Advanced Explorations Inc. Completes Phase 1 Geotechnical Drilling for Port Development Study on Roche Bay Iron Project
June 07 2011 - 7:19AM
Marketwired
Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the
"Company" or "AEI") is pleased to announce it has completed the
first round of geotechnical drilling for the port development study
at the Roche Bay iron project located on the coast of the Melville
Peninsula in Nunavut, Canada. The geotechnical program is an
instrumental part of the ongoing feasibility study at Roche Bay and
involved the drilling of two potential port area alternatives in
the Roche Bay, which is a natural deep water harbour within a few
kilometres of the project's ore body.
The drilling component for the offshore port study was completed
under the supervision of EBA Engineering Inc., A Tetra Tech
Company. The objective was to obtain samples of the sediments in
the bay and to sample the bedrock beneath the sediments. The port
development study is designed to help establish geotechnical design
parameters for the proposed port facility for the foundation,
caissons and anchors required. Split spoon samples were taken of
the subsoil, which included Standard Penetration Testing. The
bedrock was sampled using NQ diamond drilling.
The Phase 2 geotechnical study is expected to commence in July
2011 and will be land focused with drilling for mine infrastructure
components.
John Gingerich, President and CEO, commented:
"The Company continues to advance the feasibility study of its
Roche Bay iron project, and it is exciting to see things take shape
such as to clarifying the port location and structure. We are also
continuing the exploration program on our Tuktu project and have
now two drills coring on Tuktu with analytical results expected in
the very near future."
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
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 east coast of the Melville Peninsula in
Nunavut, Canada giving it many logistical advantages. The project
has an indicated resource of 323 million tonnes, 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, and the
potential for rapid advancement into development of either iron
concentrate or high value iron nugget products. 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.
Contacts: Advanced Explorations Inc. (416) 203-0057 x226
(TSXV:AXI)
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