Advanced Explorations Inc. Provides Update on Its Alternative Power Initiatives
TORONTO, ONTARIO -- (Marketwire) -- 04/10/12 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) announced on April 3rd, 2012 that it had entered into a partnership with the Government of Nunavut to jointly investigate alternative power solutions that can be deployed at AEI's Roche Bay site as well as other communities and projects located in Nunavut. The Company has been primarily investigating deployment of fully integrated LNG power opportunities as a lower cost alternative to Arctic diesel and recognized the potential synergies and benefits in respect to Nunavut's socio-economic objectives. AEI will continue to develop power solutions for its Roche Bay Project and the knowledge gained is to be leveraged to examine how engineering design may incorporate broader based solutions that can be deployed elsewhere in Nunavut.
Initial investigations have not identified any fatal flaws in the approach, and AEI is very encouraged as to the impact LNG Power may have to unlock significant value in its development scenarios. Accordingly, AEI will continue to focus on its iron ore projects while forming a new company that will independently pursue the Remote Power business opportunity. This new entity will be responsible for the development and implementation of the business plan and for a more effective collaboration with the Government of Nunavut and other potential end users. The future of LNG in North America is very promising and this new company could be well positioned to take advantage of emerging opportunities. In addition to LNG there are certain other renewable energy options such as wind power technology which has advanced considerably. These other important energy alternatives could contribute to lower project costs and accordingly, will also be examined.
This combined AEI and Government of Nunavut initiative has recently been profiled on CBC News and Nunatsiaq News. The articles can be viewed on the respective websites of CBC News
and Nunatsiaq News
John Gingerich, President and CEO of Advanced Explorations Inc. stated;
"We have established a very important collaborative relationship with
our Nunavut partners, and it is our intention to expand upon this
relationship at both the community and National level as there are
broader implications of this initiative. We believe this will progress
as a project benefit to all stakeholders and as this business case
evolves we expect added benefits to our shareholders through these
continued corporate initiatives."
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 iron concentrate 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