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

Advanced Explorations Inc.

June 27, 2008 16:08 ET

China Steel Resources Investments Ltd. enters into agreement with Melville Capital Corporation

TORONTO, ONTARIO--(Marketwire - June 27, 2008) - Timothy German, President of Melville Capital Corporation ("MCC") has advised that MCC has entered into a term sheet for the financing and support of the MCC agreement with AEI for the financing of the Roche Bay Project by China Steel Resources Investments Ltd. ("CSRI"). The signed term sheet indicates a comprehensive working relationship with AEI, MCC, and various local and territorial aboriginal organizations.

The pulling together of these many different elements into a strong working partnership has required considerable consultation and approval from many participants. This consultative process requires time for all parties to provide full input and will be ongoing for the foreseeable future. Despite the considerable efforts to meet the MCC investment timelines, CSRI and MCC require additional time to complete the administrative and regulatory processing requirements including the release of funds will require an extension of the closing date to July 4th, 2008 which has been granted by the Company.

MCC is working with the Baron Group through their offices in Beijing, Hong Kong and Toronto to facilitate the process and would like to acknowledge their support in enabling the process to continue in an efficient and timely manner.

John Gingerich, President & C.E.O. stated: "We are pleased to provide the opportunity to allow a company of the caliber of China Steel Resources Investments Ltd. to conclude its business with MCC. This represents a potential significant addition to our efforts."

ON BEHALF OF THE BOARD

John Gingerich, President & CEO

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 the Roche Bay iron ore project and 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.

ABOUT Melville Capital Corporation

Melville Capital Corporation is a private equity firm with international relationships to private and institutional funds, strategic industry partners and Aboriginal leadership. The Chairman and CEO of Melville Capital, Mr. Roman Bittman is a prominent Aboriginal Canadian financier and entrepreneur in the resource, environmental remediation and media industries in Canada, the United States and China. He also manages and advises a team that includes senior executives in infrastructure development. Mr. Timothy German, President of Melville Capital, has acted as a consultant and held management positions over the years for both private and public sector resource based companies. Mr. William Thomson is a strategic advisor who has been a senior executive with several national and international public logistics, primary manufacturing and infrastructure companies. Mr. Ernie Belyea is a lawyer with broad management experience and is currently senior corporate counsel for the Ontario Power Authority. Jim Antoine, a former Premier of the NWT and Chief of Liidlii Kue First Nation, has strong relationships with senior levels of territorial and federal governments and leaders in First Nations, Inuit and Aboriginal communities and businesses across Northern Canada.

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