03:06:55 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Advanced Explorations Inc
Symbol AXI
Shares Issued 90,021,319
Close 2010-08-20 C$ 0.185
Market Cap C$ 16,653,944
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Advanced Explorations buys 155,000 Melville acres

2010-08-23 08:57 ET - News Release

Mr. John Gingerich reports

ADVANCED EXPLORATIONS INC. ACQUIRES ADDITIONAL TARGETS

Advanced Explorations Inc. has provided an update on the company's recent field programs, the Alaska iron sands project and the due diligence process of China XinXing Pipes Group.

The company has completed the first phase of its regional assessment of other commodity opportunities on the Melville Peninsula. Based on the promising conclusions of the team, AEI has expanded its 100-per-cent holding to over 140,000 acres outside of the original joint venture area and added an additional 15,000 acres within the JV. Here, property acquisition was focused on iron ore targets with precious metal and base metal opportunities acquired elsewhere. Additional target evaluation will commence once the last round of sample assays are received. Depending on results, additional land may be acquired around key mineral prospects.

As reported in Stockwatch news on Aug. 18, the company announced its option to acquire a 100-per-cent interest in an Alaska iron sands project from 7th Sea Holdings Company. The project is located on the Alaska Peninsula (panhandle), approximately 6,500 kilometres from China, making the deposit potentially competitive to ore being shipped from Australia to China. AEI believes there is excellent tonnage potential, and the ocean location provides additional development advantages. In order to make an informed acquisition decision, metallurgical studies are currently under way to determine the process required to produce quality concentrate products with results expected in the next few months.

As part of the due diligence process of China XinXing Pipes Group (as reported in Stockwatch news on July 19, 2010), five delegates led by the director of the investment committee, Guo Shijin, visited the Roche Bay and Tuktu deposits and attended a variety of meetings with government and Inuit community officials (pictures can be seen on the company's website). XinXing's evaluation of the company's assets is continuing, and a decision is expected within the timeline set out in the MOU.

John Gingerich, president and chief executive officer, commented:

"The company has met its three key target objectives (milestones):

  1. "Moving forward in developing a strategic partnership with XinXing Pipes Group: AEI believes XXP to be an excellent partner with the financial and technical capability to take the Roche Bay project to production.
  2. "Expanding the core (iron ore) asset base of the company with the acquisition of the large Alaska iron sands project.
  3. "Advancing the company's precious metal (Au, Ag) and base metal (Cu, Ni) potential: a program is under way to determine the economic potential of numerous targets that have been identified which has already led to an expansion of our landholdings. The results of this review will be an important guide on how best to monetize the value of these assets for our shareholders. Within the next few months we will decide whether to spin out, joint venture or pursue these opportunities within AEI as part of our project portfolio.

"There appears to be a continuing strong resurgence within the commodity sector and in particular iron ore. The company continues to evaluate new growth opportunities and respond to unsolicited inquiries to partner on other projects not covered by the XinXing MOU. We are very confident that the next six months will be very good months for AEI."

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