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Advanced Explorations Provides Notice to Warrant Holders

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2010) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI - News; FRANKFURT:AE6 - News) announces that pursuant to the Company's private placement announced on April 29th, 2010 and closed 9,199,545 units on May 19th, 2010 the Warrants issued were subject to an acceleration provision and will expire within 30 days from the date of this release. The acceleration provisions associated with the terms of the Warrants were released as follows:April 29, 2010 ... Each Unit consists of one (1) common share and one (1) non-transferable common share purchase warrant (the "Warrants") with a term of twelve months from the closing date of the Offering. The holder of Warrants shall be entitled to convert each whole Warrant to one (1) common share of the Company where one whole warrant may be exercised for the purchase of one further common share of the Company at the exercise price of $0.40 per common share, subject to the following acceleration provision: if the closing trading price for the common shares of the Issuer as traded on the TSX Venture Exchange is equal to or greater than $0.75 per common share for 5 consecutive trading days occurring any time after 4 months from the date of issuance of the warrant (the "Threshold Period"), then the Company shall issue a press release announcing the occurrence of the Threshold Period. The Subscriber shall have until 4:00 pm (Toronto, Ontario Time) of the 30th calendar day after the date of dissemination of the press release to exercise the share purchase warrants (the "Accelerated Expiry Date"). The share purchase warrants shall expire on the earlier of the last day of the 1 year exercise term or the Accelerated Expiry Date.The Company hereby provides notice to all remaining $0.40 Warrant holders from the May 19th, 2010 private placement that the Warrants will expire on Monday, November 29, 2010 at 4:00 pm (Toronto, Ontario Time).ON BEHALF OF THE BOARDJohn Gingerich, President & CEOABOUT Advanced Explorations Inc.Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company that currently focuses on developing its flagship Roche Bay Project, in one of the world's largest developing iron ore districts. The project is located proximal to a natural deep water harbour on the coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an inferred resource of 357 million tones, outlined within a small portion of the 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.