Advanced Explorations Inc. Finalizes Private Placement Terms

    TORONTO, July 23 /CNW/ - Advanced Explorations Inc. (the "Company" or
"AEI") is pleased to announce that it has finalized the terms of its
previously announced non-brokered financing to raise up to $8,000,000 (the
"Offering") through the issue of flow-through common shares ("FT Shares") and
non flow-through units ("Units"). The Company may complete the Offering by
issuing any combination of FT Shares or Units.
    Each FT Share will be issued at a price of $1.10 per FT Share and each
Unit will be issued at a price of $0.95 per Unit. Each Unit shall consist of
one Common Share and one-half (1/2) of one common share purchase warrant. Each
whole warrant shall entitle the holder to purchase one common share ("Warrant
Share") at a price of $1.35 per share for a period of twelve months from the
closing of the Offering.
    The Company shall use the proceeds of the offering for the further
development of the Roche Bay Magnetite Project in Nunavut and for general
corporate purposes.
    Closing of the Offering is expected to occur on or about July 29, 2008.
The FT Shares and Common Shares and Warrant Shares will be subject to a
four-month hold period from the date of Closing.
    Finder's fees will be payable in connection with the Offering. The
Company may pay applicable finder's fees in any combination of cash, shares or
    Note: If the financing were all flow through or all non flow through a
total of 7,272,727 FT Shares or 8,421,052 units would be issued respectively.


    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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