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

Advanced Explorations Inc.

May 30, 2008 08:30 ET

Advanced Explorations Inc. Project Update

TORONTO, ONTARIO--(Marketwire - May 30, 2008) - Advanced Explorations Inc. (the "Company or AEI") is pleased to announce that work is progressing on its economic study and diamond drill program on the Roche Bay iron ore project. MAN Ferrostaal of Germany is leading the Team undertaking the economic and technical review. After several meetings the Team has concluded that the study will focus on determining the viability of a mine operation supporting 7 million tonnes of pellet production per year. The objective is to complete the updated resource calculation and Preliminary Economic Assessment this summer with delivery of the final Pre-Feasibility study by the fall of this year.

The Company initiated this year's drill campaign with two drills and is in the process of expanding to four drills. To improve assay turnaround time SGS Lakefield is operating a sample preparation laboratory located in Hall Beach, 60 km north of the project. Approximately 2000 metres of drilling has been completed and the first assay information is expected in the near future. Golder Associates is currently working on the resource calculation that is to be used as part of the aforementioned economic and technical studies.

John Gingerich, President and CEO of AEI, commented;

"The Company is pleased with the contributions of the pre-feasibility team in helping to assess the potential development options. We have been very encouraged by the results to date and look forward to having the reports completed and being able to release to the public. I continue to be impressed with the strength of our team and the progress we have made in only one year's timeframe."

The company is also pleased to announce that Steve Roebuck has joined the company as Vice President Exploration. With over 15 years of mining and exploration experience, Steve's extensive knowledge in the field will add a significant value to AEI's team of qualified specialists. As a past production engineer and production geologist at BHP Billiton's EKATI Diamond Mine, Steve spent numerous years in the arctic and was involved in large drill campaigns providing him with true hands on experience in the design and implementation of exploration and delineation drill programs.

Recently, Steve held positions at resource and mining companies such as VP, Development at Scorpio Gold Corporation and VP, Exploration at Forest Gate Resources. Being a trained Six Sigma Black Belt Coach, Steve developed superior management skills which will benefit him in leading the team of consulting engineers, geologists and contractors involved in the Roche Bay Magnetite Project.

ON BEHALF OF THE BOARD

John Gingerich, President & CEO

Tel: 1-416-203-0057

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.

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

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.

Contact Information

  • Advanced Explorations Inc.
    John Gingerich
    President & CEO
    (416) 203-0057