Advanced Explorations Inc. Provides Corporate Update
TORONTO, ONTARIO -- (Marketwired) -- 04/23/13 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) today announced that President & CEO John Gingerich will be taking a temporary leave of absence for medical reasons. He is expected to be on leave for a period of up to four months. During this time, John will stay involved in the direction of the Company and will maintain all responsibilities as Director of the Company to the extent practical. In the interim, current AEI Director James Excell will serve as the Acting Chairman of the Board, and Bernie Swarbrick, current VP Capital Projects, will serve as Acting President during John's absence. Additionally, to provide a seamless presence in China, AEI Director Eric Guo will take on a more active role assisting AEI with the management of its extensive Chinese business relationships.
John Gingerich commented:
"It is in my best interest and that of AEI that I take this time to focus on my health while James, Bernie, and the rest of our executive team continue to execute our strategy. I have always been proud of the Team we have assembled and have full faith in their abilities. Those Team members who have been working closely with me on AEI's key initiatives are very capable, and the depth of experience they bring to their roles is a significant asset to the Company. I am committed to actively engaging in the business as my health permits and plan to return to the role of President as soon as practical."
About James Excell
Mr. Excell is currently the Chief Executive Officer and Chairman of Abacus Mining & Exploration Corporation (TSX VENTURE: AME) and has held the position since July 2010. He has more than three decades of operating and major project management experience in the mining industry having managed and developed some of the world's premier mining projects in Canada, the United States and Australia, including the Ekati Diamond Mine in the Northwest Territories where he led the construction, commissioning and subsequent operation of the $700 million development of the Ekati Mine. He served as past Chairman of BHP Billiton Diamonds Inc. and from 1999 to 2003, he was President and Chief Operating Officer of Ekati Diamond Mine and BHP Billiton Diamonds Inc. In addition to his outstanding industry experience, he is recognized for fostering goodwill relations with government and aboriginal groups. He also serves as director of the PDAC and on the Aboriginal Affairs Committee of the PDAC.
About Bernie Swarbrick
Mr. Swarbrick is a senior mining executive with a unique balance of operational and project experience acquired through 25 years in the industry. Bernie was instrumental in successfully completing the Roche Bay Feasibility Study during a very difficult market, and worked closely with the technical teams from China. Throughout his career, he has taken on roles of increasing responsibility within both global and junior mining companies, including Falconbridge, Noranda, Xstrata Nickel, SNC Lavalin, and Vale Inco. Bernie's breadth of experience extends globally and across several diverse cultural and jurisdictional environments including: New Caledonia, Australia, Madagascar, and Indonesia, in addition to Canadian jurisdictions such as Quebec, Ontario, Manitoba, Nunavut and Nunavik. Bernie's corporate philosophy is that success is achieved by building strong teams, integrating core enterprise values, and promoting value creation through strategic planning and risk management.
ON BEHALF OF THE BOARD
James Excell, Acting Chairman
All those seeking additional information are directed to contact Brendan Purdy; 416-203-0057 (ext 320).
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