Advanced Explorations Inc. Provides Corporate Update

Advanced Explorations Inc. (the "Company" or "AEI") (TSX
VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce that following shareholder
approval of the Parkson Star joint venture transaction contemplated under the
Memorandum of Understanding ("MOU") signed on May 13, 2014, between the Company
and Parkson Star (HK) Ltd. ("Parkson Star") - see press release dated July 11,
2014 - it has been in discussions with Parkson Star and AEI's judgment creditors
regarding the implementation of the MOU, including the payment of AEI's
obligations to such judgment creditors. Under the MOU, such obligations are to
be assigned to, and paid by, the to-be-formed wholly owned subsidiary, Savik
Iron Mines ("Savik"). All parties are working in good faith to proceed with the
close of the Parkson Star joint venture transaction and the discharge of the
obligations as part of the process.


The Company also confirms that its major debt holder is also in support of the
transaction. Xin-Xing Ductile Pipes Limited ("XDIP") holds two convertible
debentures totaling $10,000,000 representing over 70% of the Company's debt.
XDIP has extended the first debenture until March of 2015 and is expected to do
the same for the $5,000,000 debenture due November of this year. 


In connection with the aforementioned judgment creditors, the Company wishes to
provide a clarification in respect of certain disclosures set out in its
Financial Statements and its Management Disclosure and Analysis. As previously
reported - see press release dated November 2, 2012 - the Company was subject to
a Statement of Claim filed in the Ontario Court of Justice arising out of a
finder's fee agreement dated July 4, 2008. On December 30, 2013, an Arbitrator
awarded Storm Capital Corporation $1,793,686 in connection with the finder's fee
agreement as stated in the Company's Consolidated Financial Statements for the
year ended December 31, 2013 ("Audited Financials"). Included in accounts
payable and accrued liabilities for the year ended December 31, 2013 is a
provision of $2,200,000 related to this claim, encompassing fees, disbursements
and interest in connection with the award. On June 26, 2014, the Superior Court
of Justice (Ontario) dismissed the Company's Application to set aside the
judgment and granted Storm's cross-application to enforce the award. 


Furthermore, as clarification to the notes of the Audited Financials, on January
15, 2013, a sole arbitrator in an international proceeding brought against the
Company by a former vendor, Siemens AG, issued a final award to Siemens AG
totaling approximately $1,079,616. The amount has been accrued in full by the
Company and is included in the accounts payable and accrued liabilities in the
Audited Financials. On July 7, 2014, the Superior Court of Justice (Ontario)
made an order to recognize and enforce the arbitral award. 


Eric Guo, CEO, commented:

"AEI is very pleased with the progress being made regarding the Parkson Star
joint venture transaction, an essential component of which is the provision to
fully cover the Company's liabilities to its judgment debtors by having Savik
assume and settle the obligations in full. Discussions with the judgment debtors
are progressing well and we believe that we can come to a standstill or
forbearance agreement with them in order to facilitate the close of the
transaction. All parties understand that the reality of the situation is that it
is in everyone's best interest to facilitate the close of the Parkson Star
transaction and the successful advancement of the Roche Bay Project."


ON BEHALF OF THE BOARD

Eric Guo, MBA, CFA, Chief Executive Officer

All those seeking additional information are directed to contact Brendan Purdy;
416-203-0057 (ext 320).


ABOUT Parkson Star Ltd. (HK)

Parkson is a Chinese private wealth fund that has strong business relationships
with Chinese banks as well as expertise in securing project financing for mining
projects.


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.


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Advanced Explorations Inc.
Brendan Purdy
[phone] x320