Advanced Explorations Moves to Close Strategic Partnership
TORONTO, ONTARIO -- (Marketwire) -- 10/27/10 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is very pleased to announce that the initial private placement and acquisition of 19% of the Company's issued and outstanding stock by XinXing Pipes Group Co. Ltd. ('XXP') and its affiliates has been fully subscribed. As previously announced on September 27, 2010, the Company has reserved 21,233,396 common shares at a price of $0.25 and representing aggregate proceeds of $5,308,349.00 for closing of the financing once final TSX Venture Exchange approval is received.
The Strategic Partnership with XXP provides the Company many new opportunities. AEI representatives will also be attending a number of trade shows and conferences in the near future to provide an opportunity for investors to meet and discuss its future plans. Upcoming shows include: International Precious Metals & Commodities Show, Munich, Germany (5th-6th November, 2010), China Mining International Premier Mining Congress & Exhibition, Tianjin, China (16th-18th November, 2010) and Hard Assets Investment Conference, San Francisco (21st-22nd November, 2010). The Company is looking forward to meeting with its stakeholders, shareholders, investors and supporters.
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, in 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 banded iron formation. This iron formation incorporates the Roche Bay deposits, the Company's Tuktu deposits and other targeted deposits in areas to the north, south and west of the Company's Roche Bay Project. The 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 either iron concentrate or high value iron nugget 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.
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