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

Advanced Explorations Inc.

November 13, 2008 13:31 ET

Advanced Explorations Inc. Property Update

TORONTO, ONTARIO--(Marketwire – Nov. 13, 2008) - Advanced Explorations Inc. (TSX VENTURE:AXI.H)(NEX BOARD:AXI.H)(TSX VENTURE:AXI) (the "Company" or "AEI") is pleased to announce that progress is being made in its discussions with Roche Bay plc ("RB") to decide on a merged structure that aligns the mine joint venture with the proposed wholly-owned nugget operation. As previously announced on July 14, 2008, September 2nd, 2008 and September 9th, 2008 AEI has an option to acquire an additional 19.9% of the mine joint venture and earn up to 70% interest in the Roche Bay, Nunavut project. AEI and RB have agreed to extend the deadline to exercise the Company's option to earn up to a 70% interest in the Roche Bay mine Joint Venture, Nunavut project from November 15th, 2008 to November 30th, 2008.



John Gingerich, President & CEO of AEI, commented:

"While there is no guarantee that an agreement can be reached to simplify
the business structure, we believe the option extension to November 30th
indicates the good faith of our discussions in providing additional time
to complete negotiations on a potential broader consolidation.
Considerable progress has been made to date and both parties are
confident only two weeks is required to conclude an agreement."


ON BEHALF OF THE BOARD

John Gingerich, President and CEO

ABOUT Advanced Explorations Inc.

Advanced Explorations Inc., based in Toronto, Ontario, is a mining exploration company exclusively focused on developing high quality iron ore opportunities. In early 2007, AEI acquired the option to earn an interest in the Roche Bay Magnetite Project located on the Melville Peninsula in Nunavut, Canada. 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. Located proximal to a natural deep water harbour the Roche Bay deposit benefits from transportation efficiencies possibly making it one of the world's premium iron ore prospects. 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.

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

Contact Information

  • (416) 203-0057 x226