ARSMF - Ares Strategic Mining Fully Completes Payment for Flotation Plant Steel and Commences Fabrication

(TheNewswire)

• Company has begun fabrication of the steel beams for its new flotationfacility.

• Additional steel foundation will expedite plant installation.

• Steel structures will install at Ares industrial site alongsideexisting lumps plant.

Vancouver, B.C. February 8 th , 2024 —TheNewswire -- Ares Strategic Mining Inc. (the “Company”) (CSE:ARS) (OTC:ARSMF) (FRA: N8I1), is pleased to announcesuccessfully completing its steel infrastructure purchase, and thecommencement of the steel’s fabrication in anticipation forconstruction in 2024. The structure allows for a multi-person crew tooperate the processing system and provides the supporting build,around which the plant will be constructed.

The Company intends to ship the steel structure with its new flotationplant and begin installation concurrently. The fabricated steel andplant will be installed on Ares’ 50-acre industrial site in Delt,Utah, and will require basic assembly methods to completeconstruction. The plant manufacturer has also agreed to supply laborand expertise to aid with installation and optimization.

James Walker, President and CEO of the Company said, “Finalizing thecontract and securing the steel is great progression, especially givenincreasing material costs. We are very pleased the Company hascontinued to advance its plans so consistently despite steel supplybacklogs and material price increases, and a slow mining market. Weare looking forward to keeping our shareholders up to date with allour progress as we push towards our production goals.”

Lost Sheep Fluorspar Project – Delta, Utah

• 100% owned – 5,982 acres – 353 Claims

• Located in the Spor Mountain area, Juab County, Utah, approximately214 km south-west of Salt Lake City.

• Fully Permitted – including mining permits.

• NI 43-101 Technical Report identified extensive high-grade fluorsparwith 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.

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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