Advanced Explorations Inc. Corporate Update
TORONTO, ONTARIO -- (Marketwire) -- 09/23/11 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) wishes to provide an update on its progress relating to the 2011 exploration programs on the West Melville Peninsula. The Company undertook a further staking and prospecting program and has increased its overall land holdings by 57 new claims accounting for an additional 124,100 acres (53,240 ha) of land. In total, AEI has now staked or has prospecting permits for over 560,000 acres (greater than 227,000 ha) of land prospective for iron ore, copper, nickel, molybdenum, silver and gold exploration. An updated claims map will be posted on the Company website once all of the claims have been registered with the Nunavut Mining Recorder's Office.
John Gingerich, President & CEO, commented:
'The West Melville is emerging as one of Canada's most significant nickel-copper exploration opportunities that attracted the interest of leading nickel companies. There has been a great deal of interest expressed as to our plans for these assets. AEI is currently assessing the preliminary field results and the potential economic impact to our shareholders. In an effort to determine how to best maximize shareholder value, we continue to evaluate potential partnering and/or spin out opportunities while fully assessing results from the summer program'.
Further announcements in respect to these potential transactions and their timing as well as an update on this season's field activities at Roche Bay and Tuktu are expected to be released over the course of the coming weeks.
In addition, the Company wishes to announce that, pursuant to the Company's Stock Option Plan approved at the June 29th, 2011 Annual General Meeting and subject to TSX approval, it intends to issue a total of 850,000 options to management, consultants and employees at a price of $0.35 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 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.
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