TORONTO, ONTARIO -- (Marketwire) -- 10/26/11 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) today announces the first set of assay results from the 2011 geophysical prospecting program at the Tuktu Iron Project located within 60 km north of the Company's Roche Bay Iron Project on the east coast of the Melville Peninsula, Nunavut. High grade samples of 63.85% and 62.26% iron respectively were taken from banded iron formation ("BIF") on the HABS 2 claim located approximately 6 km from the south-east portion of the Tuktu deposit where a 2011 drill program is about to deliver an initial NI 43-101 compliant resource estimate.
The Tuktu program included mapping and sampling in addition to a ground magnetometer survey that traversed a large cluster of known magnetic anomalies on a 100 metre line spacing. The magnetic trend that yielded the two high grade results on the HABS 2 claim is approximately 3,300 metres long with a distance of approximately 1,600 metres between the high grade samples. There is increased glacial cover in this portion of the claim group and limits of the BIF are more reliably defined by the ground magnetometer survey. Zonation of grades is expected across the BIF sequence, and the true width of the high grade zone will require further trenching and drill testing.
Preliminary results from other zones within the Tuktu claim group are consistent with assays obtained on the Tuktu 1 deposit. Drilling at Tuktu 1 revealed high grade intersections of over 50% iron, and the new sample results greater than 60% iron further validate the potential for Tuktu to produce a direct ship ore product.
Table of sample assay results:
------------------------------------------------------------ Sample ID Claim Name Fe2O3 (%) Fe (%) ------------------------------------------------------------ 11VSP047 HABS 2 91.29 63.85 ------------------------------------------------------------ 11ADP082 HABS 2 89.02 62.26 ------------------------------------------------------------ 11VSP045 HABS 10 56.85 39.76 ------------------------------------------------------------ 11VSP042 HABS 10 56.15 39.27 ------------------------------------------------------------ 11IOP051 HABS 11 52.11 36.45 ------------------------------------------------------------ 11VSP130 HABS 9 51.61 36.10 ------------------------------------------------------------ 11IOP049 HABS 2 51.18 35.80 ------------------------------------------------------------ 11VSP043 HABS 10 50.97 35.65 ------------------------------------------------------------ 11ADP169 HABS 11 50.95 35.63 ------------------------------------------------------------ 11VSP044 HABS 10 50.05 35.00 ------------------------------------------------------------
For a complete table of sample assay results received to date from the Tuktu prospecting program please visit the company website at www.advanced-exploration.com. All samples were submitted to Actlabs of Ancaster, Ontario for XRF geochemical analysis.
John Gingerich, President and CEO, commented:
"We are very encouraged by this recent high grade discovery at our Tuktu Project as we believed to see similar grades as Baffin Island's Mary River deposit within our property, based on the steadily increasing iron values found during this summer's drill program. The sample results clearly indicate a potential for direct ship ore from Tuktu and with the feasibility study for the Roche Bay Project's C Zone near completion, these impressive results for Tuktu add further production dimensions to the Roche Bay Project. Considering its close proximity, high grade ore mined at Tuktu could be direct shipped using Roche Bay infrastructure. As Roche Bay is at a very advanced stage, this discovery also adds significant flexibility to the development scenarios within the Melville Peninsula iron district."
All samples comprised grab samples or channel samples that were initially prepared for analysis at a facility located in Hall Beach. "Prepped" samples are then sent to Activation Laboratories Inc. in Ancaster, Ontario for analysis. Due to the inherent variability in rock grab sampling QC samples are not normally inserted in the grab sample stream, however, internal lab QC data was examined with no issues noted. All samples were analyzed by the XRF geochemical method. AEI's Melville exploration program is supervised by Steve Roebuck, P.Geo., Vice President, Exploration for AEI and a Qualified Person as defined by NI 43-101. Mr. Roebuck has reviewed and verified the technical information contained in this news release.
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.
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Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226
www.advanced-exploration.com
