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Advanced Explorations Inc. ("AEI") and Roche Bay plc Develop Joint Venture to Exploit Extensive Magnetite Deposits in Northern Canada
Advanced Explorations Inc. ("AEI") and Roche Bay plc Develop Joint Venture to Exploit Extensive Magnetite Deposits in Northern Canada.
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[{"type":"text","content":"http://www.marketwire.com/mw/release_html_b1?release_id=214246\r\n\r\nAdvanced Explorations Inc. (\"AEI\") and Roche Bay plc Develop Joint Venture to Exploit Extensive Magnetite Deposits in Northern Canada\r\n\r\nTORONTO, ONTARIO -- (MARKET WIRE) -- February 12, 2007 -- Advanced Explorations Inc. (NEX BOARD: AXI.H) and Roche Bay plc (US OTC: RCHBF) have signed a joint venture agreement dated January 29, 2007 and amended February 5, 2007 to undertake the required work to complete feasibility studies and exploit Roche Bay's extensive magnetite iron deposits in Nunavut, northern Canada.\r\n\r\nThe agreement gives AEI an option to acquire up to a 50% equity interest in Roche Bay's Eastern deposits and to become operator of the exploration and construction project. AEI assumes responsibility for raising financing and managing the completion of feasibility studies. Once these are completed, the agreement provides for formation of a joint venture, for which AEI will be responsible for the financing, design, build and operation of a mine and plant producing at least 6 million tonnes per year of iron concentrates or pellets. The agreement is subject to several conditions based on operational milestones being achieved.(1)\r\n\r\nJohn Gingerich, Chairman of AEI commented:\r\n\r\n\"While there is a significant amount of work to be achieved ahead of delivering a full feasibility study, investigation and tests to date point to Roche Bay having all the hallmarks of a very exciting project, given the potential size, location and accessibility of the deposits. We are very pleased to have secured a role in their development and look forward to working further with Roche Bay.\"\r\n\r\nBenjamin Cox, CEO of Roche Bay said:\r\n\r\n\"John and the AEI team have a very strong track record in bringing mining projects to fruition, and augmenting the Roche Bay project with their expertise is a very positive move. We are now able to accelerate our progress and build on the considerable work achieved during 2006. Having considered a number of options on the best way forward, we have been very impressed by AEI's approach and believe that this long-term relationship will deliver considerable value to all the stakeholders in Roche Bay's development.\"\r\n\r\n(1) Detailed summary below\r\n\r\nABOUT ADVANCED EXPLORATIONS INC.\r\n\r\nAEI, based in Toronto, Canada,...