Advanced Explorations Inc. Corporate Update
TORONTO, ONTARIO -- (Marketwire) -- 12/29/11 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) today announced that its option agreement with 7th Sea Holding Company, LLC has been terminated. Both Companies had been in extended discussions as to an amended agreement but were unable to reach mutually satisfactory terms. AEI is in the process of restructuring its project portfolio to ensure highest priority opportunities are fully supported. AEI's first priority remains the development of its key Roche Bay and Tuktu projects and its focus on the Melville Peninsula.
John Gingerich, President and CEO, commented:
'The Company's primary commitment is the Roche Bay development
opportunity. In addition to advancing our flagship iron projects, we
are also focusing on the restructuring process of our West Melville
holdings. The copper-nickel and copper-silver properties are emerging
as a very important opportunity with the potential to add significant
future value to our shareholders. AEI expects to provide an update on
the partnering/spin-out prospects of these assets early in the New
Year.'
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 with 226 million tonnes in the inferred category, 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. A feasibility study is currently underway that is examining a concentrate start-up operation of 5 million tonnes per year. Future expansions will consider additional concentrate and/or iron nuggets as envisaged in the PEA filed on SEDAR. 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