Advanced Explorations Inc.
TSX VENTURE : AXI

Advanced Explorations Inc.

October 30, 2007 08:50 ET

Advanced Explorations Inc. Announces a $6,792,000 Flow Through Financing and an Offtake Agreement With Chinese Company

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2007) - Advanced Explorations Inc. (TSX VENTURE:AXI)(the "Company") is pleased to announce that subject to TSX approval it intends to raise $6,792,000 through a non-brokered private placement sale of 2,400,000 Flow Through units in the Company at the price of $2.83 per unit. Each unit comprises one common share of the Company and one half non-flow through share purchase warrant, wherein each whole share purchase warrant shall be exercisable at the price of $3.88 per common share. All issued Shares and issuable Shares pursuant to the exercise of share purchase warrants will be subject to a 4 month hold period from the date of issuance of the units. All warrants are exercisable for a term of 2 years from the date of distribution of the units. In connection with the private placement the company will pay total commissions of 10% cash and 5% compensation warrants priced at $2.83 with a 2 year term.

The Company is also pleased to announce that First China Capital Group Ltd. has acted as the Company's exclusive advisor in China and has facilitated an offtake agreement with a Chinese mine finance company and Roche Bay Plc ("Roche Bay"). The Joint Venture of the Company and Roche Bay have agreed to supply 1,500,000 metric tons of concentrate and/or pellets per year for a period of 10 years upon successful development of the Roche Bay magnetite iron project located in Nunavut, Canada. The agreement is subject to completion of a final Sales Contract and a project development and production decision.

John Gingerich, President and CEO commented;

"We are extremely pleased that the Company has been able to enter into an offtake agreement at such an early stage of the program. This agreement underscores the confidence of our team and others that we will be able to deliver a viable iron ore mine at Roche Bay. The Company has been working this project for only 5 months. This is just the first step of what we expect will be many more positive things to come."

ON BEHALF OF THE BOARD

John Gingerich, President & CEO

ABOUT Advanced Explorations Inc.

AEI, based in Toronto, Canada, has been developing a strategy to leverage its expertise and experience in identifying business opportunities within the Resource sector. The company has recently expanded its capabilities in iron ore exploration and development with the acquisition of strategic management personnel. AEI has the management, technical and exploration expertise and experience to rapidly advance the Roche Bay magnetite project, as well as develop new opportunities in the area and globally. The Roche Bay magnetite project located proximal to a natural port makes it potentially one of the world's premier iron ore opportunities. Shares of the company trade on the TSX Venture Exchange under the symbol AXI. For more information please visit www.Advanced-Exploration.com.

ABOUT First China Capital Group Ltd.

First China Capital Group is a consulting and fund placement advisory firm. For more information on FCC please visit www.firstchina.ca.

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 of 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.

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN.

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