UPDATE: Advanced Explorations At Day Lows Even with Discovery of Mineralization at West Melville Peninsula
Advanced Explorations Inc. (AXI.V) opened at 31 cents but is trading nearly 2% lower at day low $0.305, despite announcing earlier today that the results of its 2011 exploration program on the western portion of the Melville Peninsula, Nunavut, include the important discovery of new nickel-copper-cobalt and copper-silver-gold mineralization.
John Gingerich, President and CEO, said "The prospect of discovering high grade Ni-Cu and Cu-Ag-Au systems provides the opportunity to create additional shareholder value through possible partnerships and/or spin-offs while AEI remains focused on the development of its core iron ore assets."
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