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Ares Strategic Mining Inc. Announces Drill Program to Delineate Fluorspar Mineralization to Facilitate Mine Planning
(via TheNewswire) Vancouver, British Columbia - TheNewswire - March...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Ares Strategic Mining Inc. Announces Drill Program to Delineate Fluorspar Mineralization to Facilitate Mine Planning(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - March 9th, 2020. ARES STRATEGIC MINING INC. (\"Ares Strategic Mining\" or \"Ares\" or the \"Company\") (TSXV:ARS) (FRANKFURT: N8I), today announced a contract with More Core Diamond Drilling Services Ltd, to conduct RC drilling for additional fluorspar mineralization delineation at the Lost Sheep fluorspar mine in Utah for the purposes of mine planning.\n\n \n \nThe drill program will seek to define the shape and volume of the known fluorspar mineralized pipes currently exposed at surface to depth at the Lost Sheep Mine, to facilitate adit and mine design. The Company anticipates that it will subsequently employ professional mining engineering services to utilize the drilling data to create a mine design to best optimize the development of its permitted fluorspar mining operation.\n\n \n \nJames Walker, President and CEO of the Company said, \"We very happy to have put this arrangement in place with More Core. They have an extremely professional and competent team, with experience all over the world and across many different deposits. We are excited to commence work on the mine and begin planning for an improved operation.\"\n\n \n \nThe Company also announced today that its board of directors have approved the granting of 2,800,000 incentive stock options to its chief executive officer at an exercise price of $0.10 per common share for a period of 24 months from the date of issuance. The strike price of the stock options was determined in accordance with the current stock option plan and the rules as defined by the TSX Venture Exchange (\"TSXV\"). \n\n\n \nThe Company also announced that it has agreed to settle $346,468.96 bona fide debt owed by the Company to certain creditors through the issuance of up to 3,464,689 Ares (the \"Debt Settlement\"), as part of a process to reduce the Company's liabilities and improve its cash position. Granting of the stock options is subject to the approval of TSX-V. The Completion of the Debt Settlement is also subject to the approval of TSX-V. Shares issued in connection with the Debt Settlement will be subject to a four-month hold period in accordance with applicable securities laws.\n\n \n \nNeither the TSX V...