Advanced Explorations-Announces Appointment of New Officer
TORONTO, ONTARIO -- (Marketwire) -- 10/14/10 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is very pleased to announce that Bernie Swarbrick has joined the AEI team as Vice President, Capital Projects & Studies. The Company believes that Mr. Swarbrick's recognized experience and achievements in the mining industry will provide great benefits to executing our development plans. This position was created in order to provide a seamless transition from an AEI specific plan to a collaborative growth strategy to implement the previously announced (September 27, 2010) partnership agenda with XinXing Pipes Group Co. Ltd., ('XXP').
John Gingerich, President and CEO, commented:
'We were exceptionally pleased to have someone of Bernie's caliber join the AEI Board more than two years ago. The Company finds itself once again very proud that Bernie has recognized AEI's future potential and has chosen to join the AEI Management Team committing 100% of his time and expertise to the Company's future. Bernie's role is to lead the proposed joint AEI-XXP strategic partnership team to focus on realizing mutual development objectives for the Roche Bay Iron Ore Project. Bernie brings a wealth of Northern experience and knowledge needed to effectively plan and execute the joint vision'.
Prior to joining the Management Team of AEI, Bernie was a senior manager within major capital projects of a global mining firm, fulfilled similar roles within an EPCM (Engineering, Procurement, Construction, Management) environment, and oversaw the integration of environmental and social components into engineering. Bernie brings a broad understanding of capital projects from early exploration through to feasibility and execution. He will be a key part of developing our Roche Bay Project, as well as other ongoing efforts such as the Company's Tuktu Project. Bernie brings 23 years of mining and environmental experience to our management team with a working knowledge of port development, logistics, infrastructure, environmental, and community issues.
His experience in the Canadian North (Raglan) will be of particular value in the development of the Roche Bay Project and in the Company's discussions with direct stakeholders such as local communities, government agencies and environmental interests groups. In addition, Bernie brings other Canadian and International project experience (Australia, New Caledonia, Chile, and Madagascar).
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing high quality iron ore opportunities. Currently, the company holds interests in projects located in Nunavut with low infrastructure needs. The Roche Bay magnetite project is located on the coast and is bolstered by a deep water access to its eastern coast. The Company intends to build upon logistical benefits when developing its current projects at Roche Bay and Tuktu. AEI plans to produce high quality iron products from the 357 million tonnes inferred resource of the project's C-Zone. Its preliminary economic assessment for the project indicates a potential US $2.76 billion net present value, a minimum of 50 years mine life and a return on investment between three and five years. Led by an experienced management team with technical, exploration and mining expertise the company has the capabilities to rapidly advance the Roche Bay and Tuktu Projects and explore other local and global opportunities.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226