Eurolife Building, Suite 3G
1 Corral Road
P.O. Box 515
Gibraltar
TEL: +350.59995 or +44 (207) 101 9425
FAX: +44 (207) 900 3292
www.rochebay.gi
ROCHE BAY PLC ANNOUNCES JOINT VENTURE WITH
ADVANCED EXPLORATIONS INC
Gibraltar, 7 June, 2007
Roche Bay plc (US OTC: RCHBF) is pleased to announce the formation of a joint
venture with Advanced Explorations Inc (TSX: AXI) of Toronto to develop part of
Roche Bay's extensive iron ore deposits in northeastern Canada.
Full details of development plans for the joint venture are available in a
separate release issued today by Advanced Explorations. As part of the
agreement, Advanced Explorations becomes the operator of the project and, as a
consequence, Roche Bay has become a holding company of iron ore assets rather
than an operating mining exploration company.
Roche Bay is also announcing a dividend to be issued to shareholders of record
on 4th June 2007. This dividend will grant one Advanced Explorations Inc share
purchase right for every two shares of Roche Bay plc held. Due to a four month
hold of the rights by Roche Bay the dividend issue date will be Monday 8th
October to the shareholders. The rights that are being distributed enable Roche
Bay shareholders to purchase Advanced Explorations Inc shares for up to three
years from 4th June at Canadian $0.35 per share.
At the Company's Annual General Meeting on 26th June, Roche Bay shareholders
will be asked to decide whether shareholders resident in the United States will
be given the option to receive the dividend share rights either as fully-paid
shares or as a cash equivalent, so that Roche Bay plc does not conduct a US
offering of Advanced Explorations share rights.
This dividend represents the first step in providing market value to Roche Bay
shareholders for their stake in Roche Bay.
Enquiries:
Timothy Grey
The Millbrook Partnership
London
+44 (0)20 7520 9455
ABOUT ROCHE BAY PLC
Roche Bay (US OTC: RCHBF) is a mineral assets holding company with a large
iron ore resource base in northeast Canada consisting of two groups of ore
bodies: the Eastern which is the current focus, and the Western which will
support an inter-generational life of mine. The Company is domiciled in
Gibraltar. Its ultimate majority shareholder is Borealis Exploration Limited
(US OTC: BOREF). Please see the Company website at www.rochebay.com for more
details.
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
technological and exploration expertise to assist advancement of the Roche Bay
iron ore project, as well as develop new opportunities in the area and globally.
Shares of the company trade on the TSX board of the Toronto Stock Exchange
under the symbol AXI.
This information is provided by RNS
The company news service from the London Stock Exchange
END
Roche Bay PLC announces Joint Venture
| Source: Roche Bay PLC
Canada--(Marketwire - June 7, 2007) -