U.S. Markets closed

Advanced Explorations' Tuktu Iron Project Drill Program Meets Objective Early

TORONTO, ONTARIO--(Marketwire - June 29, 2011) - Advanced Explorations Inc. (TSX VENTURE:AXI - News; FRANKFURT:AE6 - News; the "Company" or "AEI") is pleased to announce it is nearing completion of its Tuktu drill program. Drill fences at 400 metre intervals utilizing 2 drills are testing the 2.6 km strike of Tuktu 1. Holes 12 and 13 are currently being drilled, and previous drill holes are designed to test the banded iron formation (BIF) to depths of 250 metres on average with the deepest hole to date going 311 metres.The Company recently completed a ground magnetometer survey over the Tuktu 1 target area, and the results have been very useful for mapping the distribution of the magnetite within the iron formation helping geologists optimize the drill plan. The steeply dipping BIF mineralization remains open at depth and drill logging results are consistent with the previous geologic mapping. AEI will also be initiating a program of additional surface mapping and sampling to better characterize the Tuktu 1 mineralization. This program will also extend onto the other 10 adjoining claims to better understand the discovery potential of the Tuktu area.John Gingerich, President and CEO, commented:"We anticipate we will complete sufficient drilling over the next few weeks to properly delineate the resource. The program has been highly successful, and the target objective for 2011 will be completed ahead of schedule. We believe a second phase drill program will not be required as we will have enough drilling to complete a NI 43-101 compliant resource report as planned. While we experienced a challenging start of the program, the overall project performance has allowed us to complete our target in a single campaign and we expect initial assay results from our Tuktu project soon. The accelerated program also allows us to effectively communicate the project opportunity to potential partners".AEI continues to move forward on its Roche Bay Feasibility Study process as commenced with the engagement of Wardrop Engineering Inc, a Tetra Tech Company earlier this year. Following approval as set forth in the Management Information Circular (May 30th, 2011) at today's Annual General and Special Meeting and completion of the Company's Tuktu drill program, AEI anticipates starting its feasibility drilling program at Roche Bay.ON BEHALF OF THE BOARDJohn Gingerich, President & CEOABOUT Advanced Explorations Inc.Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on its Roche Bay Iron Ore Project in Nunavut, one of the world's largest developing iron ore districts. The Roche Bay Project is located proximal to a natural deep water harbour on the east coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an indicated resource of 323 million tonnes, outlined within a small portion of the potential 140 km of banded iron formation. This iron formation incorporates the Roche Bay deposits, the Company's Tuktu deposits and other targeted deposits in areas to the north, south and west of the Company's Roche Bay Project. The preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of either iron concentrate or high value iron nugget products. 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.