Advanced Explorations Inc.
TSX VENTURE : AXI
FRANKFURT : AE6

Advanced Explorations Inc.

September 14, 2010 08:52 ET

Advanced Explorations Announces Two New Iron Ore Discoveries

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2010) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce encouraging iron results on two of its recent property acquisitions as press released on August 23rd, 2010. Banded iron formation ("BIF") exposed approximately 25 km southwest of the Roche Bay C-Zone returned a spot analysis of 61.3% Fe2O3 (42.9% Fe) with no significant deleterious elements present (S < 0.01%). On claims located 40 km to the west of Tuktu (last year's discovery) spot sampling of a massive magnetite rich zone averaged 52.6% Fe2O3 (36.8% Fe). The Company has now delineated BIF extending over 100 kilometres of strike on the eastern coast of the Melville Peninsula in Nunavut, Canada.

A total of 8 claims were staked in August to cover 15 kms of the exposed banded iron formation (named "F-Zone") from which the 43% Fe result was obtained. Initial outcrop prospecting of the F-Zone indicates a width of approximately over 100 metres. The F-Zone airborne magnetic expression is similar to the C-Zone which has an average width of 200 metres. Preliminary observations suggest there is potential to develop an additional large tonnage resource in this area.

The F-Zone discovery falls within the area of interest around the Roche Bay development as being discussed with XinXing Pipes Group (XXP). The added tonnage potential and higher grade will likely provide additional upside potential to what is already a significant development opportunity.

John Gingerich, President & CEO, commented:

"The F-Zone results verified our assessment that the strong regional magnetic trends are associated with the magnetite rich banded iron formations. The government airborne magnetic data indicate the banded iron formations extend for 150 km north and south of the Roche Bay property. The Tuktu and F-Zone discoveries suggest potential for higher iron grades than the C-Zone and also lower associated deleterious elements. This bodes well for additional future exploration success in the area.

The western iron ore discovery ("Siksik", from the Inuit word for "Squirrel") was made while following up on historical precious and base metal showings. The Company expects to release additional information on these other properties in the near future."

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. All samples were analyzed at Actlabs Ancaster facility.

ON BEHALF OF THE BOARD

John Gingerich, President & CEO

ABOUT Advanced Explorations Inc.

Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing high quality iron ore opportunities. Currently, the company holds interests in projects located in Nunavut with low infrastructure needs. The Roche Bay magnetite project is located on the coast and is bolstered by a deep water access to its eastern coast. The Company intends to build upon logistical benefits when developing its current projects at Roche Bay and Tuktu. AEI plans to produce high quality iron products from the 357 million tonnes inferred resource of the project's C-Zone. Its preliminary economic assessment for the project indicates a potential US $2.76 billion net present value, a minimum of 50 years mine life and a return on investment between three and five years. Led by an experienced management team with technical, exploration and mining expertise the company has the capabilities to rapidly advance the Roche Bay and Tuktu Projects and explore other local and global opportunities.

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