President and CEO: John Gingerich, P. Geo
VP Engineering and Technology: Florin Gheorghiu, Ph.D.
Vice President, Capital Projects and Studies: Bernard Swarbrick
Advanced Explorations Inc. focused in 2012 on developing its Roche Bay and Tuktu Iron Ore projects in Nunavut. The Roche Bay Project located on the east coast the Melville Peninsula boasts a NI 43-101-compliant resource estimate of more than 500 million metric tons outlined within a small portion of the potential 140 kilometers (87 miles) of banded iron formation. In August, the company reported a positive feasibility study conducted for the C Zone at Roche Bay that targeted a start-up production of a 66 percent iron concentrate a rate of 5.5 million metric tons per year. Advanced Explorations confirmed the presence of very high-grade iron at Tuktu over a substantial area, supporting the company’s belief in the direct ship ore potential of the target. In September Advanced Explorations said it identified a second horizon within the Tuktu 2 area with high-grade iron similar to the main Tuktu 2 occurrence. The new discovery is located on a north-south, parallel trending magnetic anomaly about 400 meters east of the Tuktu 2 zone. Outcrop exposure in the area of the discovery is limited and additional detailed geophysics and mapping is underway to help define strategic drill targets. The company Sept. 13 said it was drilling the northern portion of the Tuktu 2 high-grade iron zone which yielded assays as high as 69.3 percent iron and intends to include drill testing of the new discovery. To expand its land position to cover areas deemed prospective for the discovery of nickel-copper massive sulphide mineralization, the company staked 82 mineral claims totaling 66,000 hectares (163,200 acres), bringing to 151,900 hectares (375,450 acres) in 119 mineral claims and two prospecting permits the company’s entire land position on the western Melville Peninsula. Advanced Explorations also relinquished its rights in December to explore claims in Alaska for magnetite-bearing sands. The company terminated a 2010 option agreement with Alaska-based 7th Sea Holding Company LLC.
Cash and short-term deposits: C$1.03 million (at June 30, 2012)
Working capital: C$45,000 (at June 30, 2012; raised C$1,792,370
in July financing)
Market capitalization: C$32.18 million (at Oct. 3, 2012)
Advanced Explorations Inc.
401 Bay St., Suite 2828 • Simpson Tower
Toronto, Ont. Canada M5H 2Y4
Tel: 416-203-0059 • Fax: 416-203-0059 or 416-860-9900