Advanced Explorations Inc. Commences Airborne Magnetic Survey Over Alaskan Iron Sands Project
TORONTO, ONTARIO -- (Marketwire) -- 05/26/11 -- Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the 'Company' or 'AEI') is pleased to announce it has commenced an airborne magnetic survey of its iron sands project located along the north-west coast of the Alaska Peninsula near Port Heiden and about 700 kilometres south-west of Anchorage, Alaska. The purpose of the airborne magnetic survey is to better define the size, shape and distribution of the magnetite bearing sands both onshore and in the offshore area. It is expected that the results from the survey will help shape a Phase 1 exploration program.
The iron sands project comprises of a placer deposit that is attractive primarily for its magnetite content. The deposit area is composed of an active beach and offshore area as well as paleo-beach and terraces. A composite sands sample taken during an initial site visit returned a result of 8.23% Fe2O3 which compares favorably to other iron sands projects.
John Gingerich, President and CEO, commented:
'Airborne magnetic surveying is a rapid and cost effective way to map the distribution and thickness of the magnetite bearing sands. This survey information will be used to guide follow up exploration as we further define the attributes of the deposit. We believe the project's ocean location and proximity to China provide significant economic development advantages, and the magnetic survey is another step toward understanding the asset's true potential'.
EDCON-PRJ, based out of Denver, Colorado has been contracted to manage the data acquisition and interpretation. Geophysicist John Seibert is on site and conducting the surveying. Seibert, who is now based in Alaska, is a former Vice President of EDCON-PRJ and has over 35 years of world-wide magnetic data acquisition and aviation experience.
The survey to be flown is 1,322 line kilometres in length, including 1,162 line kilometres of survey line and 160 line kilometres of tie lines. The survey lines will be perpendicular to the coast spaced at 250 metre intervals and the tie lines at 2,000 metre intervals.
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 east coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an indicated resource of 323 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, 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