13 May 2014
Toronto, ON, May 13, 2014 – Advanced Explorations Inc. (the "Company" or “AEI”) is pleased to announce that it has signed a memorandum of understanding with Parkson Star Ltd. (HK) (“Parkson”) for the joint development of the Company’s Roche Bay Iron Ore Project into production (the “Cooperation Agreement”). Pursuant to the Cooperation Agreement, AEI will commence the formation of a wholly owned subsidiary corporation named Savik Iron Mines Ltd. (“Savik”) in a jurisdiction agreed upon by the parties. Upon receipt of requisite approvals, AEI shall effect the transfer of its interest in the Roche Bay and Tuktu Projects to Savik and, subject to making initial capital injections into Savik and fulfilling certain capital funding (CAPEX) obligations, Parkson shall have the right to earn an 80% equity interest in Savik. AEI shall retain a 20% interest in Savik as free carry until the substantial completion of the mine and attainment of first commercial production.