Advanced Explorations Inc.
TSX VENTURE : AXI
FRANKFURT : AE6

Advanced Explorations Inc.

August 17, 2011 11:12 ET

Advanced Explorations Inc. Intersects 237 Metres of 33% Iron at Tuktu Project-Includes 6 Metres of 50% Iron

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2011) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce further drill results from its Tuktu Iron Ore Project located in Nunavut, Canada. Drill-hole 11TT010 intercepted 6 metres of high quality banded iron formation (BIF) grading 50.27% Fe within a broader 236.58 metre interval of BIF grading 32.69% Fe (see table below). This same broad interval also included 16 metres of 40.75% iron.

John Gingerich, President and CEO, commented:

"Drill-hole 11TT010 is another great hole with a plus 235 metre intercept of high quality iron. Along with hole 11TT008 we have now intersected a 50% iron horizon in two parallel drill-holes over 200 metres apart along strike length. It is very encouraging to see consistency in grade, width and higher grade intercepts over a broad scale. The Tuktu drill results demonstrate the outstanding potential of the district's iron formations and the prospect for high grade BIF deposits".

Presented in the table below are the results for drill holes 11TT006, 11TT010 & 11TT013; drill-holes 11TT006 and 11TT013 terminated in BIF.

Summary Table
Drill-hole From (m)* To (m)* Interval* (m) % Fe2O3 % Fe
11TT010 40.69 277.27 236.58 46.74 32.69
including 244.00 260.00 16.00 58.26 40.75
including 244.00 250.00 6.00 71.87 50.27
11TT006 11.38 24.00 12.62 42.11 29.45
and 72.50 162.00 89.50 47.13 32.96
11TT013 10.40 67.13 56.73 45.89 32.10
and 111.66 172.72 61.06 43.73 30.58
* down-hole length, not true width

All holes are drilled at -45 degrees and at 40 to 45 degrees azimuth. All samples were prepared from sawn NQ-sized half-core sections on site in Nunavut. Split drill core samples are then sent to Activation Laboratories Inc. of Ancaster, Ontario for preparation and analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program. AEI's Tuktu program is supervised by Steve Roebuck, P.Geo., the Vice President, Exploration for AEI and a Qualified Person as defined by NI 43-101. Mr. Roebuck 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