Advanced Explorations Inc. Engages ICBC International Capital Limited as Financial Advisor

TORONTO, ONTARIO -- (Marketwire) -- 03/05/13 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) today announced that it has engaged ICBC International Capital Limited ("ICBCI") as its lead financial advisor in Hong Kong for the purpose of the Proposed Capital Financing (as defined below). AEI has engaged ICBCI to assist its preparation for a valuation, based on the valuation report to be issued by relevant third party independent technical experts, that is to form the basis of a proposed capital financing (the "Proposed Capital Financing") for a joint venture to be set up by AEI and XinXing Ductile Iron Pipes Co., Ltd. ("XDIP", together with AEI, the "JV Partners") for the Roche Bay project (the "Proposed JV"). ICBCI will also explore with the JV Partners the feasibility for consolidation of all AEI's iron ore assets (Tuktu, Tuktu-2 and Roche Bay) as part of asset injection into the Proposed JV. Should this proposal be accepted, an expansion of the financing structure would be required along with a revision to the framework agreement between the JV Partners. AEI has concluded this engagement with the consultation and support of XDIP.

ICBCI's primary focus is to work within China's regulatory and financing framework to secure the Proposed Capital Financing. ICBCI is a subsidiary of the Industrial and Commercial Bank of China Ltd. ("ICBC"), one of the world's largest banks by capitalization as at the date of this press release. Given the breadth of ICBCI's expertise, AEI and XDIP will benefit greatly from the advice and development scenarios presented by ICBCI. With global markets substantially discounting resources projects, these advisory services allow an external party to properly value AEI's assets and to put a definitive financing solution in place.

The Company has been focused on optimizing the Feasibility Study to further reduce capital and operating cost. Recent announcements with respect to port and LNG power partnerships are but two examples that will have a positive impact on the project financials. Further optimization of the Roche Bay development plans include updating the expected project revenues based on a higher grade concentrate (greater than 68% Fe) than was used in the FS marketing study and to expand the measured and indicated resource base to support a mine life greater than 25 years. The larger resource base will also allow AEI to model a development scenario at an 8 mtpa start-up which, through improved economy of scale, should further reduce the per tonne FOB operating cost. ICBCI will assist AEI in providing the associated updated financial models in connection with the Proposed Capital Financing.

John Gingerich, President & CEO, commented:

"We are extremely pleased to conclude the engagement with ICBCI that follows from 10 months of discussions on the various strategies/plans in respect to the proposed capital financing for the Roche Bay AEI-XDIP mine plan and potentially larger regional development scenarios. Through this process, a strong working relationship has evolved between the ICBCI and AEI teams. AEI is proud to have secured the interest and support of a prominent financial advisor recognized in China and around the world. By engaging one of the world's largest banks which has an institutional investor client base in China, AEI will have solid financial guidance so as to move ahead on an expedited basis. We believe this relationship to be the jumping off point from which we can regain significant market capitalization."

ON BEHALF OF THE BOARD

John Gingerich, President & Chief Executive Officer

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.

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 x320