Advanced Explorations Extends Roche Bay Royalty Buy-Out Terms
(TSX
VENTURE: AXI)
(FRANKFURT:
AE6)
TORONTO,
ONTARIO--(Marketwire - March 16, 2011) - Advanced
Explorations Inc. (the "Company" or "AEI") 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
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 coast of the Melville Peninsula in Nunavut, Canada giving it many
logistical advantages. The project has an inferred resource of 357 million
tonnes, 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. Together with its Chinese partner XinXing
Pipes Group, Advanced Explorations is completing the feasibility study on Roche
Bay, targeting a rapid advancement into start-up concentrate production. 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.
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.
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.
For further information: (416) 203-0057 x226