|By Marketwired .||
|July 11, 2014 11:05 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/11/14 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI) (FRANKFURT: AE6) is pleased to announce the voting results from the Company's Annual General and Special meeting of shareholders held on July 10, 2014 (the "Meeting").
The six nominees as proposed by the Company were elected to the board. The directors are Mr. John Gingerich, Mr. James Excell, Mr. Lei (Eric) Guo, Mr. Robert Collette, Mr. Raziel Zisman, Mr. Zeng Yaogan, and Mr. Robert Telewiak.
The shareholders approved a resolution appointing Ernst & Young LLP as auditors for the Company for the ensuing year, and re-approved the 10% rolling stock option plan of the Company in accordance with the policies of the TSX Venture Exchange.
Additionally, the shareholders approved, with approximately a 99.97% majority of votes cast at the meeting, a resolution approving the proposed joint venture transaction (the "Proposed Transaction") as more particularly described in the management information circular dated May 15, 2014.
Mr. Guo, Chief Executive Officer stated;
"The Company is very pleased to have received such a strong endorsement of our proposed Joint Venture with Parkson Star Ltd (HK). The proposed transaction not only provides a path for the development of the Roche Bay iron ore project, but includes a process by which AEI can retire its debts as part of the Parkson obligations to earn its interest. The Company can now focus on working with Parkson to implement a formal agreement and resolving any outstanding issues in a timely manner."
ON BEHALF OF THE BOARD
Eric Guo, MBA, CFA, Chief Executive Officer
All those seeking additional information are directed to contact Brendan Purdy; 416-203-0057 (ext 320).
ABOUT Parkson Star Ltd. (HK)
Parkson is a Chinese private wealth fund that has strong business relationships with Chinese banks as well as expertise in securing project financing for mining projects.
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 Peninsula.
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 RELEASE.
Advanced Explorations Inc.
(416) 203-0057 x320