Advanced Explorations Announces 2011 Drilling Campaign for Northern Projects
TORONTO, ONTARIO -- (Marketwire) -- 01/17/11 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to announce plans for a 2011 drilling campaign for its Nunavut projects. The Company forecasts that completion of its 2011 feasibility study will involve up to 15,000 metres of infill drilling for its Roche Bay project located on the Eastern coast of the Melville Peninsula. Furthermore, AEI will look at additional drilling along strike with the objective of increasing its NI 43-101 compliant resource estimate to beyond 750 million tonnes.
In order to further enhance shareholder value, AEI is engaging additional resources to accelerate drilling of up to 6,000 metres or more on its Tuktu project. Systematic surface sampling at Tuktu undertaken in 2008 returned average values of 34% Fe (press released November 12, 2009), which indicates potential for a high grade resource. The Tuktu mineralization is an outcropping zone of banded iron formation that defines a visible hill up to 60 m in elevation. With a surface exposure of over 1 square kilometer (strike of approximately 2.6 km and width up to 700 meters), the Company's drilling program of Tuktu will be aimed towards revealing a potential iron ore resource comparable to its Roche Bay legacy project.
In addition to expanding the iron ore resource on the Melville Peninsula, the Company will conduct further follow-up on its previously identified high grade silver (1956 ppm Ag), copper (2.5% Cu, plus 0.14 opt Au) and molybdenum (11.6% Mo) prospects (press released September 21, 2010). The work will include drill testing on targets of merit, and AEI believes any one of these prospects could add significant shareholder value.
John Gingerich, President and CEO, commented:
'Given the recent M&A activities in the Canadian iron ore sector and the increasing demand for iron products worldwide, we are focusing our Melville programs on expanding the Company's resource base. With additional drilling on Roche Bay and Tuktu, we are confident there is potential to increase the Melville resource base and expand the scope and scale of the potential Roche Bay development. Aligning the production capacity of the Melville district with international (Chinese) iron ore needs is expected to enhance the Company's growth potential. Despite all the upside potential of this year's program, it is still but a small step to evaluating the over 140 km of banded iron formation strike located within the eastern portions of the Melville Peninsula.'
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 its Roche Bay Iron Ore Project in Nunavut, one of the world's largest developing iron ore districts. The Roche Bay 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 potential 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.
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Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226