Advanced Explorations Inc. to Restructure Holdings
TORONTO, ONTARIO -- (Marketwire) -- 02/28/12 -- Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the 'Company' or 'AEI') is pleased to provide an update on the development of its iron ore assets in Nunavut. As per AEI's Framework Agreement with XinXing Pipes Group ('XXP') the Company is in the process of restructuring its holdings to facilitate the assignment of its interests in the East Melville iron ore assets into a new enterprise controlled by AEI. The details of the enterprise structure will be announced once a preferred structure is approved by the Board of Directors of the AEI.
The Company's new business structure will also address the potential for shared facilities at Roche Bay, that integrates both the recent developments at the Tuktu Iron Project (located 60 km to the north) and its Copper-Nickel properties (located 80-100 km to the west of Roche Bay).
John Gingerich, President & CEO, commented:
'We are very pleased with the progress on all our Nunavut properties.
Not only do we have our flagship Roche Bay Project moving towards
production, both Tuktu and our Ni-Cu projects have potential to be
standalone company makers. The Company's restructuring plans will lay
the foundation for maximizing shareholder value in anticipation of this
year's developments.'
The Company would also like to report that its strategic partner, XinXing Ductile Iron Pipes Co. Ltd. ('XDIP') a subsidiary of XXP, has advised that it has received all the necessary government and regulatory approvals to complete the previously announced $5,000,000 convertible debenture financing.
Advanced Explorations will be exhibiting at the PDAC 2012 International Convention, Trade Show & Investors Exchange - Mining Investment Show from March 4-7 at booth 3342, Metro Toronto Convention Centre and also present at the Canada-China Investment Forum on March 8th at the Intercontinental Hotel Toronto.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing its Roche Bay and Tuktu Iron Ore Projects in one of the world's largest developing iron ore districts, the Melville Peninsula in Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140 km of banded iron formation. A feasibility study for the project's C-Zone is near completion. To date, the Company has delineated over 1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits and continues to explore other targeted deposits in areas to the north, south and west of Roche Bay. A preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of either iron concentrate or high value iron nugget products. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226