Advanced Explorations Extends Roche Bay Royalty Buy-Out Terms 3/16/2011 9:25:02 AM - Market Wire
TORONTO, ONTARIO, Mar 16, 2011 (MARKETWIRE via COMTEX News Network) -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to announce that it is in negotiations with Roche Bay plc. ("Roche Bay") in respect to the Company's right to buy out the royalty retained by Roche Bay on AEI's Roche Bay and Tuktu Projects. In good faith, the parties have agreed to extend the deadline to conclude an amendment to their Royalty Agreement (as press released on April 1st and July 20th, 2009) and allow each other additional time to finalize the necessary reviews and approvals to proposed amendments. The deadline has been changed from March 15, 2011 to April 1st, 2011. Any amendments, including this extension, remain subject to TSX Venture Exchange approval.
John Gingerich, President and CEO, commented:
"The Company has remained focused on advancing its Roche Bay flagship project. With the Feasibility Study underway, we continue to examine ways to enhance shareholder value. AEI has enjoyed a long standing good relationship with Roche Bay plc. We are very pleased to continue our negotiations for a possible revised agreement that would be mutually beneficial."
Benjamin Cox, President of Roche Bay plc. and Roche Bay East Limited, commented:
"Given our strong belief in the Roche Bay project, we feel this extension will provide both parties with a meaningful opportunity to finalize additional royalty buy-out terms. We have a good relationship with AEI's management and pride in the Roche Bay project which we believe will benefit both parties in the future."
ON BEHALF OF THE BOARD
John Gingerich, President & CEO |