Advanced Explorations Inc.
TSX VENTURE : AXI
FRANKFURT : AE6

Advanced Explorations Inc.

November 05, 2009 08:30 ET

Advanced Explorations Inc. Announces New Iron Ore Discovery

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2009) - Advanced Explorations Inc. (TSX VENTURE:AXI)(FRANKFURT:AE6) (the "Company" or "AEI") is pleased to announce it has staked 11 claims resulting in a new iron ore discovery named "Tuktu", the Inuit word for "caribou". Based on the summer 2009 mapping and prospecting program, the claims cover approximately 22,000 hectares of previously unexplored land on the Melville Peninsula in Nunavut, Canada.

Initial spot sampling returned values as high as 50 % magnetite with low contaminant concentration (0.05 % sulphur). Following the discovery in late August, the Company initiated a staking, mapping and systematic sampling program of the mineralized area, which revealed an exceptionally broad zone of massive magnetite mineralization exposed at surface extending over a strike of 2,700 metres and up to 700 metres in width. The mapping program also revealed a gossan area and zones of increased magnetite mineralization which may provide additional high grade targeting opportunities.

John Gingerich, President and CEO, commented:

"The Tuktu discovery was made while ground-truthing magnetic anomalies from existing government geophysical maps. The size of the target area and exposure is impressive, but we will not know the full impact of this new discovery until the assay results have been received. The exceptional width and massive magnetite exposure makes Tuktu an excellent prospect for our pipeline of development opportunities. In addition to the planned development of the Roche Bay project's C-Zone, Tuktu could provide us with further options for the future and with added value for the Company".

The mapping and sampling program focused only on the Tuktu target, which is located in one of the claim blocks. Within the additional 10 claims, over 20 kilometres of similar geology was staked indicating the potential to grow and expand the Tuktu opportunity.

The Tuktu project is located within 60 kilometers of the Roche Bay project area and within 45 kilometres of the ocean. A project location map and images of the Tuktu mineralization can be viewed on the web site (www.advanced-exploration.com).

Background to the Summer Program

It was noted from previous exploration programs that the Banded Iron Formations that host the A, B, C, D and E Zones of the Roche Bay deposits pinch and swell along strike with the Zones defining the broader areas of mineralization. These zones are typically less than 250m in width. With only a portion of the C Zone drilled (357 Mt outlined), the current development plan indicates this resource is already sufficient to support a multi-decade operation.

The regional magnetic trends associated with the iron formations indicate the banded iron formations extend for 150 km north and south of the Roche Bay property. Furthermore, grades up to 40% Fe have been reported in the region from historical programs and remnant zones of weathered high grade (predominantly hematite) as intersected in 2007 drilling indicate potential from additional targets. The Company chose to focus its summer program on selective areas with good exposure that could demonstrate the potential for greater width and high grade iron and might potentially support a future satellite operation or stand-alone development.

Company activities

The Company will be attending the NWT Geoscience Forum in Yellowknife, NT from Nov 17 - 19, 2009 and will also have a booth at the Hard Assets Conference in San Francisco, Nov 21 - 22, 2009.

ON BEHALF OF THE BOARD

John Gingerich, President & CEO

Analysis

Assay results for hand specimen from whole rock analysis with Fe3O4 reporting magnetite content. The Company expects sampling results from the detailed mapping/sampling program within the next 20 days.

ABOUT Advanced Explorations Inc.

Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing high quality iron ore opportunities. With the option to earn a 100% interest in the Roche Bay Magnetite Project located on the Melville Peninsula in Nunavut, Canada, AEI plans to produce high quality granulated pig iron (nuggets) from the 357 million tonnes inferred resource of the project's C-Zone. Led by an experienced management team with technical, exploration and mining expertise the company has the capabilities to rapidly advance the Roche Bay Project and explore other local and global opportunities. Shares of the company trade at the TSX Venture Exchange (AXI) and at the Frankfurt Stock Exchange (AE6). For more information please visit www.advanced-exploration.com.

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.

Contact Information

  • Advanced Explorations Inc.
    (416) 203-0057 x226