Tickers: XTSX:ARS, FRAA:N8I
Tags: #Mining
- Mr. Bob Li is a world expert in fluorspar mining and production.
- Mr. Li has committed his Company's resources and expertise to ensuring Ares's success.
Vancouver, B.C. - TheNewswire - June 9th, 2020 -- Ares Strategic Mining Ltd. (TSXV:ARS) ("Ares" or the "Company") is pleased to announce the appointment of Bob Li as a Director of the Company. Mr. Li is the Managing Director of the Mujim Group, one of Asia largest fluorspar producers. Mr. Li operates several fluorspar mines in Thailand and Laos, as well as fluorspar trading companies in India, China, and the UAE. Mr. Li brings to Ares many years of operational experience in the fluorspar industry, and has committed to lend his expertise, personnel, equipment, and technology to the benefit of the Company and its ambitions.
In addition to Mr. Li's recent appointment, the Company has been given permission by the TSX to increase its non-brokered private placement amount (the "Offering") to approximately 13,750,000 units ("Units") at a price of $0.08 per Unit for gross proceeds of approximately $1,100,000. Each Unit shall consist of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will be exercisable by the holder thereof into one common share of the Company at a price of $0.15 for a period of 24 months from the completion of the Offering.
James Walker, CEO of Ares, said, "It's a major coup to bring in someone as experienced with fluorspar mining and processing as Mr. Li. After visiting his mines in Thailand and seeing the scale, organization, and technology of his operation, we cannot imagine a better partner and Director to ensure the Company successfully achieves a profitable and efficient mining operation. This development hugely assists to de-risk our project as we will benefit from years of honed fluorspar mining practices. We look forward to working with Mr. Li in the coming months as we advance towards mining and production."
Raul Sanabria, P.Geo., is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this news release. Mr. Sanabria is not independent to the Company as he is a Director and Shareholder.
Lost Sheep Fluorspar Project - Delta, Utah
- 100% owned - 1,447 acres - 67 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 extensive high-grade fluorspar with low levels of impurities.
- Mining plan approved by BLM1.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARES STRATEGIC MINING LTD.
James Walker
Chief Executive Officer and President
For further information, please contact James Walker by phone at 604-345-1576 or by email at jwalker@aresmining.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
1 First approved by Rex Rowley - Area Manager, Bureau of Land Management - 24th August 1992.
Renewed by Paul B. Baker - Minerals Program Manager, Bureau of Land Management - 12th December 2016.
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