Hall Beach Community Supports Advanced Explorations' Roche Bay Iron Project
TORONTO, ONTARIO -- (Marketwire) -- 11/09/11 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) announced today that it has formed a Roche Bay Project Committee (the 'Committee') together with the community of Hall Beach, located 60 km north-east of Roche Bay, as an important step toward advancing the Project through the permitting process.
In a letter by Hall Beach Mayor Ammie Kipsigak, the community expressed its support of the Roche Bay Project and the commitment to form a project committee to ensure an open, transparent and effective dialogue between AEI, its strategic partner and the communities. A meeting of the Committee has been scheduled for November with key representatives of the hamlet and AEI officials. The letter of support is available on the Company's website at www.advanced-exploration.com.
John Gingerich, President & CEO, commented:
'An excellent relationship with the communities at Roche Bay is a key success factor for our project and an important part of our corporate strategy. As a result, the Roche Bay Project Committee was formed with the Hall Beach community to further promote and emphasize this very important direct dialogue with our stakeholders. We are currently pursuing a similar committee with the community of Igloolik, and we very much value their input. We look forward to working with Hall Beach and the other communities whom we hope to involve in the development process of the Roche Bay Project'.
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 its Roche Bay Iron Ore Project in Nunavut, one of the world's largest developing iron ore districts. The Roche Bay Project is located proximal to a natural deep water harbour on the east coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an indicated resource of 323 million tonnes with 226 million tonnes in the inferred category, outlined within a small portion of the potential 140 km of banded iron formation. This iron formation incorporates the Roche Bay deposits, the Company's Tuktu deposits and other targeted deposits in areas to the north, south and west of the Company's Roche Bay Project. The 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. A feasibility study is currently underway that is examining a concentrate start-up operation of 5 million tonnes per year. Future expansions will consider additional concentrate and/or iron nuggets as envisaged in the PEA filed on SEDAR. 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.
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Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226