CBC News reported today that Advanced Explorations Inc. (TSXV:AXI) has plans to join with a Chinese private wealth fund in a joint venture to develop its Roche Bay iron ore project in Nunavut, Canada. Advanced Explorations plans to ship iron ore produced at the project directly to market from the coast of Nunavut, according to CBC.

As quoted in the publication:

The new subsidiary corporation will be called Savik Iron Mines, the companies say in a joint news release. Under the deal, Parkson will pay $600,000 to Advanced Explorations, and gain the right to earn 80 per cent equity in Savik, while Advanced Explorations will retain a 20 per cent interest until production at the mine site begins.

Click here to read the full CBC News article.