Advanced Explorations Inc. Corrects Misinterpretation
TORONTO, ONTARIO -- (Marketwire) -- 04/30/12 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) confirms that a third party is responsible for misleading filings as posted on the TMX website for insider trading reports. Recent changes to regulatory filing rule permit a company/individual to declare themselves a significant shareholder without approval or knowledge of the Company. These trades are then marked by brokers and fed into the TMX insider trading reports providing misleading information to the market that "Insider Trading" is occurring, a circumstance that has caused unnecessary concern amongst shareholders. On April 26, 2012, the Company reported on this issue and, unfortunately, misreporting by some of the news agencies provided further misleading information in that they did not recognize that AEI had reported the issue to the Investment Industry Regulatory Organization of Canada ("IIROC"). The investigation is of an unknown third party trader and not AEI.
The Company has also reported to IIROC that it has concerns the same third party that has declared themselves as a significant shareholder may have also been involved in suspicious or manipulative trading practices at end of day. Furthermore, AEI is also investigating whether the third party is acting in concert with those responsible for negative off-market activities directed at the Company. The Company will provide further information to the shareholders as it becomes available.
John Gingerich, President & CEO commented:
"Privacy and confidentiality rules significantly limit our ability to investigate these irregular activities. We advise that shareholders who have acted on misinformation and are concerned they may have been harmed by these actions to report their concerns. If the ongoing investigation does reveal these activities are related, appropriate actions will be taken."
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