VANCOUVER, June 25 /CNW/ - Network Exploration Ltd. (the "Company")
(TSX.V: NET) has acquired mineral claims representing over 1000 hectares (or
10 sq kilometers) of explorable land in the Yukon Territory, Canada. These
claims lie east of Underworld Resources Inc.'s Golden Saddle zone on its White
gold property where gold assay values of 4.8 g/t and 3.59 g/t have been
intercepted over 10.5 and 98.3 meters, respectively.
Under the acquisition agreement Network has agreed to pay $75,000 cash
and to issue 2,000,000 common shares of Network. The vendor will retain a
three percent net smelter return (NSR) of which one percent will be
purchasable by the Company for $1 million (leaving a 2% NSR).
Network's work commitment on the newly acquired land is $25,000 by June
1, 2010 and an additional $225,000 by Sept. 1, 2010.
In an effort to increase shareholder value, Network continues to be on
the lookout for strategic property acquisitions near emerging discoveries as
well as for historical finds such as the Company's Caldera project in Chile.
Specifically, Network is actively seeking to acquire additional land in
the emerging Yukon gold rush to complement its current portfolio and ongoing
work program in South America. "This acquisition is part of a strategy to
maximize our exposure to new gold discoveries," stated Richard Schnoor,
Director of International Operations. "We will mobilize a field crew to begin
a systematic geological work program as soon as reasonably possible," added
This transaction is subject to TSX Venture Exchange approval.
Network Exploration Ltd. is a mineral exploration Company committed to
building shareholder value through the acquisition of base and precious metal
properties in North and South America. For additional information, contact the
Company at 604 638-7363 (toll free 866 637-5138) or visit the Company's
ON BEHALF OF THE BOARD OF DIRECTORS
Forward looking Statements. This news release has been prepared by
management. This document contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not under the
Company's control which may cause actual results, performance or achievements
of the Company to be materially different from the results, performance or
achievements implied by these forward looking statements.
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities & Exchange
For further information:
For further information: Network Exploration Ltd., (604) 638-7363,