The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
AXI: TSX Venture Exchange
President and CEO: John Gingerich
Director and COO: Daniel Botes
Vice President, Exploration: Steve Roebuck
Advanced Explorations Inc. is focused on identifying, exploring and developing high-quality iron ore opportunities in Canada and in other countries.
Currently, the company holds the option to earn 100 percent interest in the Roche Bay Magnetite Project located on the Melville Peninsula in Nunavut, after signing an earn-in agreement in April with its former joint venture partner, Roche Bay plc.
In 2007, Advanced Explorations Inc. led the first major drill campaign at Roche Bay since exploration activities in the 1980s.
In two years, the junior drilled nearly 26,000 meters in 90 holes in preparation for completing an NI 43-101 report - resource and scoping study this year and a definitive feasibility study in the fourth quarter.
A preliminary economic assessment, completed in June, estimated an inferred resource of 357 million metric tons of iron in the project's C zone, a minimum of 50 years mine life and a return on investment between three and five years.
The PEA projected annual production of 1 million metric tons of high-value, 96-98 percent-Fe direct-reduced iron nuggets with a net present value of $2.76 billion.
The Roche Bay Project also has a historical and non-NI 43-101-compliant resource estimate of 700 million metric tons for the A, B and D zones, not included in the PEA but considered excellent exploration targets for future drill programs, the junior said.
Cash and short-term deposits: C$426,589 (at March 31, 2009)
Working capital: C$2.6 million gross proceeds from share offerings (as of August 2009); C$2.4 million deficit (as of March 31, 2009)
Market capitalization: C$17.7 million
50 Richmond St. E., Suite 300
Toronto, ON
Canada M5C 1N7
Tel: 416-203-0057
Fax: 416-203-0059 or 416-860-9900
Reader Comments(0)