TORONTO, ONTARIO--(Marketwire - Sept. 24, 2012) - Advanced Explorations Inc. (the "Company" or "AEI") (News - Market indicators)(FRANKFURT:AE6) today announced the SEDAR filing of its Roche Bay Iron Project feasibility study. The full report is also available for download on the Company's website at www.advanced-exploration.com. On August 10^th, 2012, AEI announced the positive outcome of a feasibility study conducted for the C Zone of its Ocean-based Roche Bay Iron Project located on the east coast of the Melville Peninsula in Nunavut, Canada that targeted a start-up production rate of 5.5 million tonnes per year and start-up production of a 66% iron concentrate.

The company believes the conservative nature of the report provides a robust base case upon which to create further value going forward. Utilizing the results of the feasibility study as a base case scenario for the project, the Company is now concentrating its efforts on realizing the substantial opportunities identified by the report that may positively impact the base case NPV and IRR estimates and further lower operating costs. Such value adding opportunities include, but are not limited to:

• Resource expansion to support a target mine life of a minimum 20 years.
• Project optimization on production volume (>8 million tonnes per year production) and grade increase through further resource definition.
• Value realization on the higher grade iron content and concentrate quality based on metallurgical evaluation resulting in a 69% iron concentrate to be produced at the future Roche Bay Mine.
• Energy source shifting from Arctic Diesel to Liquefied Natural Gas (LNG) with an internally projected decrease in operating costs estimated at $8/tonne concentrate.
• Evaluate the potential contributions from a resource expansion at the C Zone and A/B Zone and including Tuktu into the Project development.

It should also be noted that the FS does not include salvage or residual value for the assets following the 15 year mine life. Considering the regional interests and the considerable infrastructure value in the North, AEI believes these assets will have productive life well beyond the current FS. This will be further assessed through AEIs evolving programs and studies.

John Gingerich, president & CEO commented:

"The completion of the feasibility report marks a significant milestone for the Company and the advancement of its flagship asset. We have demonstrated we have a solid project with immense upside potential that ranks as one of the most advanced iron ore projects in Canada."

Qualified Persons

The Qualified Persons ("QPs") responsible for the Feasibility Study are listed in the table below. The following QPs completed a site visit of the property:

• Brian Saul, P.Eng.,
• Karlis Jansons, P.Eng.
• Gary Watters, P.Eng.
• Paul Palmer, P.Eng., P.Geo.
• Guangwen (Gordon) Zhang, P.Eng.

Table: Summary of Qualified Persons:

ON BEHALF OF THE BOARD

John Gingerich, President & Chief Executive Officer

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 positive feasibility study for the project's C Zone revealed a net present value of $642M on a base case 5.5 Mtpa start-up concentrate operation and substantial upside potential including becoming a low quartile cost producer. 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. 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.