Advanced Explorations Inc Intersects 144m of 29% Fe



    TORONTO, Aug. 18 /CNW/ - Advanced Explorations Inc. (the "Company or
AEI") is pleased to announce new results from drilling on its Roche Bay iron
project in Nunavut. To date, 48 NQ-sized drill holes, totaling over 14,500
metres, have been collared along almost five kilometres of strike length of
the Banded Iron Formation (BIF) C-Zone.

    
    John Gingerich, President & CEO of AEI, commented;

      The Company continues to intersect zones of high grade iron
      mineralization over the entire strike of the C Zone as indicated by the
      interval of 34% Fe over 54 metres in hole RB-08-55. The resource
      statement and preliminary economic assessment is expected to be
      completed in the near future. We are pleased with the results obtained
      to date, and we anticipate to further define the resource potential of
      the property as drilling is to commence shortly on the A and B zones.
    

    The 2008 drill campaign has been successful in delineating the massive
mineralized body with additional holes targeting the broadest high-grade areas
first drilled and reported in 2007, filling-in through vast stretches of
un-drilled and un-tested ground and proving the BIF continues to depth.
    Current drill production is about 1500 metres per week. The drill core is
being logged on site by a group of six geologists, photographed, sampled and
sawn in half by core technicians. Assays published to date represent only a
small fraction of what will be released over the next few months as SGS
Lakefield catches up to the current back log of samples.
    The Company also wishes to announce that it has entered into amended
finder's fee agreements (the "Amended Finder's Fee Agreements") with two
finders (the "Finders") in connection with the Roche Bay Option Agreement
which was originally announced on February 12, 2007 as summarized below.

    
    ON BEHALF OF THE BOARD

    John Gingerich, President and CEO

    Drilling Summary:

    Drill results have been returned from holes RBC-08-50 TO RBC-08-58, as
    presented in the table below. Highlights of the results include:

    -------------------------------------------------------------------------
       Hole      Line  Coordinate   Dip    From      To   Interval    % Fe
    -------------------------------------------------------------------------
      Number     (N)       (W)              (m)     (m)     (m)
    -------------------------------------------------------------------------
    RBC-08-50   11200      950      -60     64.3   208.7   144.4     29.00%
    -------------------------------------------------------------------------
                       including            64.3   166.7   102.4     29.37%
    -------------------------------------------------------------------------
                       including           186.7   208.7    22.0     32.02%
    -------------------------------------------------------------------------
    RBC-08-51   13800      900      -45      NO SIGNIFICANT INTERSECTIONS
    -------------------------------------------------------------------------
    RBC-08-52   10400      950      -55    84.79   113.3    28.5     29.44%
    -------------------------------------------------------------------------
                                           138.8   401.6   262.8     27.61%
    -------------------------------------------------------------------------
                       including           138.8   212.4    73.6     31.63%
    -------------------------------------------------------------------------
                       including           212.4     345   132.6     20.98%
    -------------------------------------------------------------------------
                       including             345   401.6    56.6     31.42%
    -------------------------------------------------------------------------
    RBC-08-53   11200      850      -55     3.46   91.46    88.0     28.93%
    -------------------------------------------------------------------------
    RBC-08-54   13800     1000      -45    46.35   73.03    26.7     23.49%
    -------------------------------------------------------------------------
                                             191   218.5    27.5     27.27%
    -------------------------------------------------------------------------
    RBC-08-55   10400      900      -75    49.87   82.81    32.9     24.15%
    -------------------------------------------------------------------------
                                           82.81   142.2    59.4     30.38%
    -------------------------------------------------------------------------
                                           337.4   392.3    54.9     34.15%
    -------------------------------------------------------------------------
    RBC-08-56   10400      900      -75    15.51   38.61    23.1     29.12%
    -------------------------------------------------------------------------
                                              77   104.8    27.8     27.65%
    -------------------------------------------------------------------------
    RBC-08-57    9600      675      -45      4.3   50.57    46.3     26.05%
    -------------------------------------------------------------------------
    RBC-08-58    9600      675      -65        8     112   104.0     27.18%
    -------------------------------------------------------------------------
    

    Gary Williams P. Geo and VP of Advanced Explorations Inc., is the QP
within the meaning of 43-101 and has reviewed and approved the content of this
release.

    Analysis: All the recent drill core analysis reported in this release was
performed by SGS Lakefield Research. At SGS samples are analyzed for total Fe
using XRF techniques. SGS also undertakes Satmagan analysis to estimate the
portion of magnetic iron. The company augments the laboratory QA/QC procedures
by selectively adding additional control samples. Core sample intervals for
2007 were 1 metre and increased to 2 metres except where intervals cross
geologic boundaries in which case the sample length is adjusted accordingly.

    Finder's Fee Agreement:

    The Finders were paid an original finder's fee based on a percentage of
the exploration expenditures to be made by the Company under the Roche Bay
Option Agreement which was estimated to be $5,775,800. The Amended Finder's
Fee Agreements allow for payment of a further finder's fee (the "Further
Finder's Fee") on as a percentage of the exploration expenditures in excess of
$5,775,800 (the "Excess Expenditures").

    Further Finder's Fees of 2% and 1% will be payable to the two parties
respectively as follows:

    
    a)  for Excess Expenditures incurred from June 4, 2007 to June 30th,
        2008, the Further Finder's Fee shall be payable within five business
        days of the approval by the TSX Venture Exchange (the "Exchange"). If
        the Company elects to pay such Further Finder's Fee in shares of the
        Company, the deemed price per share shall be equal to the closing
        price of the shares on the date of this announcement;

    b)  for Excess Expenditures incurred from July 1st, 2008 to December
        31st, 2008, the Further Finder's Fee shall be payable within five
        business days after March 31st, 2009 and for Excess Expenditures
        incurred in 2009 and every calendar year thereafter, the Further
        Finder's Fee shall be payable within five business days after March
        31st of each subsequent year. The Company may elect to pay such fees
        in shares of the Company.
    

    Approval of the Exchange is a condition precedent of the amended finder's
fee agreements. Once the agreements are approved, each share issuance made
pursuant to the agreements will require Exchange approval.

    ABOUT Advanced Explorations Inc.

    AEI, based in Toronto, Canada, is exclusively focused on developing high
quality iron ore opportunities. In early 2007 the Company expanded its
capabilities in iron ore exploration and development with the acquisition of
strategic management personnel. AEI has the management, technical and
exploration expertise and experience to rapidly advance the Roche Bay
magnetite project which was acquired in June, 2007, as well as develop new
opportunities in the area and globally. The Roche Bay magnetite project is
located proximal to a natural harbour which makes it potentially one of the
world's premier iron ore opportunities. Shares of the company trade on the TSX
Venture Exchange under the symbol AXI. For more information please visit
www.Advanced-Exploration.com.

    
    THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE
    CONTENTS HEREIN.
    

    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

Organization Profile

ADVANCED EXPLORATIONS INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890