Advanced Explorations Inc. Files Updated NI 43-101 Resource Estimate for the Roche Bay Iron Project
TORONTO, ONTARIO -- (Marketwire) -- 03/05/12 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to announce the SEDAR filing of the National Instrument (NI) 43-101 compliant updated mineral resource estimate for the C-Zone and an initial resource estimate of the A/B-Zone both located within its Ocean-based Roche Bay Iron Project on the East Coast of the Melville Peninsula in Nunavut, Canada (www.sedar.com).
As press released on January 17, 2012 and as part of the ongoing Feasibility Study, an updated Mineral Resource Estimate for the Roche Bay Project's C-Zone reported the following results:
-- The resource estimate now includes 501 million tonnes in the Indicated
category averaging 26.35% total iron (25.67 % magnetic iron) at a 20%
iron cut-off grade.
-- A further 66 million tonnes averaging 26.37% total iron (25.72 %
magnetic iron) at a 20% iron cut-off remains in the Inferred category.
-- In comparison to the previous resource estimate (as press released April
06, 2011) the Indicated resource has increased by approximately 55%.
C-ZONE INDICATED RESOURCE
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Cut-off Total
grade Fe Tonnes Iron
% (Millions) (%) Fe3O4% SiO2% Al2O3% MnO % P % S %
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15 561.4 25.46 24.25 51.50 3.22 0.073 0.087 0.76
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20 501.3 26.35 25.67 51.22 2.98 0.071 0.088 0.75
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25 316.8 28.36 29.87 50.15 2.38 0.061 0.090 0.66
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C-ZONE INFERRED RESOURCE
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Cut-off Total
grade Fe Tonnes Iron
% (Millions) (%) Fe3O4% SiO2% Al2O3% MnO % P % S %
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15 73.0 25.58 24.49 51.53 3.06 0.070 0.086 0.78
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20 65.9 26.37 25.72 51.23 2.88 0.068 0.086 0.76
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25 42.5 28.38 29.86 50.04 2.26 0.057 0.088 0.68
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An initial resource estimate for the Roche Bay Project's A/B-Zone reported the following:
-- The initial resource estimate for the A/B-Zone is 92 million tonnes in
the Inferred category averaging 24.64% total iron at a 20% iron cut-off
grade.
-- The A/B-Zone is located approximately 5 kilometres to the north east of
C-Zone and is part of the same Banded Iron Formation.
-- The area included in the Inferred resource represents only a small
portion of the actual A/B-Zone magnetic footprint.
-- Drill holes used in this Inferred estimate were part of the 2008 drill
campaign and historical holes drilled in 1982 by Borealis Exploration.
A/B-ZONE INFERRED RESOURCE
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Total
Tonnes Iron
Cut-off grade Fe % (Millions) (%)
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15 142.8 22.20
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20 92.2 24.64
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25 38.6 27.88
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Note: magnetic iron and other elements reported for the C-Zone resource
estimate have not been included in the A/B-Zone resource estimate since
sampling results in 1982 did not include these elements.
John Gingerich, President and CEO, commented;
'The filing of this technical report marks a milestone and is another very positive step in the Project's development. We continue to add value to our Roche Bay flagship Project and to the entire iron district with the Tuktu project to the north and the significant untapped discovery potential of the banded iron formation along the east coast of the Melville Peninsula. We encourage everyone to take the time and read through this comprehensive document.'
The Company also 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 1,990,000 options to management, consultants and employees at a price of $0.35.
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 developing its Roche Bay and Tuktu Iron Ore Projects in one of the world's largest developing iron ore districts, the Melville Peninsula in Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140 km of banded iron formation. A feasibility study for the project's C-Zone is near completion. To date, the Company has delineated over 1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits and continues to explore other targeted deposits in areas to the north, south and west of Roche Bay. A 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.
John Gingerich
President & CEO
(416) 203-0057 x226