Advanced Explorations Inc. (TSX-V: AXI; OTC: ADEXF) announced that it has entered into an agreement with the Government of Nunavut to advance research on alternative energy sources for use in northern Canada. The Company continues to study energy sources for use at its Roche Bay and Tuktu iron ore projects located on the east coast of the Melville Peninsula, in Nunavut, Canada. The Company believes the application of alternative energy sources can supply power and reduce its operating costs for the future mine and allow potential production expansions.
In the release, John Gingerich, President & CEO stated: “The implementation of a sustainable, reliable and cost-effective power source for Canada’s North is the key to unlocking its true value and to facilitate economic and social development at a broader scale. We are very pleased to work together with the Government of Nunavut in moving forward with this vision. Our team has successfully worked on implementing a plan for an alternative power solution, and we believe that the potential savings in capital and operating cost or our mining projects will play a key part on our way to becoming a cost-competitive producer in the iron ore space”.