Advanced Explorations Corporate Update
TORONTO, ONTARIO -- (Marketwire) -- 10/25/10 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is very pleased to announce that it expects in the near future to close the financings with both XinXing Pipes Group Co., Ltd. ('XXP') and Shandong Fulun Steel Co. Ltd.('Fulun') announced September 27th and September 30th. Upon completion of the two associated financings the Company will then move quickly to leverage its relationship with XXP to acquire additional high quality iron ore assets. The Company also plans to work closely with Fulun to help meet their growth objectives.
John Gingerich, President and CEO, commented:
'The Company is very pleased with its strategic relationship with XXP. AEI has already set in motion a process to identify new project opportunities with our strategic partner. It is a very exciting time for AEI in that a strong partner will allow us to pursue opportunities which would previously have been unattainable. The strengths of our relationships will also allow us to continue to broaden our commodity focus. Accordingly, AEI will need to come to a decision in the next few months on its restructuring options that would allow it to more effectively manage these growth opportunities'.
The Company has completed its field evaluations and due diligence on the 7th Sea Holding Company, Alaska iron sands project. A metallurgical report is expected shortly and a decision on the property acquisition will be made prior to November 15th, 2010.
In addition, Advanced Explorations announces that, pursuant to the Company's Stock Option Plan approved at the June 16, 2010 Annual General Meeting and subject to TSX approval, it intends to issue a total of 2,500,000 options to management, directors and consultants at a price of $0.75 per common share exercisable in whole or in part on or before five years from the date hereof.
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 that currently focuses on developing its flagship Roche Bay Project, one of the world's largest developing iron ore districts. The project is located proximal to a natural deep water harbour on the coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an inferred resource of 357 million tones, outlined within a small portion of the 140 km of identified banded iron formation. This iron formation incorporates the Roche Bay deposits, as well as the Tuktu area to the north and the recently acquired F Zone to the south. The preliminary economic assessment of part of the Roche Bay deposit alone indicates a potential US $1.1 billion net present value, and the potential for rapid advancement into development, producing either a 96% iron nugget or a greater than 65% iron concentrate.
The experienced management team facilitates its technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula, and evaluate a potential acquisition of an iron sands project on the Alaskan coast. In addition, the company has identified precious metal exploration targets on the Melville Peninsula, which will be further explored in 2011.
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 x226