TORONTO, ONTARIO -- (Marketwired) -- 03/20/14 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) announced today that Mr. Eric Guo will be taking over the role of Chief Executive Officer for the Company while Mr. Gingerich will continue in his current roles as President and Board Chairman. Mr. Guo, who has served as a Board member since November 2009, has been actively involved in the day to day operations of the Company over the past year and is directly responsible for securing the recent partnership with Hebei Han-Xing Institute of Mining & Metallurgy Design Co., Ltd. ("Han-Xing") as press released February 27th, 2014. Mr. Guo has been a significant contributor in assisting the expansion of AEI's China network. China being the world's largest consumer of iron ore (greater than 800 mt seaborne trade annually) has clear objectives and mandates to enhance their interest in the off-shore supply side (mines). During the last three years, as director of AEI, Mr. Guo has established solid relationships with steel companies, iron ore trading companies, as well natural resources investment funds from China. As CEO, the Company anticipates Mr. Guo can more effectively consolidate on a number of new opportunities available to AEI.
John Gingerich, President stated;
"While I will remain in my role as Chairman and president, this change presents a valuable opportunity for Eric to capitalize on his strengths. He has been an important contributor to Advanced Explorations Inc., and his new position reflects our faith in his ability to secure partnerships and financings from China that will allow the Roche Bay project to move forward to development. His industry passion and unique insights will serve him well in his new role. In addition, I would like to extend my gratitude to Eric in stepping up and taking on a more active role during the previous year. His commitment to AEI has made a difference."
About Mr. Guo:
Eric Guo joined Advanced Explorations' Board of Directors in November 2009. He and his associates have over 10 years of international experience providing financial services and facilitating a broad range of M&A activities including the direct investment of millions of dollars into resource and technology markets, both from China to Western Markets and Western Markets into China. This experience has led to a clear understanding as to the investment needs and expectations of Western and Asian investors.
ON BEHALF OF THE BOARD
John Gingerich, President & Chairman
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 positive feasibility study for the project's C Zone revealed a net present value of $642M on a base case 5.5 Mtpa start-up concentrate operation and substantial upside potential including becoming a low quartile cost producer. 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. 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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Advanced Explorations Inc.
Advanced Explorations Inc.
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