Advanced Explorations signs MOU with A Better Search
2007-06-14 09:11 MT - News Release
Mr. John Gingerich reports
ADVANCED EXPLORATIONS INC. ANNOUNCES UPDATE ON ACTIVITIES
Advanced Explorations Inc. has completed establishment of a 40-man exploration camp on the iron ore project in Roche Bay, Nunavut. The company has mobilized two drills to site and the contractor (Boart Longyear) is expected to have the first drill coring by the end of this week and the second drill early next week. The company objective is to complete a minimum of 15,000 metres of drilling before the end of the exploration season.
The company is also in the process of tendering contracts to extend the environmental baseline studies started last year and conduct further bathymetric studies of Foxe basin. The company will also undertake additional metallurgical work and initiate a number of engineering studies to better understand potential development costs.
The company has also signed a memorandum of understanding (MOU) in which AEI has entered into a partnership and option agreement with A Better Search Inc. to pursue iron ore opportunities in Quebec.
The company has a four-month exclusive period to review all Better Search's holdings to identify projects to option. In addition, Better Search will collaborate with AEI during the next 12 months to identify other iron ore projects to acquire. As part of the option and collaboration agreement, the company will pay Better Search 200,000 common shares of the company and $25,000. For each project of merit optioned from Better Search during the four-month exclusive period, the company will provide an additional 300,000 shares and $150,000. No additional compensation will be provided to Better Search for claims/projects acquired under the collaboration agreement. The MOU is subject to TSX approval.
Furthermore, the company has successfully listed on the Frankfurt, Germany, stock exchange under the symbol AE6.
