Advanced Explorations Inc. Moving Forward at Tuktu and Roche Bay Iron Projects
TORONTO, ONTARIO -- (Marketwire) -- 07/28/11 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to provide an update on recent progress made on its Tuktu and Roche Bay Project along with yesterday's approval by the TSX Venture Exchange which accepted the Framework Agreement with its strategic partner XinXing Pipes Group of China ('XXP') for filing.
As press released on July 27, 2011, the Company recorded 50% Fe within a 264 metre interval which provides positive indications as to a broader resource potential of Tuktu and highlights the Direct Ship potential. This immediately followed the release of the metallurgical test results on the Roche Bay Project's A/B Zone (July 26, 2011) which indicated the ability to produce a 50 % Fe product as well as a high quality concentrate product of 70% Fe.
John Gingerich, President and CEO, commented:
'The Company is extremely pleased with the technical results of this summer's program at Tuktu and the Roche Bay Project. The technical program has revealed yet but another development opportunity for AEI and its strategic partner XXP. Now that we have obtained both shareholder and TSX approval, the Company can move forward with its strategic partner in aggressively pursuing the development options on the east coast of the Melville Peninsula. Obtaining approval now allows AEI to move forward on programs that could not be fully implemented prior to these approvals. Both companies will work diligently towards implementing these program objectives'.
The TSX Venture Exchange has issued a bulletin confirming its acceptance for filing of the Company's Framework Agreement with XinXing Pipes Group Co., Ltd. ('XXP') (as previously released on September 27, 2010). The Framework Agreement was voted upon at AEI's Annual General Meeting on June 29, 2011, and the Company was pleased to receive disinterested shareholder approval for the Framework Agreement which sets out the disposition of the Company's assets in the ordinary course of business.
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