Advanced Explorations Inc.-Correction to May 9th, 2011 Release
TORONTO, ONTARIO -- (Marketwire) -- 05/17/11 -- Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the 'Company' or 'AEI') wishes to clarify a typographical error found in its May 9, 2011 press release.
The Company inadvertently stated its target to increase a NI 43-101 compliant resource estimate for its Roche Bay Project to at least '750,000,000 million tonnes'. It is believed the duplicate reference to million (both numeric and written) may be confusing, and as a result the Company is pleased to confirm its targeted increase in resource for its Roche Bay Project to 750,000,000 tonnes.
The Company previously reported a NI 43-101 compliant resource estimate at Roche Bay of 323 million tonnes averaging 26.7% total iron at a 20% iron cut-off grade in indicated and 226 million tonnes averaging 25.8% total iron at a 20% iron cut-off grade in inferred categories (as press released April 6th, 2011). Although the Company believes it can increase its resource inventory to a total combined in excess of 750,000,000 tonnes and at grades consistent with those defined to date, the potential quantity and grade remain conceptual in nature. There has been insufficient exploration to define the increase in mineral resource, and the Company is uncertain if further exploration will result in the target being delineated as a mineral resource.
Gary Williams, P. Geo and VP of Advanced Explorations Inc. is the QP within the meaning of NI 43-101 and has reviewed and approved the content of this release.
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 east coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an indicated resource of 323 million tonnes, 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, 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.
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