Advanced Explorations Inc.
TSX VENTURE : AXI
FRANKFURT : AE6

Advanced Explorations Inc.

July 14, 2011 12:00 ET

Advanced Explorations' Initial Drill Results Confirm Iron Ore Mineralization at Tuktu Project

TORONTO, ONTARIO--(Marketwire - July 14, 2011) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce initial drill results from its Tuktu Iron Project located in Nunavut, Canada. Drill intercepts to date confirm that Tuktu has a drill defined strike length of over 2000 metres of Banded Iron Formation ("BIF") of the 2,600 metres of mapped strike on surface. The entire bedrock intersection of hole 11TT007 was within BIF with occasional narrow dykes, with 167.1 metres grading 31.8% Fe. Mineralization within this drill hole increases to the northeast with the bottom 65.3 metres grading 32.2% Fe.

Drill hole 11TT002, drilled approximately 350 metres along strike to the west of hole 11TT007, intersected 71.74 metres of BIF averaging 32.8% Fe before encountering 22 metres of metasediments and then re-entered BIF. Drill hole 11TT001 intersected a zone of significant structural complexity with alteration and limited zones of BIF within the first 112 metres and terminated in a thick sequence of metasediments. The zone corresponds on surface with a mapped mafic dyke. Detailed geologic work will be done to assess the economic potential of the structural zone for other types of mineralization.

Summary Table
Drillhole From (m)* To (m)* Interval* (m) % Fe2O3 % Fe
11TT001 6.53 112.39 105.86 33.64 23.53 complete prelim. data
including 6.53 24.95 18.42 41.39 28.95 complete prelim. data
and 85.00 110.00 25.00 41.96 29.34 complete prelim. data
11TT002 3.61 75.35 71.74 46.85 32.77 complete prelim. data
11TT007 5.80 215.00 209.20 43.74 30.41 complete prelim. data
including 47.90 215.00 167.10 45.70 31.78 en route to lab
and 81 124.4 43.4 47.65 33.14 en route to lab
and 149.7 215 65.3 46.25 32.16
* downhole length, not true width

To date, the Company has received only partial results from holes 11TT003 and 11TT004, and these holes and others will be released once complete data is obtained and reviewed by the geologic team responsible for the drilling.

John Gingerich, President and CEO, commented:

"We are very pleased with the preliminary results from our Tuktu Project as they demonstrate high BIF grades associated with Tuktu 1. The initial assays confirm our expectations of Tuktu, and we remain confident the Tuktu 1 deposit will prove to be an important addition to AEI's high quality iron ore assets."

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 Ancaster, Ontario for 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 is responsible for 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