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, P. Geo
VP Engineering and Technology:
Florin Gheorghiu, Ph.D.
Vice President, Exploration:
Steve Roebuck
Advanced Explorations Inc. is focused on developing the Roche Bay magnetite project located near the eastern coast of Nunavut.
AEI plans to produce iron products initially from the C zone, one of four zones on the 3,730-hectare, or 9,213-acre, property.
The C zone has an inferred resource of about 357 million metric tons averaging 28.07 percent iron to 250 meters below surface, using a 25 percent iron cut-off.
A preliminary economic assessment for the project indicates a potential US $2.76 billion net present value, a minimum of 50 years mine life and a return on investment in three to five years.
Additional resources exist at zones A, B and D and Advanced Explorations continued work on an environmental impact assessment, desktop metallurgical and engineering studies in 2010, with exploration spending of C$443,484.
In 2009, the junior staked 11 claims on a new iron ore discovery, Tuktu, which covers about 22,000 hectares, or 54,340 acres, of previously unexplored land on the Melville Peninsula in Nunavut.
The Tuktu project is located within 60 kilometers, or 37 miles, of the Roche Bay Project area and within 45 kilometers, or 28 miles, of the ocean.
Advanced Explorations also is moving forward with plans for XinXing Pipes Group Co. Ltd. to acquire 19 percent of the junior's issued and outstanding common shares by way of a private placement at a price equal to or greater than 25 cents per share. The initial acquisition, which is subject to regulatory approvals, also would include a seat on the AEI board of directors for the Chinese state-owned mining and manufacturing conglomerate, along with other conditions. Its completion was expected by Oct. 15.
Cash and short-term deposits:
C$1.4 million (June 30, 2010)
Working capital:
C$155,000 deficit (June 30, 2010)
Market capitalization:
C$17.55 million (Sept. 1, 2010)
Advanced Explorations Inc.
50 Richmond St. East, Suite 300
Toronto, ON
Canada M5C 1N7
Tel: 416-203-0057
Fax: 416-203-0059 or 416-860-9900
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