Advanced Explorations Closes on Private Placement's Second Tranche

Advanced Explorations Inc. has received TSX approval for the closing of the second tranche of its private placement totaling $2,351,750.50 as previously announced, which included an increase in the Offering by up to

All shares issued and issuable upon the exercise of compensation warrants shall be subject to resale restrictions that expire on December 6, 2008.

A total of $8,338,450.50 has been raised as a result of the first and second tranche closings, and the Company has issued a combination of Flow-Through shares and Non-Flow-Through Units totaling 7,594,725 shares in
connection with the closings.

The proceeds of the private placement will be used to further develop the Roche Bay Magnetite Project in Nunavut and general corporate purposes. The flow-through funds raised will be used for exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2008 taxation year.