TORONTO, June 27 /CNW/ - Timothy German, President of Melville Capital
Corporation ("MCC") has advised that MCC has entered into a term sheet for the
financing and support of the MCC agreement with AEI for the financing of the
Roche Bay Project by China Steel Resources Investments Ltd. ("CSRI"). The
signed term sheet indicates a comprehensive working relationship with AEI,
MCC, and various local and territorial aboriginal organizations.
The pulling together of these many different elements into a strong
working partnership has required considerable consultation and approval from
many participants. This consultative process requires time for all parties to
provide full input and will be ongoing for the foreseeable future. Despite the
considerable efforts to meet the MCC investment timelines, CSRI and MCC
require additional time to complete the administrative and regulatory
processing requirements including the release of funds will require an
extension of the closing date to July 4th, 2008 which has been granted by the
MCC is working with the Baron Group through their offices in Beijing,
Hong Kong and Toronto to facilitate the process and would like to acknowledge
their support in enabling the process to continue in an efficient and timely
John Gingerich, President & C.E.O. stated: "We are pleased to provide the
opportunity to allow a company of the caliber of China Steel Resources
Investments Ltd. to conclude its business with MCC. This represents a
potential significant addition to our efforts."
ON BEHALF OF THE BOARD
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
the Roche Bay iron ore project and 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.
ABOUT Melville Capital Corporation
Melville Capital Corporation is a private equity firm with international
relationships to private and institutional funds, strategic industry partners
and Aboriginal leadership. The Chairman and CEO of Melville Capital, Mr. Roman
Bittman is a prominent Aboriginal Canadian financier and entrepreneur in the
resource, environmental remediation and media industries in Canada, the United
States and China. He also manages and advises a team that includes senior
executives in infrastructure development. Mr. Timothy German, President of
Melville Capital, has acted as a consultant and held management positions over
the years for both private and public sector resource based companies. Mr.
William Thomson is a strategic advisor who has been a senior executive with
several national and international public logistics, primary manufacturing and
infrastructure companies. Mr. Ernie Belyea is a lawyer with broad management
experience and is currently senior corporate counsel for the Ontario Power
Authority. Jim Antoine, a former Premier of the NWT and Chief of Liidlii Kue
First Nation, has strong relationships with senior levels of territorial and
federal governments and leaders in First Nations, Inuit and Aboriginal
communities and businesses across Northern Canada.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE
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: John Gingerich, President & CEO, Tel: (416)