TORONTO, April 13 /CNW/ - Advanced Explorations Inc. (the "Company" or
"AEI") is pleased to provide an update of corporate activities. The Company
has received conditional approval from the TSX Venture Exchange in respect to
its recently announced definitive agreement on April 1st, 2009 that provides
an option to acquire a 100% interest in its Roche Bay iron ore project. The
Company is currently focused on securing a strategic partner to assist in the
potential development of this project. While the Company is in advanced
discussions in respect of a possible strategic financing, there can be no
assurance that the transaction will be consummated.
John Gingerich, President & CEO of AEI, commented;
"We are encouraged by recent strategic financing announcements by
companies in the iron ore sector demonstrating back integration and
security of supply is still a priority of many global steel
producers. AEI's recent simplification of its agreement with Roche
Bay plc was an important step to advance its negotiations with
potential Strategic Partners with the objective to ultimately move
the project forward towards development. The economic study, expected
to be completed shortly, is also a factor in these negotiations. "
The Company has recently announced results (March 12, 2009) from the
Golder 43-101 compliant resource determination and is currently working with
engineers to complete a preliminary economic assessment of the project based
on the defined resource. The economic study is assessing a plan to produce a
minimum 1 million tonnes per year of high quality (greater than 95% Fe)
granulated pig iron. The recommendations of this report will be used to guide
the Company's summer field program currently scheduled to start in June.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a mining
exploration company focused on developing high quality iron ore opportunities.
As part of this strategy, AEI acquired the option to earn a 100% ownership
interest in the Roche Bay Magnetite Project located on the Melville Peninsula
in Nunavut, Canada. Led by an experienced management team with technical,
exploration and mining expertise the company has the capabilities to rapidly
advance the Roche Bay Project and explore other local and global
opportunities. Located proximal to a natural deep water harbour the Roche Bay
deposit benefits from transportation efficiencies possibly making it one of
the world's premium iron ore prospects. In 2008, AEI updated its business plan
for the Roche Bay project and is examining moving forward from the traditional
iron pellet operation to a granulated pig iron (nugget) business. Shares of
the company trade at the TSX Venture Exchange (AXI) and at the Frankfurt Stock
Exchange (AE6). For more information please visit
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.
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.
For further information:
For further information: (416) 203-0057 x226