GREY:ADEXF - Post by User
Comment by
rpdelucaon Jan 26, 2012 5:34pm
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Post# 19454596
RE: RE: Is 500 MT of iron ore a real issue??
RE: RE: Is 500 MT of iron ore a real issue?? Gag's answer:
Answer: AXI does not, in fact, have an off-take agreement,
Note the following: And we all know that with the JV signing, Xinxing Pipes is entitled to 50% of the off-take at RB
TORONTO, ONTARIO--(Marketwire - March 2, 2011) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI - News; FRANKFURT:AE6 - News) is pleased to announce that it has received an exercise request from Shandong Fulun Steel Company ("Fulun Steel") for its 7,000,000 warrants as part of the framework agreement between the two companies (Press Release September 29, 2010) at a price of
.55. With the exercise of the warrants, Fulun Steel is securing its right to a 19% off-take agreement on iron product from the future Roche Bay mine.John Gingerich, President and CEO, commented:"We are very pleased that Fulun Steel is securing its off-take right on future product from Roche Bay. The exercise demonstrates their confidence in the AEI team taking the Roche Bay project to production. Our relationship with Fulun Steel compliments that of our partner XinXing Pipes Group. We continue to investigate opportunities for Fulun Steel to partner with AEI on other projects".Mr Liu Ji An, Vice-Chairman, General Manager of Shandong Fulun Steel Co. Ltd., commented:"Advanced Explorations has worked closely with Fulun Steel over the last several months. Securing production off-take from Roche Bay is an important part of our future supply requirements.