Advanced Explorations Inc.
TSX VENTURE : AXI

Advanced Explorations Inc.

June 14, 2007 10:28 ET

Advanced Explorations Inc. Announces Update on Activities

TORONTO, ONTARIO--(Marketwire - June 14, 2007) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI) is pleased to announce that the Company has completed establishment of a 40 man exploration camp on the Roche Bay, Nunavut iron ore project. The Company has mobilized two drills to site and the contractor (Boart Longyear) is expected to have the first drill coring by the end of this week and the second drill early next week. The Company objective is to complete a minimum of 15,000 meters of drilling before the end of the exploration season.

The Company is also in the process of tendering contracts to extend the environmental baseline studies started last year and conduct further bathymetric studies of Foxe Basin. The Company will also undertake additional metallurgical work and initiate a number of engineering studies to better understand potential development costs.

The Company has also signed a Memorandum of Understanding (MOU) in which AEI has entered into a partnership and option agreement with A Better Search Inc. ("Better Search") to pursue iron ore opportunities in Quebec.

The Company has a 4 month exclusive period to review all Better Search's holdings to identify projects to option. In addition, Better Search will collaborate with AEI during the next 12 months to identify other iron ore projects to acquire. As part of the option and collaboration agreement, the Company will pay Better Search 200,000 common shares of the Company and $25,000. For each project of merit optioned from Better Search during the 4 month exclusive period, the Company will provide an additional 300,000 shares and $150,000. No additional compensation will be provided to Better Search for claims/projects acquired under the collaboration agreement. The MOU is subject to TSX approval.

Furthermore the Company has successfully listed on the Frankfurt, Germany stock exchange under the symbol AE6.

ON BEHALF OF THE BOARD

John Gingerich, President & CEO

ABOUT Advanced Explorations Inc.

AEI, based in Toronto, Canada, has been developing a strategy to leverage its expertise and experience in identifying business opportunities within the Resource sector. The company has recently expanded its capabilities in iron ore with the acquisition of strategic management personnel. AEI has the technological and exploration expertise to assist advancement of the Roche Bay iron ore project, as well as develop new opportunities in the area and globally. Shares of the company trade on the TSX Venture Exchange under the symbol AXI.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the 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.

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.

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

Contact Information

  • Advanced Explorations Inc.
    John Gingerich
    President & CEO
    (416) 570-3250