Advanced Explorations Inc. Completes Phase 1 Geotechnical Drilling for Port Development Study on Roche Bay Iron Project
TORONTO, ONTARIO -- (Marketwire) -- 06/07/11 -- Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the 'Company' or 'AEI') is pleased to announce it has completed the first round of geotechnical drilling for the port development study at the Roche Bay iron project located on the coast of the Melville Peninsula in Nunavut, Canada. The geotechnical program is an instrumental part of the ongoing feasibility study at Roche Bay and involved the drilling of two potential port area alternatives in the Roche Bay, which is a natural deep water harbour within a few kilometres of the project's ore body.
The drilling component for the offshore port study was completed under the supervision of EBA Engineering Inc., A Tetra Tech Company. The objective was to obtain samples of the sediments in the bay and to sample the bedrock beneath the sediments. The port development study is designed to help establish geotechnical design parameters for the proposed port facility for the foundation, caissons and anchors required. Split spoon samples were taken of the subsoil, which included Standard Penetration Testing. The bedrock was sampled using NQ diamond drilling.
The Phase 2 geotechnical study is expected to commence in July 2011 and will be land focused with drilling for mine infrastructure components.
John Gingerich, President and CEO, commented:
'The Company continues to advance the feasibility study of its Roche Bay iron project, and it is exciting to see things take shape such as to clarifying the port location and structure. We are also continuing the exploration program on our Tuktu project and have now two drills coring on Tuktu with analytical results expected in the very near future.'
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