Advanced Explorations Inc.
TSX VENTURE : AXI
FRANKFURT : AE6

Advanced Explorations Inc.

April 26, 2011 08:32 ET

Drilling Underway on Advanced Explorations Inc.'s Tuktu Iron Ore Project

TORONTO, ONTARIO--(Marketwire - April 26, 2011) - Advanced Explorations Inc. (TSX VENTURE:AXI)(FRANKFURT:AE6) (the "Company" or "AEI") is pleased to announce drilling is underway at the Tuktu Iron Ore project located 60 km north of the Company's Roche Bay Project on the east coast of the Melville Peninsula in Nunavut, Canada.

The first fence of 250 metre deep diamond drill holes will test the heart of Tuktu 1, a 2600 metre banded iron formation (BIF) where its width has been mapped to approximately 700 metres. The drilling program is designed to establish a NI 43-101 compliant resource. Detailed mapping and systematic sampling done in 2009 indicates a BIF with an average surface grade of approximately 34% total iron and low deleterious elements.

The first-phase 3,000 metre drill program will test the BIF on 400 metre line spacings and is part of a larger exploration program (up to 6,000 metres) planned for the Tuktu area in 2011. If the drill program proves successful more drilling as well as detailed mapping for the entire area is anticipated.

John Gingerich, President and CEO, commented:

"The Tuktu drill program will provide a greater insight to the resource potential of the East Melville Peninsula area iron formations. Delineating the first billion tonnes of iron ore resource along but a fraction of the Tuktu target area will allow the Company to draw conclusions as to the expanded scope of production that could be supported. The enhanced level of technical understanding will result in a clearer picture as to economic and partnering scenarios for a satellite operation".

Advanced Explorations also wishes to announce that, pursuant to the Company's Stock Option Plan approved at the June 16, 2010 Annual General Meeting and subject to TSX approval, it intends to issue a total of 585,000 options to management, consultants and employees at a price of $0.65 per common share exercisable in whole or in part on or before five years from the date hereof.

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