Network announces initiation of diamond drill program at Caldera

VANCOUVER, July 29 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce that it has commenced a second-phase drill program at its Caldera property located in the mineral-rich Huasco Province of Chile. The program is designed to test 13 specific gold and/or copper targets delineated in prior work programs on the property.

The diamond drilling program at Caldera is being supervised on site by Network's senior geologist, Marco Fernandez-Concha and will test the La Blanca mine area and it's recently discovered gold zones, several areas of exposed silica breccia known to host encouraging gold values, and numerous gold/copper targets at depths never previously achieved with reverse circulation drilling. The program is substantial, will test up to 3000 meters, and is expected to last 10-12 weeks.

"Our camp is mobilized and we are actively drilling again at Caldera," stated Director of International Operations Richard Schnoor. "This diamond drill program will concentrate on gold and copper targets outlined by previous programs and will hopefully reveal our resource potential," added Schnoor.

This press release has been approved by Ken Thorsen, a director of the Company and the Company's Qualified Person.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Network Exploration Ltd. is a mineral exploration Company engaged in the acquisition and exploration 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 website: www.networkexploration.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Alexander Helmel"

President

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 RELEASE. 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 Commission.

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SOURCE Network Exploration Ltd.

For further information: For further information: Network Exploration Ltd., 604-638-7363, toll-free 1-866-637-5138

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