Advanced Explorations Inc.
TSX VENTURE : AXI
FRANKFURT : AE6

Advanced Explorations Inc.

June 30, 2011 09:25 ET

Advanced Explorations Inc. Obtains Shareholder Approval for XinXing Pipes Group Joint Venture Agreement

TORONTO, ONTARIO--(Marketwire - June 30, 2011) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce positive voting results from its June 29th Annual General and Special Meeting ("AGM") including a 99 % approval vote for the proposed Joint Venture with XinXing Pipes Group ("XXP") as further described in the Management Information Circular dated May 30th, 2011. The results of the AGM are being submitted to the TSX Venture Exchange to obtain regulatory approval.

In addition, two new directors have been appointed to the AEI board: Mr. Zeng Yaogan, XXP's nominee for the AEI board, and Mr. Robert Telewiak.

John Gingerich, President and CEO, commented:

"The strong vote of our shareholders in favour of the Company entering into a Joint Venture with XXP demonstrated their confidence in our business strategy for our flagship asset at Roche Bay. With Messrs. Telewiak and Zeng being welcomed to our board, we have further strengthened our team and also provided our partner with an opportunity to actively be involved as AEI is moving forward. We are also very appreciative of Bernie Swarbrick's longstanding contributions to the board of directors of AEI and look forward to benefiting from his continued involvement and executive role as Vice President, Capital Projects & Studies to the Company".

Zeng Yaogan is the Vice President and Secretary of the Board of Directors of Shenzhen (China) listed company XinXing Ductile Pipes Co. Ltd.("XDIP") (Ticker: 000778). Mr. Zeng joined XDIP in 1982, and has over 30 years of operational experience within the Chinese Steel and Iron industry. His role in XDIP has evolved from a technology focus to managing XDIP's investments and securities related matters. Mr. Zeng has been Secretary of the Board of XDIP since 1997, and Vice President of XDIP since 2006.

Prior to joining the AEI board of directors, Robert Telewiak was the senior vice president environment, health and safety for Falconbridge from 1996-2006 and has held executive positions with Natural Resources Canada spreading over 20 years from 1976 to 1996. With his wealth of experience, Mr. Telewiak has contributed to the board of numerous industry associations, such as the Mining Association of Canada.

Once AEI obtains all the required regulatory approvals, the company will work with XXP to quickly conclude the Feasibility and Joint Venture process.

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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

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