Advanced Explorations Inc. Roche Bay Iron Project Feasibility Study Advancement
TORONTO, ONTARIO -- (Marketwire) -- 05/10/12 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) announced today that it has completed an internal review of the Roche Bay Feasibility Study process with the study author, TetraTech Wardrop ("TetraTech"), and that the results of the study will be released in July 2012 with the filing of the complete report 45 days thereafter.
Pursuant to the completed trade-off studies and technical project inputs, the Feasibility Study ("FS") will be based on an initial 5.5 Million Tonnes per year production (nominal) of 66% iron concentrate with initial mining development to be commencing at the project's C Zone. As indicated in previous press releases (April 3rd & April 10th, 2012), the Company is also examining opportunities regarding long term operating cost reductions through alternative power solutions and future production expansions. The near-shore location of the mine and low infrastructure requirements continue to provide significant cost advantages and future production flexibility.
John Gingerich, President and CEO commented:
"We are very pleased with the Feasibility Study as it has progressed to date and are moving forward with a low-capital, low infrastructure intensive project while continuing to evaluate further opportunities for adding significant value to the Roche Bay Project. The near shore location provides excellent opportunities for the development of the entire banded iron formation on the East Melville Peninsula, and the Company will continue to pursue the future expansion options in a parallel path to the completion of the FS.
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 developing its Roche Bay and Tuktu Iron Ore Projects in one of the world's largest developing iron ore districts, the Melville Peninsula in Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140 km of banded iron formation. A feasibility study for the project's C-Zone is near completion. To date, the Company has delineated over 1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits and continues to explore other targeted deposits in areas to the north, south and west of Roche Bay. A 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 iron concentrate 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