TORONTO, Aug. 24 /CNW/ - Advanced Explorations Inc. (the "Company" or
"AEI") is pleased to announce the Company continues to advance its plans with
respect to the potential development of the Roche Bay magnetite (Iron) project
located in Nunavut, Canada. A program has been implemented that is designed to
enhance our current understanding of the deposit's metallurgy and proposed
iron reduction process. Additional core studies are also being undertaken with
the objective to facilitate redefinition of a portion of the current inferred
resource to an indicated status (per NI43-101 standards). The program
objective is to more precisely define the requirements of a definition drill
program (resource to measured classification) that will be part of a
Definitive Feasibility Study. Additional engineering studies will also examine
the power plant designs and how surplus power might be integrated into a
regional development strategy.
John Gingerich, President & CEO of AEI, commented:
"We are extremely pleased with the success of our recent financings that
allows the Company to remain on track to the completion of a Definitive
Feasibility Study in 2010. Our Preliminary Economic Study confirmed that we
have a very viable project and we remain confident AEI will play a significant
role in the Nunavut and Federal Governments' Arctic development strategy."
AEI also announces that, pursuant to the Company's Stock Option Plan
approved at the June 25, 2009 Annual General Meeting and subject to TSX
approval, it intends to issue a total of 650,000 options to consultants and
management at a price of $0.17 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 developing high quality iron ore opportunities.
With the option to earn a 100% interest in the Roche Bay Magnetite Project
located on the Melville Peninsula in Nunavut, Canada, AEI plans to produce
high quality granulated pig iron (nuggets) from the 357 million tonnes
inferred resource of the project's C-Zone. In the spring of 2009, AEI
announced a preliminary economic assessment for the project indicating a
potential US $2.76 billion net present value, a minimum of 50 years mine life
and a return on investment between three and five years. 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. Shares of the company trade at the TSX
Venture Exchange (AXI) and at the Frankfurt Stock Exchange (AE6). For more
information please visit www.advanced-exploration.com.
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