Advanced Explorations Inc. Focuses Plans on an Iron Nugget Plant

    TORONTO, Oct. 29 /CNW/ - Advanced Explorations Inc. (the "Company or
AEI") is pleased to announce that it intends to strengthen its Roche Bay
Project in Nunavut with the addition of an iron nugget plant. Following the
lead of Steel Dynamics Inc. ("SDI") and others, AEI plans to utilize the
MIDREX/Kobe Steel ITmk3(R) Process to produce "pig iron" nuggets which are
higher in grade (~98% Fe) and sell at a price multiple to the traditional iron
ore products.
    In pursuing the development of an iron nugget plant, the Company believes
the higher value attributable to nuggets is supported with a number of
additional benefits. By shipping a high grade iron product, fewer ships are
needed to move the same amount of iron and, thus may simplify transportation
requirements. Also, the nugget production process will generate surplus heat
that may be sufficient to generate electrical power for mining and concentrate
operations. There are additional environmental benefits to this business plan,
and the Company has also identified a number of synergies with respect to the
Canadian Government's northern development strategy.

    John Gingerich, President & CEO of AEI, commented:

        "We are confident about the nugget business opportunity as it
        provides additional benefits to the development of a mining project
        at Roche Bay. We believe this direction will result in a cost
        competitive end product, and allow for additional marketing
        opportunities throughout North America and worldwide. After
        evaluating the MidRex/Kobe ITmk3(R) technology and associated
        economics in relation to our project, the AEI team visited the Steel
        Dynamics' Mesabi nugget plant in Minnesota as part of our due
        diligence process. We are now positive that we can further develop a
        flexible, cost-effective marketable product that captures varying
        efficiencies to keep us competitive."

    Despite current markets the company is moving forward with its proposed
development agenda. Additional drill assays have been received and will be
released shortly once Quality Assurance and Quality Control has been
completed. The Company is also examining strategic business opportunities as a
means to accelerate project development work, and in this regard it is in
discussion with Roche Bay Plc to further simplify the Project's ownership


    John Gingerich, President and CEO

    ABOUT Advanced Explorations Inc.

    Advanced Explorations Inc., based in Toronto, Ontario, is a mining
exploration company exclusively focused on developing high quality iron ore
opportunities. In early 2007, AEI acquired the option to earn an interest in
the Roche Bay Magnetite Project located on the Melville Peninsula in Nunavut,
Canada, potentially one of the world's largest undeveloped magnetite deposits.
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. Shares of the company trade at the TSX Venture Exchange (AXI)
and at the Frankfurt Stock Exchange (AE6). 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 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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