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Advanced Explorations Inc. ADEXF

"Advanced Explorations Inc is a development stage company. It is engaged in the acquisition, exploration and development of properties within the resource sector."


GREY:ADEXF - Post by User

Bullboard Posts
Post by Dollarfigureon Mar 10, 2010 9:31pm
190 Views
Post# 16868705

Advanced Explorations' Roche Bay has high-value nu

Advanced Explorations' Roche Bay has high-value nu

Advanced Explorations' Roche Bay has high-value nuggets

2010-03-10 21:27 ET - News Release

Mr. John Gingerich reports

ADVANCED EXPLORATIONS' ADDITIONAL METALLURGICAL WORK CONFIRMS PEA C-ZONE FINDINGS

Metallurgical work undertaken by COREM on the C zone core samples of Advanced Explorations Inc.'s Roche Bay magnetite project located on the coast of the Melville Peninsula in Nunavut, Canada, has verified the previous work performed by SGS Lakefield Research. The additional metallurgical work was carried out as part of the definitive feasibility work requirements. The results have confirmed it is possible to produce a concentrate that meets the operational requirements of an iron nugget plant and, in addition, a standard concentrate quantity that meets the quality specification imposed on standard concentrate. The Company's 2010 plan is to undertake the necessary work (metallurgical, engineering, drilling, etc.) to complete a Definitive Feasibility Study. The results from the Preliminary Economic Assessment (PEA) of the asset's C-Zone indicated a very robust project as summarized below:

Highlights include:

--  Annual production of 1 million tonnes of high value 96% - 98% Fe iron    nuggets.    --  Forecast sale value of US $500 / tonne nugget, freight on board        ("FOB")    --  peak price of US $750 / tonne nugget (70% of 2008 peak prices)--  Operating Expenditure ("OPEX"): US $176 / tonne nugget--  Net Present Value ("NPV") before taxes at a 10% discount rate:    --  US $1.16 billion at US $500 / tonne nugget    --  US $2.76 billion at US $750 / tonne nugget--  Pre-tax Internal Rate of Return ("IRR"):    --  24.4 % at US $500 / tonne nugget    --  39.5 % at US $750 / tonne nugget--  Capital Expenditure ("CAPEX"): US $1.11 billion.

A copy of the Preliminary Economic Analysis as previously press released on June 10th, 2009 has been filed on SEDAR.

John Gingerich, President & CEO of AEI, commented: "The metallurgical work was an important step in confirming the process flow sheet will produce a suitable concentrate to supply the proposed nugget plant. The Company will now continue to move forward on the other aspects of the Definitive Feasibility Study, which we expect to complete by early Q1/2011, and then initiate pre-development project financing. With the baseline environmental study already completed, the Company should be into the Impact Benefits Agreement (IBA) negotiations and the mine permitting process by next year. Despite the setbacks from the economic collapse in 2008, we remain on track to deliver an important development opportunity for AEI shareholders and Nunavut".

We seek Safe Harbor.

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