Advanced Explorations Inc. announce that it has agreed to extend the deadline to exercise the Company’s option to earn up to a 70% interest in the Roche Bay, Nunavut project with Roche Bay Plc.
Under the Extension Agreement the Company will pay Roche Bay $200,000 by September 8th, 2008 and maintain its rights to exercise its option to earn the additional 19.9% interest on the same terms and conditions as previously announced July 14, 2008. The Company’s option has been extended to no later than November 15th, 2008, and the transaction remains subject to the approval of the TSX Venture Exchange and, if required pursuant to applicable securities laws, to the approval of the shareholders of AEI.
AEI, based in Toronto, Canada, is exclusively focused on developing high quality iron ore opportunities. In early 2007 the Company expanded its capabilities in iron ore exploration and development with the acquisition of strategic management personnel. AEI has the management, technical and exploration expertise and experience to rapidly advance the Roche Bay magnetite project which was acquired in June, 2007, as well as develop new opportunities in the area and globally. The Roche Bay magnetite project is located proximal to a natural harbour which makes it potentially one of the world’s premier iron ore opportunities. Shares of the company trade on the TSX Venture Exchange under the symbol AXI. For more information please visit www.Advanced-Exploration.com.