Advanced Explorations Announces Update on its Definitive Feasibility Study
TORONTO, ONTARIO -- (Marketwire) -- 03/31/11 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to announce that it continues to move forward with its Definitive Feasibility Study ('DFS') at its flagship Roche Bay iron ore project located on the east coast of the Melville Peninsula in Nunavut, Canada. The DFS is being led by Wardrop Engineering, a Tetra Tech Company, with the resource component of the study being managed by Golder Associates. Additional analytical and metallurgical work, along with re-evaluation of the existing geological data in the context of the new development plan (3 million tonnes per annum concentrate start up as press released February 17, 2011) and processing flow sheet has been completed. Golder Associates is expected to provide an updated NI 43-101 resource statement as early as next week with an expected reclassification of the resource to both inferred and indicated categories. The updated resource information is an important guide for the DFS in-fill drill program and supportive of the advancement of the DFS.
As part of the Project's ongoing community engagement process, AEI held town hall meetings with stakeholders in the local communities of Hall Beach and Igloolik last week. At these well-attended meetings significant support for the project was expressed, and AEI is committed to continue the communications process with the communities.
John Gingerich, President and CEO, commented:
'We are very pleased with the progress made to date on our flagship asset and the early reports being provided to the company. In addition to the work undertaken for the DFS, the Company is collaborating with XinXing Pipes Group to conduct additional metallurgical studies in China. The Company is pleased that it is able to tap into the iron ore mining expertise of both the North American and Chinese industrial sectors'.
Having returned from a successful week of conferences in Hong Kong, the Company is also pleased to announce that it will be in attendance of the TSX Venture 50 Spotlight awards presentation taking place later today at TMX Broadcast Centre Gallery in Toronto.
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 its Roche Bay Iron Ore Project in Nunavut, one of the world's largest developing iron ore districts. The Roche Bay 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 potential 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. Together with its Chinese partner XinXing Pipes Group, Advanced Explorations is completing the feasibility study on Roche Bay, targeting a rapid advancement into start-up concentrate production. 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.
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