Please see below Advanced Explorations? latest press release for your information.

Sincerely,

Nadine Jocaitis

Senior Investor Relations Specialist

Advanced Explorations inc.

401 Bay Street, Suite 2828
P.O.. Box 100
Simpson Tower

Toronto On M5H 2Y4

Tel: 1-416-203-0057   x226

Cell: 1-647-241-6033

Fax: 1-416-860-9900

www.advanced-exploration.com

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Not for distribution to United States newswire services or for dissemination in the United States

NEWS RELEASE

Advanced Explorations Inc. Announces Brokered Financing

(TSX VENTURE:AXI)

(FRANKFURT:AE6)

TORONTO, ONTARIO--(Marketwire - July 3, 2012) - Advanced Explorations Inc. (the "Company") announced today that it has engaged Industrial Alliance Securities Inc. on behalf of a syndicate of agents (the "Agents") in connection with a proposed "best efforts" private placement to raise aggregate gross proceeds of up to $3,500,000 (the "Offering"). Pursuant to the Offering, the Company intends to issue: (a) up to 2,380,953 units ("Hard Units"), at a price of $0.21 per Hard Unit, for aggregate gross proceeds of up to $500,000; and (b) up to 12,500,000 "flow-through" units ("FT Units"), at a price of $0.24 per FT Unit, for aggregate gross proceeds of $3,000,000. The proceeds from the sale of FT Units will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) and will be renounced for the current taxation year.

Each Hard Unit will consist of one common share in the capital of the Company and one non-transferrable common share purchase warrant (a "Hard Unit Warrant"), with each Hard Unit Warrant being exercisable to acquire one common share of the Company at a price of $0.30 for a period of 24 months following the closing date of the Offering. Each FT Unit will consist of one "flow-through" common share in the capital of the Company and one-half of one non-transferrable common share purchase warrant (each whole common share purchase warrant, a "FT Unit Warrant"), with each FT Unit Warrant being exercisable to acquire one common share of the Company at a price of $0.40 for a period of 24 months following the closing date of the Offering.

In the event the closing trading price for the common shares of the Company on the TSX Venture Exchange (the "TSX-V") is equal to or greater than $0.75 per share for five (5) consecutive trading days occurring any time after four (4) months from the closing date of the Offering, then the Company may, at its option, accelerate the expiry of the Hard Unit Warrants and FT Unit Warrants by giving notice to the holders thereof and in such case the warrants will expire at 4:00 p.m. (Toronto time) on the date which is the earlier of: (i) the 30^th day after the date on which such notice is given by the Company; and (ii) the original expiry date.

Upon closing of the Offering, the Agents will receive a cash commission equal to 7% of the gross proceeds of the Offering and compensation options exercisable to acquire that number of common shares of the Company equal to 7% of the aggregate number of Hard Units and FT Units issued and sold under the Offering, at an exercise price of $0.24 per share, for period of 24 months following the closing date of the Offering. In respect of certain "president's list" purchasers, the Agents' compensation will be reduced to 3.5% cash commission and 3.5% compensation options, respectively.

Completion of the Offering is subject to receipt of TSX-V approval and other requisite approvals. All of the securities issuable in connection with the Offering will be subject to a hold period expiring four months and one day after date of issuance.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

Use of Proceeds:

The Company intends to use the gross proceeds for exploration expenditures in further exploring other zones of its Roche Bay Iron Project, such as the A/B Zone, which is not currently part of the Feasibility Study, and also in developing the direct-ship iron ore (DSO) opportunity. Prospecting last year along the 2 km Tuktu 2 magnetic anomaly returned assays in excess of 62% Fe. Exploration activities will also be undertaken on the Anik Nickel opportunity located on the Western side of the Melville Peninsula. Following the discovery of 8% Ni prospect in 2010, a second high grade Nickel occurrence of 14.9% Ni was reported by the Geological Survey of Canada at the Nunavut Mines Symposium in April of this year adding further evidence to the potential of this area. Funds will also be used to examine the strike extent of the C Zone and A/B zones as well as for general corporate activities.

John Gingerich, president & CEO, commented:

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.

For further information: (416) 203-0057 x226