Advanced Explorations Inc. Identifies New High Grade Iron Target at Tuktu 2 Project
TORONTO, ONTARIO -- (Marketwire) -- 09/13/12 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to announce that the current exploration program on the Tuktu project located in Nunavut has identified a second horizon within the Tuktu 2 area with high grade iron similar to the main Tuktu 2 occurrence. The Company has a portable XRF unit in the field to confirm iron content of the new occurrence. The new discovery is located on a north-south, parallel trending, magnetic anomaly located approximately 400 metres east of the Tuktu 2 zone. Outcrop exposure in the area of the discovery is limited and additional detailed geophysics and mapping is underway to help define strategic drill targets. AEI is currently drilling the northern portion of the Tuktu 2 high grade iron zone which yielded assays as high as 69.3% Fe and intends to include drill testing of the new discovery as well.
John Gingerich, President & CEO, commented:
"The discovery of a new horizon over 1.8 km southeast of our current drill location is very encouraging. This discovery confirms the potential for multiple lenses of high grade iron with direct ship ore type grades. Mapping and prospecting is still ongoing with particular focus on locating additional high grade opportunities."
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 positive feasibility study for the project's C Zone revealed a net present value of $642M on a base case 5.5 Mtpa start-up concentrate operation and substantial upside potential including becoming a low quartile cost producer. 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. 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