TORONTO, ONTARIO--(Marketwire - Aug. 31, 2012) - Advanced Explorations Inc. ("AEI" or the "Company") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce that, as per the recent agreement with XinXing Ductile Iron Pipes Group Co. Ltd. ("XDIP") to further explore the Tuktu 2 anomaly (press released August 21, 2012) an accelerated exploration program has been initiated that is primarily focused on delineating the extent of the high grade iron mineralization where surface sampling in June of this year returned iron values of up to 69.3% Fe.
The field program will include drill testing of the Tuktu 2 anomaly, conducting more extensive surface sampling along strike, as well as geophysical surveys designed to help define the extent of high grade mineralization in the covered areas. The objective of the program is to better understand the geologic target and validate the potential to discover sufficient high grade material to support a direct-ship ore operation. Following completion of this program the Company and XDIP will assess results and determine whether additional work is required.
John Gingerich, president & CEO, commented:
"The Tuktu 2 target has indicated the potential for discovering high grade resources suitable for direct-ship. With the AEI holdings in the area exceeding 100 square kilometres, we believe there is potential to find additional mineralized zones of similar grades as the Tuktu 2 prospect. This is a very exciting time for the Company."
The Company also wishes to announce that Mr. Steve Roebuck, who has served as AEI's VP Exploration since June 2008, has resigned to accept a senior position offered by another company. AEI thanks Mr. Roebuck for his dedication and wishes him every success in his future endeavours.
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 its Roche Bay and Tuktu Iron Ore Projects in one of the world's largest developing iron ore districts, the Melville Peninsula in Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140 km of banded iron formation. A positive feasibility study for the project's C Zone revealed a net present value of $642M on a base case 5.5 Mtpa start-up concentrate operation and substantial upside potential including becoming a low quartile cost producer. To date, the Company has delineated over 1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits and continues to explore other targeted deposits in areas to the north, south and west of Roche Bay. 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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