Advanced Explorations Inc. Provides Corporate Update
TORONTO, ONTARIO -- (Marketwired) -- 04/23/13 -- Advanced
Explorations Inc. (the "Company" or "AEI") (TSX
VENTURE:AXI)(FRANKFURT:AE6) today announced that President & CEO John
Gingerich will be taking a temporary leave of absence for medical
reasons. He is expected to be on leave for a period of up to four
months. During this time, John will stay involved in the direction of
the Company and will maintain all responsibilities as Director of the
Company to the extent practical. In the interim, current AEI Director
James Excell will serve as the Acting Chairman of the Board, and
Bernie Swarbrick, current VP Capital Projects, will serve as Acting
President during John's absence. Additionally, to provide a seamless
presence in China, AEI Director Eric Guo will take on a more active
role assisting AEI with the management of its extensive Chinese
John Gingerich commented:
"It is in my best interest and that of AEI that I take this time to
focus on my health while James, Bernie, and the rest of our executive
team continue to execute our strategy. I have always been proud of
the Team we have assembled and have full faith in their abilities.
Those Team members who have been working closely with me on AEI's key
initiatives are very capable, and the depth of experience they bring
to their roles is a significant asset to the Company. I am committed
to actively engaging in the business as my health permits and plan to
return to the role of President as soon as practical."
About James Excell
Mr. Excell is currently the Chief Executive Officer and Chairman of
Abacus Mining & Exploration Corporation (TSX VENTURE:AME) and has
held the position since July 2010. He has more than three decades of
operating and major project management experience in the mining
industry having managed and developed some of the world's premier
mining projects in Canada, the United States and Australia, including
the Ekati Diamond Mine in the Northwest Territories where he led the
construction, commissioning and subsequent operation of the $700
million development of the Ekati Mine. He served as past Chairman of
BHP Billiton Diamonds Inc. and from 1999 to 2003, he was President
and Chief Operating Officer of Ekati Diamond Mine and BHP Billiton
Diamonds Inc. In addition to his outstanding industry experience, he
is recognized for fostering goodwill relations with government and
aboriginal groups. He also serves as director of the PDAC and on the
Aboriginal Affairs Committee of the PDAC.
About Bernie Swarbrick
Mr. Swarbrick is a senior mining executive with a unique balance of
operational and project experience acquired through 25 years in the
industry. Bernie was instrumental in successfully completing the
Roche Bay Feasibility Study during a very difficult market, and
worked closely with the technical teams from China. Throughout his
career, he has taken on roles of increasing responsibility within
both global and junior mining companies, including Falconbridge,
Noranda, Xstrata Nickel, SNC Lavalin, and Vale Inco. Bernie's breadth
of experience extends globally and across several diverse cultural
and jurisdictional environments including: New Caledonia, Australia,
Madagascar, and Indonesia, in addition to Canadian jurisdictions such
as Quebec, Ontario, Manitoba, Nunavut and Nunavik. Bernie's corporate
philosophy is that success is achieved by building strong teams,
integrating core enterprise values, and promoting value creation
through strategic planning and risk management.
ON BEHALF OF THE BOARD
James Excell, Acting Chairman
All those seeking additional information are directed to contact
Brendan Purdy; 416-203-0057 (ext 320).
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource
development company focused on developing its Roche Bay and Tuktu
Iron Ore Projects in one of the world's largest developing iron ore
districts, the Melville Peninsula in Nunavut. The Ocean-based Roche
Bay Project boasts an NI 43-101 compliant resource estimate of over
500 million tonnes outlined within a small portion of the potential
140 km of banded iron formation. A positive feasibility study for the
project's C Zone revealed a net present value of $642M on a base case
5.5 Mtpa start-up concentrate operation and substantial upside
potential including becoming a low quartile cost producer. To date,
the Company has delineated over 1 billion tonnes of iron under NI
43-101 among its Roche Bay and Tuktu deposits and continues to
explore other targeted deposits in areas to the north, south and west
of Roche Bay. The management team has extensive technical,
exploration and Canadian Arctic mining expertise to effectively
develop the high quality iron ore opportunities on the Melville
This news release also includes forward-looking statements that
involve a number of risks and uncertainties. The information reflects
numerous assumptions as to industry performance, general business and
economic conditions, regulatory and legal requirements, taxes and
other matters, many of which are beyond the control of the company.
Similarly, this information assumes certain future business decisions
that are subject to change. There can be no assurance that the
results predicted here will be realized. Actual results may vary from
those represented, and those variations may be material.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
Advanced Explorations Inc.
(416) 203-0057 x320
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