Advanced Explorations Inc.
TSX VENTURE : AXI.H
NEX BOARD : AXI.H
TSX VENTURE : AXI

Advanced Explorations Inc.

August 18, 2008 09:36 ET

Advanced Explorations Inc Intersects 144m of 29% Fe

TORONTO, ONTARIO--(Marketwire – Aug. 18, 2008) - Advanced Explorations Inc. (TSX VENTURE:AXI.H)(NEX BOARD:AXI.H)(TSX VENTURE:AXI) (the "Company or AEI") is pleased to announce new results from drilling on its Roche Bay iron project in Nunavut. To date, 48 NQ-sized drill holes, totaling over 14,500 metres, have been collared along almost five kilometres of strike length of the Banded Iron Formation (BIF) C-Zone.

John Gingerich, President & CEO of AEI, commented;



The Company continues to intersect zones of high grade iron
mineralization over the entire strike of the C Zone as indicated by the
interval of 34% Fe over 54 metres in hole RB-08-55. The resource
statement and preliminary economic assessment is expected to be
completed in the near future. We are pleased with the results obtained
to date, and we anticipate to further define the resource potential of
the property as drilling is to commence shortly on the A and B zones.


The 2008 drill campaign has been successful in delineating the massive mineralized body with additional holes targeting the broadest high-grade areas first drilled and reported in 2007, filling-in through vast stretches of un-drilled and un-tested ground and proving the BIF continues to depth.

Current drill production is about 1500 metres per week. The drill core is being logged on site by a group of six geologists, photographed, sampled and sawn in half by core technicians. Assays published to date represent only a small fraction of what will be released over the next few months as SGS Lakefield catches up to the current back log of samples.

The Company also wishes to announce that it has entered into amended finder's fee agreements (the "Amended Finder's Fee Agreements") with two finders (the "Finders") in connection with the Roche Bay Option Agreement which was originally announced on February 12, 2007 as summarized below.

ON BEHALF OF THE BOARD

John Gingerich, President and CEO

Drilling Summary:



Drill results have been returned from holes RBC-08-50 TO RBC-08-58, as
presented in the table below. Highlights of the results include:

-------------------------------------------------------------------------
Hole Line Coordinate Dip From To Interval % Fe
-------------------------------------------------------------------------
Number (N) (W) (m) (m) (m)
-------------------------------------------------------------------------
RBC-08-50 11200 950 -60 64.3 208.7 144.4 29.00%
-------------------------------------------------------------------------
including 64.3 166.7 102.4 29.37%
-------------------------------------------------------------------------
including 186.7 208.7 22.0 32.02%
-------------------------------------------------------------------------
RBC-08-51 13800 900 -45 NO SIGNIFICANT INTERSECTIONS
-------------------------------------------------------------------------
RBC-08-52 10400 950 -55 84.79 113.3 28.5 29.44%
-------------------------------------------------------------------------
138.8 401.6 262.8 27.61%
-------------------------------------------------------------------------
including 138.8 212.4 73.6 31.63%
-------------------------------------------------------------------------
including 212.4 345 132.6 20.98%
-------------------------------------------------------------------------
including 345 401.6 56.6 31.42%
-------------------------------------------------------------------------
RBC-08-53 11200 850 -55 3.46 91.46 88.0 28.93%
-------------------------------------------------------------------------
RBC-08-54 13800 1000 -45 46.35 73.03 26.7 23.49%
-------------------------------------------------------------------------
191 218.5 27.5 27.27%
-------------------------------------------------------------------------
RBC-08-55 10400 900 -75 49.87 82.81 32.9 24.15%
-------------------------------------------------------------------------
82.81 142.2 59.4 30.38%
-------------------------------------------------------------------------
337.4 392.3 54.9 34.15%
-------------------------------------------------------------------------
RBC-08-56 10400 900 -75 15.51 38.61 23.1 29.12%
-------------------------------------------------------------------------
77 104.8 27.8 27.65%
-------------------------------------------------------------------------
RBC-08-57 9600 675 -45 4.3 50.57 46.3 26.05%
-------------------------------------------------------------------------
RBC-08-58 9600 675 -65 8 112 104.0 27.18%
-------------------------------------------------------------------------


Gary Williams P. Geo and VP of Advanced Explorations Inc., is the QP within the meaning of 43-101 and has reviewed and approved the content of this release.

Analysis: All the recent drill core analysis reported in this release was performed by SGS Lakefield Research. At SGS samples are analyzed for total Fe using XRF techniques. SGS also undertakes Satmagan analysis to estimate the portion of magnetic iron. The company augments the laboratory QA/QC procedures by selectively adding additional control samples. Core sample intervals for 2007 were 1 metre and increased to 2 metres except where intervals cross geologic boundaries in which case the sample length is adjusted accordingly.

Finder's Fee Agreement:

The Finders were paid an original finder's fee based on a percentage of the exploration expenditures to be made by the Company under the Roche Bay Option Agreement which was estimated to be $5,775,800. The Amended Finder's Fee Agreements allow for payment of a further finder's fee (the "Further Finder's Fee") on as a percentage of the exploration expenditures in excess of $5,775,800 (the "Excess Expenditures").

Further Finder's Fees of 2% and 1% will be payable to the two parties respectively as follows:



a) for Excess Expenditures incurred from June 4, 2007 to June 30th,
2008, the Further Finder's Fee shall be payable within five business
days of the approval by the TSX Venture Exchange (the "Exchange"). If
the Company elects to pay such Further Finder's Fee in shares of the
Company, the deemed price per share shall be equal to the closing
price of the shares on the date of this announcement;

b) for Excess Expenditures incurred from July 1st, 2008 to December
31st, 2008, the Further Finder's Fee shall be payable within five
business days after March 31st, 2009 and for Excess Expenditures
incurred in 2009 and every calendar year thereafter, the Further
Finder's Fee shall be payable within five business days after March
31st of each subsequent year. The Company may elect to pay such fees
in shares of the Company.


Approval of the Exchange is a condition precedent of the amended finder's fee agreements. Once the agreements are approved, each share issuance made pursuant to the agreements will require Exchange approval.

ABOUT Advanced Explorations Inc.

AEI, based in Toronto, Canada, is exclusively focused on developing high quality iron ore opportunities. In early 2007 the Company 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 which was acquired in June, 2007, as well as develop new opportunities in the area and globally. The Roche Bay magnetite project is located proximal to a natural harbour which 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.

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.

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

Contact Information

  • (416) 203-0057 x226