http://www.marketwire.com/press-release/...SX-VENTURE-AXI-1153252.htmApr 26, 2010 01:30 ET
Advanced Explorations Inc. Metallurgical Results Enhance Development Options
TORONTO, ONTARIO--(Marketwire - April 26, 2010) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to report an update on the metallurgical work performed on the drill core composite samples of its Roche Bay Project located on the coast of the Melville Peninsula, Nunavut.
Results received from COREM, of Québec, Canada, indicate that the Roche Bay Project can deliver a high quality iron product (concentrate/pellet feed of >67% Fe, <4.5% SiO2, <0.03% TiO2, <0.02% P and <0.04% S) alongside its proposed nugget operation. This positive finding, including the representative character of such composite samples, means that concentrate production could be sold into the traditional seaborne iron ore trade providing cash flow in addition to that from the production of iron nuggets. The Company will continue to find ways to add revenue to its projects without increasing operating or investment costs.
John Gingerich, President & CEO of AEI, commented:
"The Roche Bay project has always had a strong business plan. The new metallurgical findings provide important additional development options. While the Company remains focused on the high value, high quality iron nugget business plan, we should be able to add significant cash flow without substantially changing our current development plans. However the key impact of the findings is that the project could be scaled to provide substantial high quality concentrate feed as well. There are a number of potential strategic partners who are also looking for concentrate product to feed internal operations. It is not inconceivable that future expansions could have AEI as both a significant nugget and concentrate producer."
It is expected that the initial expansion to produce a supplemental concentrate quantity feed can be done with minor limited increase in capital cost. Future expansion scenarios of both the iron nugget (>96% Fe) and concentrate (>68% Fe) production will also be examined.
The metallurgical results have been reviewed by Dr. Florin Gheorghiu, P.Eng. and VP of Engineering and Technology at Advanced Explorations. Dr. Gheorghiu is heading the company's metallurgical and feasibility program and is the QP within the meaning of NI 43-101 and has reviewed and approved the contents of this release. He has also initiated an update report on the Roche Bay Project development options. The Company's proposed nugget operation remains subject to independent review.
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 high quality iron ore opportunities. Currently, the company holds interests in projects located in Nunavut with low infrastructure needs. The Roche Bay magnetite project is located on the coast and is bolstered by a deep water access to its eastern coast. The Company intends to build upon logistical benefits when developing its current projects at Roche Bay and Tuktu. AEI plans to produce high quality iron products from the 357 million tonnes inferred resource of the project's C-Zone. Its preliminary economic assessment for the project indicates a potential US $2.76 billion net present value, a minimum of 50 years mine life and a return on investment between three and five years. Led by an experienced management team with technical, exploration and mining expertise the company has the capabilities to rapidly advance the Roche Bay and Tuktu Projects and explore other local and global opportunities.
Shares of the company trade at the TSX Venture Exchange (AXI) and at the Frankfurt Stock Exchange (AE6). For more information please visit
www.advanced-exploration.com.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.
For more information, please contact
Advanced Explorations Inc.
(416) 203-0057 x226
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