Advanced Explorations Engages EBA Engineering to Support Roche Bay Mine Permitting Process
TORONTO, ONTARIO -- (Marketwire) -- 12/15/10 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to announce that it has retained the services of EBA Engineering Consultants Ltd., a Tetra-Tech Company ('EBA'), to produce the Environmental Impact Statement (EIS) and to support Advance Explorations Inc. through the permitting and engineering processes required to develop its Roche Bay Iron Ore Project located on the coast of the Melville Peninsula in Nunavut, Canada.
EBA has been involved in the project since 2006 and has been an integral part in producing the Company's environmental baseline studies since that time, including field programs completed annually from 2007 to2010 inclusive. The extensive information collected through the ongoing baseline studies will support the Environmental Impact Statement ('EIS'), which represents an important stage in the permitting process. EBA has extensive Northern and permitting experience and has also established excellent working relationships with INAC (Indian and Northern Affairs Canada) and NIRB (Nunavut Impact Review Board). EBA has an exceptional team having major project experience, specific to mines executed in Northern Canada, including the Nunavut and Northwest Territories.
John Gingerich, President and CEO, commented:
'We are extremely pleased to have been able to retain EBA's experienced team for this very important next step in moving the Roche Bay project toward production. We are currently finalizing a comprehensive plan to integrate engineering work and EIS phases into the overall permitting process with the approach of simultaneously accomplishing the different requirements in order to accelerate the process. The Company is encouraged by the federal government's strategy to boost northern sovereignty as it includes recent legislative developments to streamline the impact assessment process and provide more efficient and effective procedures for Northern resource projects (Bill C-25 of the Northern Planning and Project Assessment Act)'.
The Company is also pleased to announce that, in accordance with its obligations under the Royalty Agreement with Roche Bay plc, it has made a payment as required.
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 that currently focuses on developing its flagship Roche Bay Project, in one of the world's largest developing iron ore districts. The project is located proximal to a natural deep water harbour on the coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an inferred resource of 357 million tones, outlined within a small portion of the 140 km of banded iron formation. This iron formation incorporates the Roche Bay deposits, the Company's Tuktu deposits and other targeted deposits in areas to the north, south and west of the Company's Roche Bay Project. The preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of either iron concentrate or high value iron nugget products. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.
About EBA Engineering Inc.
EBA Engineering Consultants Ltd., a Tetra-Tech Company (EBA), provides a broad range of engineering and scientific consulting services to clients in domestic and foreign markets. EBA has progressively expanded over the last 40 years and today clients are served by more than 600 engineers, scientists, technologists, and support staff from 10 offices located in Western and Northern Canada.
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