11:06 AM EST - Ares Strategic Mining Inc. : Announced that the Company has completed a full acquisition of a processing plant from the Mujim Group, capable of manufacturing high-grade fluorspar lumps for industry. The fluorspar lumps plant will be the first production line in Ares’ expanded fluorspar mining operation. Ares’ manufacturing partner, the Mujim Group, has developed a new technology able to produce fluorspar lumps from material that was previously unsuitable for manufacturing lumps. The Mujim Group operates several fluorspar mines in Thailand and Laos, and will be supporting Ares as it commissions its processing facility. The processing plant retails for US$2MM. The Mujim Group have requested settlement in Shares because of the perceived value of the Company’s future. The Group have agreed to accept 5.3MM shares, which will include plant construction, delivery, and commissioning assistance. The final product is expected to retail for over $500/tonne at current industry prices, of which the Mujim Group will receive $10/tonne as part of its Technology Sharing Contract. Ares Strategic Mining Inc.
shares V.ARS are trading down 1 cent at $0.54.
