Wenn mein Auge mich nicht trügt AE6 bei 1,65 Cad in Canada!
Advanced Explorations Inc. to Earn up to 70% Interest in Roche Bay Project
7/14/2008 1:13:13 PM - Canada NewsWire
TORONTO, Jul 14, 2008 (Canada NewsWire via COMTEX News Network) --
Advanced Explorations Inc. (the "Company" or "AEI") is pleased to announce that it has amended its Farm In Agreement with Roche Bay Plc ("RB") that will allow AEI to earn up to a 70% interest (up from 50.1%) in the Roche Bay magnetite project in Nunavut. Pursuant to the amendments, on or before September 1st, 2008 AEI may give notice to exercise an option to acquire an additional 19.9% interest in the project for $19,500,000, consisting of $3,500,000 in cash and the issuance of 6 million AEI shares priced at $2.50 per share, all net of applicable Canadian withholding tax which the Company anticipates, based on the information provided by RB, should be $5,500,000.
John Gingerich, President and CEO of AEI, commented;
"The ability of AEI to acquire a substantial majority of the Roche Bay project is a significant step forward for the AEI shareholders. The simpler clear majority structure will impact our ongoing negotiations with members of the mining and steel communities. The resource and economic studies are in the pipeline and we expect to be in a position to announce the results of these studies later this summer."
The notional price of $2.50 per share represents a 77% premium ($1.09) over the current market price of the AEI shares. Roche Bay Plc has provided a significant period of time for AEI to initiate the option and conclude the transaction. The transaction is subject to the approval of the TSX Venture Exchange and, if required, pursuant to applicable securities laws, to the approval of the shareholders of AEI.
Benjamin Cox, President and CEO of Roche Bay plc, stated;
"We have been extremely pleased with the progress made by AEI and providing a flexible option from which to earn in to a greater share of the project demonstrates the confidence our company has that AEI will successfully advance this project to a production decision. We at Roche Bay, due to our economic view of the project, are willing to give up some of our ownership stake in exchange for a financing model under the current terms that takes us up to a 16 million tonnes per year project in the longer term"
In addition, the Company also announces that China Steel Resources Investment ("CSRI") has failed to meet its previously announced financing commitments. AEI has given notice to CSRI and Melville Capital Corporation ("MCC") that they are in breach, and all parties are working in best efforts to cure the breach. MCC has stated it remains committed to the AEI agreement. AEI has also received proposals from other interested parties to independently address its project requirements. In the long term AEI and MCC remain committed to the Aboriginal community development plans. AEI will release further details when it makes a decision with respect to MCC and/or alternatives sources. The beneficial restructuring and simplifying of the joint venture gives AEI more flexibility to consider alternative proposals and options.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
LG!
ohhhh jaaaa - sowas braucht man abundzu, und gerade in diesen Zeiten! 
