TORONTO, ONTARIO -- (Marketwire) -- 09/07/11 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to announce that work continues in support of the Roche Bay Feasibility Study ("FS"). In addition to this summer's resource and geotechnical drill programs the Company has initiated a number of metallurgical studies looking to optimize concentrate process and quality while reducing the associated operating and capital cost. To date there have been five independent metallurgical studies undertaken (two in Canada, two in Germany and one in China) which support the previously reported results that a high quality concentrate can be produced. The Company does expect to provide a further update on the C- Zone resource as part of this ongoing work with the intention of expanding the FS resource base.
A delegation of 9 from XinXing Pipes Group ("XXP") that includes their technical team from Han-Xing Institute Mining Institute and China Communications Construction Corporation arrived in Canada on September 5th, 2011, to review the technical and financial aspects of the Roche Bay C-Zone project with Wardrop Engineering (A Tetra Tech Company) and AEI. The technical sessions with Wardrop, Golder Associates and AEI teams will include over 20 professionals. Part of the group will also travel to Nunavut to visit the Project and to meet with local and territorial government officials.
With the shareholder and TSX approvals complete (July 28, 2011 press release), the Company is also using this opportunity to collaborate on finalizing the formal Joint Venture Agreement and any terms and conditions associated with implementation of the Joint Venture. Once in place AEI and XXP will be in a position to move forward with the Roche Bay partnership and development.
John Gingerich, President and CEO, commented:
"The Company is pleased to host such a distinguished Chinese delegation whose visit demonstrates a sincere commitment to fully understanding the technical, financial and social aspects associated with the Roche Bay Project. The XXP-AEI Joint Venture represents one of the largest potential Chinese mining investments in Canada. Given the Federal Government recent announcements in respect to supporting responsible mine development in Nunavut, the Company's development plans align well with the social and economic development needs of the north."
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 ("PEA") 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. A feasibility study is currently underway that is examining a concentrate start up operation of 5 million tonnes per year. Future expansions will consider additional concentrate and/or iron nuggets as envisaged in the PEA filed on SEDAR. 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
