Advanced Explorations Inc.
TSX VENTURE : AXI
FRANKFURT : AE6

Advanced Explorations Inc.

August 10, 2011 09:00 ET

Advanced Explorations Inc. Commences Drill Program on C-Zone and Provides Update on Melville Peninsula Field Activities

TORONTO, ONTARIO--(Marketwire - Aug. 10, 2011) - Advanced Explorations Inc. (TSX VENTURE:AXI)(FRANKFURT:AE6) (the "Company" or "AEI") is pleased to provide an update on recent field activities relating to its iron and other mineral prospects on the Melville Peninsula in Nunavut, Canada. As part of the feasibility study at its flagship Roche Bay Iron Project, the Company has commenced a resource expansion drill program on the project's C-Zone. Drill hole RBC-11-93 has been completed to its planned depth of 175 metres and the drill has now collared on its second hole. Additionally, geotechnical engineers from Wardrop Engineering Inc. and EBA Engineering Consultants Inc., two Tetra Tech Companies have just completed a site visit to the Roche Bay Project in order to evaluate potential sites for infrastructure and port development.

Advanced Explorations has further increased its efforts to secure lands relevant to mineral showings on the West Melville Peninsula and has completed additional staking and prospecting within an underexplored, three billion year old greenstone belt. The Company targeted prospective formations that it believed to be similar to the nearby Adamson River nickel showing as described by the Geological Survey of Canada (Open File 6729 with assayed grades up to 8% nickel).

John Gingerich, President and CEO, commented:

"To date, this has been an extremely successful and active exploration season for the Company. With the ongoing work on the feasibility study, high quality results from our Tuktu project and an increased interest in the mineral showings on the West Melville, we are very confident in creating further value in all of our assets".

As part of its on-going environmental program, the Company has also continued to undertake environmental surveys at both Tuktu and Roche Bay projects. Surveys include baseline water sampling, marine and terrestrial mammal surveys (including caribou), raptor and breeding bird surveys, as well as archaeological work. This program constitutes the sixth year of baseline environmental studies for the Roche Bay area, and the initial year of study at the Company's Tuktu Project.

AEI also remains committed to its Alaska Iron Sands Project option (press released May 26th, 2011). Work has been delayed to focus on the Roche Bay Feasibility Study and the increased West Melville activities. The Company anticipates initiating the work program in early Q4 of this year.

Steve Roebuck, P.Geo., the Vice President, Exploration for AEI is a Qualified Person as defined by NI 43-101 and has reviewed and verified the technical information contained in this news release.

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 its Roche Bay Iron Ore Project in Nunavut, one of the world's largest developing iron ore districts. The Roche Bay Project is located proximal to a natural deep water harbour on the east coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an indicated resource of 323 million tonnes, outlined within a small portion of the potential 140 km of banded iron formation. This iron formation incorporates the Roche Bay deposits, the Company's Tuktu deposits and other targeted deposits in areas to the north, south and west of the Company's Roche Bay Project. The preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of either iron concentrate or high value iron nugget products. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.

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.

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Contact Information

  • Advanced Explorations Inc.
    (416) 203-0057 x226