Borealis Exploration Limited - Subsidiary Roche Bay Announces Material Transaction with Advanced Exp

Advanced Explorations Inc. Announces Amendment to Roche Bay Royalty

Agreement

TORONTO, ONTARIO--(Marketwired - Dec. 16, 2013) - Advanced Explorations Inc.

(the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) announced today

that it has entered into an amendment agreement (the "Amendment Agreement")

with Roche Bay plc and Roche Bay East Limited (collectively "Roche Bay")

pursuant to which the Parties have agreed to amend the terms of the royalty

agreement dated for reference March 23rd, 2009 and entered into on March

31st, 2009 (the "Royalty Agreement"). This Amendment Agreement is intended

by the Parties to extend the payment terms for the Mandatory Minimum Payment

(as defined in the Royalty Agreement), and to grant AEI an additional option

to buy out a portion of the royalty, as further set out below.

Amendment to Mandatory Minimum Payment

The Parties agree to amend the payment terms of the 2013 Mandatory Minimum

Payment currently due and owing to Roche Bay, as follows:

* An initial installment of $50,000 payable on or before December

31st, 2013;

* The amount of $100,000 payable on or before January 31st, 2014; and

* The amounts of $50,000 on each of March 15, 2014, June 15, 2014, and

September 15, 2014

In addition to the cash consideration, AEI shall issue 5,500,000 common

shares within 5 business days of execution of the Amendment Agreement, and

shall further issue common shares to Roche Bay on September 15th, 2014, such

shares are to be deemed to have a total monetary value of $300,000 at a

price per share equal to the volume weighted average price on the 30-day

period prior to issuance.

All securities issuances contemplated herein shall be subject to any

statutory or regulatory requirements with respect to hold period, including

compliance with all rules and policies of the TSX Venture Exchange (the

"Exchange") and subject to ultimate approval by the Exchange. For the

avoidance doubt, the Mandatory Minimum Payments due to Roche Bay on December

15 of each year subsequent shall remain unchanged by the Amendment

Agreement.

Royalty Reduction

Pursuant to the Amendment Agreement, Roche Bay has granted AEI the option

until December 15th, 2020 to exercise a royalty purchase to reduce the

royalty rates set out in the Royalty Agreement to as low as 2%, other than

relating to the Precious Metals Royalty Interest.

ON BEHALF OF THE BOARD

John Gingerich, President & CEO

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.

Advanced Explorations Inc.

Brendan Purdy

416-203-0057 (ext 320)