Advanced Explorations Inc.

Advanced Explorations Inc.

July 13, 2007 02:00 ET

Advanced Explorations Inc. Drilling Identifies Mineralized Zone of 230 Metres

TORONTO, ONTARIO--(Marketwire - July 13, 2007) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI) is pleased to announce that the Company has completed the first three holes of a proposed 15,000m drill program on the Roche Bay magnetite project located on the East Melville Peninsula. The first two holes were drilled -45 degrees to the east on section 100 meters apart and the third hole -450 west to test the geometry of the banded iron formation sequences exposed in outcrop and mapped by airborne magnetics.

Drilling to date has identified two zones of semi-massive to massive banded iron formation. The main zone (Zone 1) is approximately 230m true thickness, while the second zone is intermittent iron formation over 140m true thickness. Two drills have completed 934m of drilling in the first three holes. The 4th drill hole is located 400m along strike to the south with the 5th hole to be drilled 3600m to the south, to test the strike potential of Zone 1.

Drill Hole Summary (Section 1400S):

Hole Dip Hole Depth Iron Fm Iron Fm Interval Target
(from) m (to) m (m)
RB-07-01E -45 degrees E 400m 3 29.5 26.5 Zone 1
149.8 348.5 Intermittent Zone 2
RB-07-02E -45 degrees E 350m 3 188 185 Zone 1
RB-07-03W -45 degrees W 184m 3 150 147 Zone 1
RB-07-04E -45 degrees E In progress 3 85 82 Zone 1

The first batch of split core samples is expected to be delivered to SGS Lakefield for analysis in the next 10 days and preliminary analytical results are expected by the first week of August.

The property consists of 4 mining leases on outcroppings of a banded iron formation. The eastern most exposures are ideally located being within 6 kilometers of tide water. Airborne magnetics and ground mapping indicate approximately 13 km of iron formation within the two eastern leases. Similar strike potential has been identified on the other two leases.

The current program is focused on the C Zone which was one of 5 zones (A,B,C,D and E) identified in previous exploration programs undertaken in the early 1980s. Based on the field work in 1982, a tonnage of 1.14 billion was estimated with an iron grade between 24% and 34%. The potential quantity and grade is conceptual in nature, as there has been insufficient exploration to define a mineral resource. Although these historical references of resource potential are relevant to recognizing the potential of the Roche Bay Property, they should not be relied upon and accordingly no claim to resources under NI 43-101 is made. The Company has not verified the classification of the historic resource references and is not treating them as NI 43-101 defined resources as defined in Sections 1.2 and 1.3 of NI 43-101.

"We are very pleased with progress to date and very encouraged by the drill results." John Gingerich, President and CEO of Advanced Explorations Inc. went on to say, "We completed our initial financing only 5 weeks ago (June 4th) and now have two drills turning and already close to 1000m drilled. This is testament to the quality and dedication of our team.".

Gary Williams P. Geo and VP of Advanced Explorations Inc is the QP within the meaning of 43-101. The geologic information within this release is in part extracted from a qualifying report filed on Sedar (Paul Palmer, et al of Golder Associates Ltd.). The content of this release has been reviewed by the QP who approves the content of this release.


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 management, technical and exploration expertise and experience to rapidly advance the Roche Bay iron ore project, as well as develop new opportunities in the area and globally. The Roche Bay magnetite project located proximal to a natural port makes it one of the world's premier iron ore opportunities. Shares of the company trade on the TSX Venture Exchange under the symbol AXI.

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.


Contact Information

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