Advanced Explorations Inc wishes to provide an update on its progress relating to the 2011 Roche Bay Iron Project program. The 2011 summer resource and geotechnical drilling at Roche Bay has recently been completed, and the Company is in the process of closing down onsite field activities. The results from the civil geotechnical program will be used to finalize the layout of infrastructure for the ongoing Feasibility Study.
Resource and technical information gained from this program will be used to update the tonnage for the resource model, while upgrading inferred to indicate resources and for the open pit geotechnical study.
The recent visit of the Chinese delegation successfully accomplished a challenging schedule of community meetings along with detailed technical review meetings of the project. The technical reviews involved the key engineering team and AEI team members assigned to the feasibility study. The delegation also took the opportunity to visit the Roche Bay site and to examine several representative northern mining operations including a visit of a recently commissioned operation.
Mr Yaogan Zeng Vice President, Xinxing Ductile Pipes Co Ltd said "Our organization would first like to express our gratitude for the warm reception we received in Canada and Nunavut in particular. We have been pleased with the efforts of both our Chinese experts led by Han-Xing Mining Institute in conducting our technical due diligence and by Wardrop Engineering in advancing the Roche Bay Feasibility Study. XinXing Pipes Group is actively promoting the completion of the China process for the project and is working with AEI to conclude the Joint Venture agreement in the near term while we are eagerly awaiting the final feasibility study report."
Subsequent to shareholder and TSX Venture Exchange approval to enter into a Joint Venture Agreement with XXP with the intent to bring the Roche Bay Iron Project into production, the Company established a financial and technical framework for implementation of the feasibility study and Joint Venture. Given positive FS results and support from XXP along with strong iron ore prices, the completion of the formal Joint Venture agreement and approval process by the Chinese government are expected to be completed in the near future.
Mr John Gingerich President and CEO said "We accomplished the required 2011 objectives and remain on track to have the draft FS submitted by Q4 of this year with the final report in early 2012. As part of this process, another revised NI 43-101 resource report will be released this fall updating the resource base to be used in the FS study. The feasibility study is expected to continue on track, and with the consolidation of our relationship with XXP, an exciting future for AEI lies ahead. Dedication and priority focus on Roche Bay has allowed us to move forward despite delays and markets conditions."
