TORONTO, ONTARIO -- (Marketwired) -- 06/17/13 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) today announced that it has retained Haywood Securities Inc. ("Haywood Securities") as its financial advisor to review strategic alternatives for the development of the Company's flagship Roche Bay Iron Project located in Nunavut, Canada. This engagement is an expansion of the Company's strategic agenda currently being pursued in China by ICBC International Capital Limited (see press release of March 5, 2013).
Jim Excell, Chairman, commented:
"We are very excited about the opportunity to engage Haywood Securities as our financial advisor to assist in the progress of our iron ore project. We believe it is advantageous to AEI to work with a financial advisor that has a strong track record in the iron ore sector such as Haywood Securities in our efforts to evaluate all potential strategic alternatives for the Roche Bay Iron Project."
Bernie Swarbrick, Acting President, commented:
"Under current market conditions, AEI continues to take affirmative steps to advance the Roche Bay Project through strategic partnerships. Haywood Securities is a strong addition to AEI's strategic team given Haywood's excellent knowledge, experience, and reputation in the iron ore space. It is exciting for AEI to have such advisory strength in both China and North America. With the full support of the Board, I look forward to working with Haywood on establishing the value proposition for the Roche Bay Project going forward."
As part of the consideration for the services being provided by Haywood Securities, the Company will issue 1.25 million common shares to Haywood Securities, subject to receipt of TSX Venture Exchange approval.
ON BEHALF OF THE BOARD
Jim Excell, Chairman
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.
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.
Advanced Explorations Inc.
(416) 203-0057 x320
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