Advanced Explorations Inc. Announces $7.5 Million Combined Flow-through and Non Flow-through Financings

    TORONTO, July 17 /CNW/ - Advanced Explorations Inc. (the "Company" or
"AEI") is pleased to announce that subject to TSX Venture Exchange approval it
intends to raise up to:

    (i)    $5,250,000 through a non-brokered offering of 3,500,000 flow-
           through common shares (each a "FT Share") at $1.50 per FT Share;

    (ii)   $6,750,000 through a non-brokered offering of 5,000,000 non flow-
           through units (each an "NFT Unit") at $1.35 per NFT Unit. Each
           Unit shall consist of 1 common share and one-half (1/2) of 1 non-
           transferable common share purchase warrant to purchase a common
           share. Each whole warrant shall entitle the holder to purchase one
           common share at a price of $2.00 per Warrant Share at any time
           prior to the date two years from the closing date.

    The Company will adjust the flow-through and non flow-through portions of
the financing to meet the target financing objective of a total $7,500,000
    AEI will use the proceeds of the offering for the further development of
the Nunavut Roche Bay Magnetite Project and unallocated working capital. The
Company may pay up to the maximum allowable finder's fee on the transaction in
cash, shares, warrants or a combination of both.
    The foregoing private placements replace all previously announced


    John Gingerich, President & CEO

    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, to 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


    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 of 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

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