Feb 25, 2011 08:52 ET
Advanced Explorations Provides Update on its Western Exploration Program
TORONTO, ONTARIO--(Marketwire - Feb. 25, 2011) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce preliminary analyses from its recently acquired nickel and copper property located on the Melville Peninsula (as press released September 21, 2010). The property is located approximately 10 kilometres south of the Tuktu and 50 kilometres north of the Roche Bay iron ore projects, within the mutual area of Interest with Roche Bay plc. located on the Melville Peninsula, Nunavut, Canada.
The property, known as the BIL showing, returned nickel values to 0.80% nickel and copper values over 10,000 ppm (>1% Cu) from sulphide samples associated with a gabbroic intrusion. The Geological Survey of Canada ("GSC") examined the BIL showing in 2009 and reported 0.58% Ni, 0.15% Cu. The nickel and copper prospect was worked by Aquitaine Company of Canada Limited in the early 1970's. In 1973, approximately 2000 feet of core was drilled but no results were released a common practice then to prevent competition.
In November 2010, the released GSC Open File 6729 reported the discovery of high grade nickel, copper and cobalt at Adamson River very close to the Company's recently staked western claim group on the west side of the Melville Peninsula. The GSC report describes massive, semi-massive and disseminated sulphides within a possible peridotite with assayed nickel values ranging from 0.7% Ni to 8.0% Ni. Vale has recently acquired a large area of land within the central area of the Melville Peninsula close to AEI's Western holdings.
With today's copper and nickel prices exceeding $4.25 and $12.50 per lb respectively, the nickel-copper exploration potential of the region could provide an additional benefit to the AEI shareholders. While the Company remains iron ore focused, it is AEI's objective to include evaluation of the nickel -copper potential in this year's up to $1.5 million Western Melville exploration program, depending on project merit, that was initially focused on the previously announced high grade silver, copper-gold and molybdenum prospects. The planned program has sufficient funds to drill test prospects that, after detailed ground inspection, warrant drill testing with one to three short holes.
John Gingerich, President and CEO, commented:
"The entry of Vale into the area is interpreted to validate the GSC's assessment of the region as having significant nickel and copper potential. We may be seeing the beginning of a new nickel district located on the Melville Peninsula. Should future exploration programs yield further discoveries, the Company is very well placed to take advantage of this opportunity and enhance shareholder value".
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
Gary Williams, P. Geo and VP of Advanced Explorations Inc. is the QP within the meaning of NI 43-101 and has reviewed and approved the content of this release. Activation Labs of Ancaster, ON performed the preliminary analysis and final assay values will be released when available.
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 tones, 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.
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