Advanced Explorations Initiates Tuktu Drill Campaign
TORONTO, ONTARIO -- (Marketwire) -- 03/23/11 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to announce it has initiated its drill program at the Tuktu project located 60 km north of the Company's Roche Bay Project on the Melville Peninsula in Nunavut, Canada. A 20 person exploration camp is being established at the site and drilling is expected to commence by mid-April.
The initial drill program will comprise up to 3,000 m of drilling and is designed to define strike, width, depth and grade of the mineralization mapped on the Tuktu 1 claim where a systematic surface sampling program in 2009 indicated average grades of approximately 34% Fe. The iron formation may be folded and is believed to have resulted in a lensoid shape that stretches for approximately 2,600 m in length and is 700 metres wide at the center. This exceptional width and high grade potential banded iron formation provides the possibility of a very low strip ratio for an open pit operation. Based on size and surface sampling of the iron formation, the Company believes there is multi-billion tonne discovery potential in the Tuktu area.
John Gingerich, President and CEO, commented:
'The Tuktu project is well located in respect to our flagship Roche Bay project. There is an excellent opportunity to establish Tuktu as a satellite operation utilizing the infrastructure from a future Roche Bay mine. As the drill campaign more precisely defines the merits of the Tuktu project, the Company will be better positioned to conclude a more favorable agreement with interested JV Partners'.
Advanced Explorations is currently exhibiting at the Hong Kong Mines & Money Show, and AEI's president and CEO John Gingerich has been invited to participate in a panel discussion on 'China mining and investment outlook' on Thursday, March 24th at 10:00 a.m. The Company's next presentation will be at the Haywood Iron Ore Conference on April 7th, 2011 in Toronto. More information on the Company's current corporate activities is available at www.advanced-exploration.com
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 tonnes, 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. Together with its Chinese partner XinXing Pipes Group, Advanced Explorations is completing the feasibility study on Roche Bay, targeting a rapid advancement into start-up concentrate production. 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