AXI

Advanced Explorations Inc. (TSX VENTURE:AXI)(FRANKFURT:AE6)(the "Company")
announced today that it has completed its previously announced $5,000,000
convertible debenture private placement with XinXing Ductile Iron Pipes Co. Ltd.
("XDIP"). In connection with the Framework Agreement entered into between the
Company and XDIP, as described in the Company's August 21, 2012 press release,
the Company has issued to XDIP a $5,000,000 principal amount convertible
debenture (the "Debenture"). The Debenture is non-interest bearing and matures
on November 5, 2014 (the "Maturity Date"). 


Subject to the terms and conditions of the Debenture, XDIP shall have the right,
at its option, upon the earlier of: (a) the completion of a feasibility study
(within the meaning of National Instrument 43-101 - Standards of Disclosure for
Mineral Projects) with respect to Tuktu Project (Zone 2); and (b) the Maturity
Date, to convert all, but not less than all, of the principal amount of the
Debenture into fully paid and non-assessable common shares of the Company. The
conversion price per common share shall be an amount equal to the greater of:
(i) the volume weighted average trading price of the common shares on the TSX
Venture Exchange during the 10 trading days prior to the date of conversion
multiplied by 90%; or (ii) $0.25. 


Alternatively, subject to the provisions of the Framework Agreement (including
the requirement that the XDIP make investments in the Company in the aggregate
amount of not less than $20,000,000), XDIP shall have the option to convert the
principal amount of the Debenture into an equity interest in a joint venture to
be created between XDIP and the Company for the development of the Tuktu Project
(Zone 2) (the "Tuktu Zone 2 JV"). The conversion of the principal amount of the
Debenture into an equity interest in the Tuktu Zone 2 JV will be subject to TSX
Venture Exchange approval and also disinterested shareholder approval. 


As the Company's primary strategic partner, XDIP currently holds approximately
13% of the outstanding common shares of the Company. Unless disinterested
shareholder approval is obtained in accordance with the applicable policies of
the TSX Venture Exchange, XDIP shall only be permitted to convert that portion
of the principal amount of the Debenture into common shares such that,
immediately following such conversion, XDIP will not hold greater than 19.9% of
the then outstanding common shares of the Corporation (on a non-diluted basis). 


All of the securities issuable in connection with the Offering will be subject
to a hold period expiring four months and one day after the date of issuance of
the Debenture. 


The Company also wishes to inform its shareholders that it received notice this
week that a Statement of Claim has been filed with the Ontario Superior Court of
Justice. The claim arises out of an alleged finder's fee agreement with Storm
Capital Corp. ("Storm"). Storm is seeking to have the matter subjected to
arbitration. The Company has retained legal counsel and believes that it has
meritorious defenses to this action and intends to vigorously defend such
action. 


ON BEHALF OF THE BOARD 

John Gingerich, President & Chief Executive Officer

ABOUT Advanced Explorations Inc. 

Advanced Explorations Inc., based in Toronto, Ontario, is a resource development
company focused on developing its Roche Bay and Tuktu Iron Ore Projects in one
of the world's largest developing iron ore districts, the Melville Peninsula in
Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant
resource estimate of over 500 million tonnes outlined within a small portion of
the potential 140 km of banded iron formation. A positive feasibility study for
the project's C Zone revealed a net present value of $642M on a base case 5.5
Mtpa start-up concentrate operation and substantial upside potential including
becoming a low quartile cost producer. To date, the Company has delineated over
1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits
and continues to explore other targeted deposits in areas to the north, south
and west of Roche Bay. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Advanced Explorations Inc.
(416) 203-0057 x226
www.advanced-exploration.com

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