Advanced Explorations Files Updated Resource Report on Roche Bay Iron Project
TORONTO, ONTARIO -- (Marketwire) -- 05/25/11 -- Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the 'Company' or 'AEI') is pleased to announce the SEDAR filing of an updated National Instrument (NI) 43-101 compliant mineral resource estimate for the C-Zone of its flagship Roche Bay iron project located on the east coast of the Melville Peninsula in Nunavut, Canada (www.sedar.com).
As press released on April 6, 2011 the resource estimate now includes 323 million tonnes in the Indicated category averaging 26.7% total iron (25.8% magnetic iron) at a 20% iron cut-off grade and an additional 226 million tonnes averaging 25.8% total iron (23.8% magnetic iron) at a 20% iron cut-off grade in the Inferred category. In comparison to the previous resource estimate (as press released March 12, 2009), approximately 60% of the original Inferred resource volume has been re-classified as Indicated. The Resource Report is also available on the Company's website at www.advanced-exploration.com.
The updated mineral resource was completed by Mr. Greg Greenough, P.Geo., a qualified person for Golder Associates who has read and approved the contents of this release.
C-Zone Roche Bay Iron Project
April 6, 2011 Mineral Resource Estimate - Indicated and Inferred Resource
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Cut-off grade Magnetics
Fe (%) Tonnes (Mt) Total Fe % (FE3O4%)(i)
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INDICATED 20 323.1 26.73 25.77
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25 211.7 28.74 29.71
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30 66.2 31.74 36.09
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INFERRED 20 226.3 25.85 23.85
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25 135.2 27.84 27.63
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30 20.6 31.56 35.07
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SIO2% AL2O3% MnO % P2O5% S % LOI %
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INDICATED 50.85 2.86 0.07 0.20 0.70 0.81
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49.75 2.27 0.06 0.20 0.62 0.67
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47.59 1.61 0.04 0.20 0.49 0.32
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INFERRED 51.83 3.09 0.07 0.20 0.81 1.04
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50.84 2.48 0.06 0.21 0.72 0.93
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48.08 1.66 0.04 0.19 0.56 0.63
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(i) Magnetics (Fe3O4 %) are the Satmagan results corrected to reflect Davis
Tube test work.
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226
www.advanced-exploration.com