Advanced Explorations Inc. ADEXF

Flim Flammery

[hundredvanities1]

"The Company intends to use the gross proceeds for exploration expenditures in further exploring other zones of its Roche Bay Iron Project, such as the A/B Zone, which is not currently part of the Feasibility Study, and also in developing the direct-ship iron ore (DSO) opportunity."

So not a dime of this $3.26 million (net) is going towards work on the Roche Bay C-zone, their flagship project? Really? For two years AXI management has maintained an elaborate fiction: that the Roche Bay C-zone project is somehow already fully funded to production by the Chinese, even though there's no signed joint venture agreement and no funding. I guess they're still trying to trumpet their "fully funded to production" project.

Remember that nonsense about XinXing being invoiced for the Roche Bay feasibility study cost, leaving out the important fact that XinXing had no obligations to pay for those invoiced costs? These guys will say anything.