1933, as amended (the “1933 Act”), and none maybe offered or sold in the United States absent registration or anapplicable exemption from the registration requirements of the 1933Act. This press release is being issued pursuant to Rule 135c of the1933 Act and shall not constitute an offer to sell or a solicitationof an offer to buy, nor shall there be any sale of the securities, inany state where such offer, solicitation or sale would beunlawful.

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 Paul B. Baker – Minerals ProgramManager, Bureau of Land Management – 12th December 2016.

Raul Sanabria, P.Geo., is a qualified person as definedby NI 43-101 and has reviewed and approved the technical contents ofthis news release.  Mr. Sanabria is not independent to the Company ashe is a Director and shareholder.

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 604-345-1576 or by email 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 control of the Company. Thereader is cautioned not to place undue reliance on any forward-lookinginformation. Such information, although considered reasonable bymanagement at the time of preparation, may prove to be incorrect andactual results may differ materially from those anticipated.Forward-looking statements contained in this news release areexpressly qualified by this cautionary statement. The forward-lookingstatements contained in this news release are made as of the date ofthis news release and the Company disclaims any intention orobligation to update or revise such information, except as required byapplicable law.

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