Advanced Explorations Inc. Signs MOU to Acquire 100% Interest in Roche Bay Project

TORONTO, Dec. 5 /CNW/ - Advanced Explorations Inc. (the "Company" or "AEI") is pleased to announce that it has signed a memorandum of understanding (the "MOU") with its joint venture partner Roche Bay plc ("Roche Bay") to acquire Roche Bay's remaining interest, and thus hold 100% ownership interest in the mineral leases comprising the Roche Bay Project located on the Melville Peninsula in Nunavut, Canada (the "Leases"). The transaction will merge AEI's previously announced iron nugget plans with the Roche Bay mine joint venture. The parties expect a definitive agreement for the acquisition of Roche Bay's interest in the Leases to be completed by December 20th 2008 but in any case no later than March 15th, 2009.

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