Advanced Explorations Inc. Moves Forward With Restructuring of Its Iron Ore Holdings

Advanced Explorations Inc. (the "Company" or "AEI") (TSX
VENTURE:AXI)(FRANKFURT:AE6) today announced that in furtherance to its press
release of February 18, 2012 and following recent discussions with its Board and
XinXing Ductile Iron Pipes Group Co. Ltd. ("XDIP") that it plans to transfer its
Roche Bay iron ore assets into a holding company that will be 100% held by
Advanced Explorations Inc. The Company has reserved the name "Savik Iron Mines
Limited" ("Savik") as the name for the holding company which will act as the
operating and funding vehicle for Roche Bay. "Savik" is the Inuktitut word for
"knife" derived from "savirajak", the word for metal. The Company anticipates
utilizing Savik and/or similar structures for the management of its other iron
ore assets, and further believes this restructuring will provide added corporate
flexibility in the management and direct funding of its various iron ore
projects. The intent is to form an independent management team with the
appropriate skills sets and experience related to the go forward requirements
(construction/operation) of the Roche Bay Project. The Company awaits final
direction from its partner XDIP as to how its potential interest in Savik is to
be structured. 


John Gingerich, President & CEO, commented:

"We have had ongoing discussions with XDIP and a leading Chinese Bank as to the
development and structural requirements for the Roche Bay Project. We have
determined that the most effective and flexible structure for the future
financing and management of the Project is the transfer of AEI's interest into a
wholly-owned holding company. In line with our continued commitment to the Roche
Bay Framework Agreement with XDIP, the formation of Savik is an important first
step towards the progression and essential financing of the Roche Bay Project". 


The Company wishes to also announce that it has been assessing new partnering
opportunities that were not reviewed as part of the Feasibility Study related to
high quality concentrate supply to advanced iron processing facilities (pellet
and/or iron reduction plants) located within short shipping distance of Roche
Bay. The Company has focused on the mutual benefits that can be derived with a
strategic partner willing to establish advanced processing facilities located at
sites with access to low cost energy, year-round ice-free shipping and within
short haul shipping from Roche Bay. Preliminary review has identified important
operational advantages to Roche Bay should a strategic arrangement be completed.
Increasing the amount of iron concentrate delivered on short haul routes will
result in a corresponding increase of the average netback to the project. In
addition, short haul routes provide an opportunity for an optimized shipping
solution from Roche Bay. Both these potential factors would positively affect
project economics. 


ON BEHALF OF THE BOARD 

John Gingerich, President & Chief Executive Officer

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Advanced Explorations Inc.
(416) 203-0057 x226
(TSXV:AXI)
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