Network closes private placement grants stock options



    VANCOUVER, Aug. 7 /CNW/ - Network Exploration Ltd. (the "Company")
(TSX.V: NET) is pleased to announce that the Company has received TSX-Venture
Exchange approval to close the non-brokered private placement of $750,000
announced July 3, 2008.
    On August 5, 2008 ("Closing Date") the Company closed a private placement
whereby it issued 15,000,000 Units at a price of $0.05 per Unit. Each Unit
consists of one common share and one share purchase Warrant entitling the
holder to purchase one further common share at $0.10 during the first year
following the Closing Date or at $0.15 during the second year following the
Closing Date.
    Warrants issued under this placement are subject to an accelerated
exercise provision in the event that the Company's common shares trade at a
closing price on the TSX Venture Exchange of greater than 30 cents per share
for a period of 20 consecutive trading days at any time after four months and
one day following the closing date, the Company may accelerate the expiry date
of the Warrants by giving notice to the holders thereof. In this case, the
Warrants will expire on the 30th day after the date of such notice.
    Finder's fees of $60,907.50 in cash have been paid and 45,000 Finder's
Units at a price of $0.05 per Unit have been issued. Each Finder's Unit
consists of one common share and one share purchase warrant subject to the
same terms and provisions as the warrants outlined above. Additionally,
1,177,500 broker's warrants have been issued subject to the same terms and
provisions as the warrants outlined above.
    All securities issued or made issuable under the private placement are
subject to a four month hold period from the Closing Date and will become free
trading 4 months and one day from the Closing Date.
    54 placees participated in this private placement. Proceeds from this
offering will be used for exploration of the Company's properties, working
capital and general corporate purposes.
    Concurrent to the closing of this private placement, the Company has
granted 1,500,000 incentive stock options to directors, key employees, and
consultants at an exercise price of $0.10 per share. These options are
exercisable for a period of five years and are subject to approval by the TSX
Venture Exchange.

    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
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.

    %SEDAR: 00005604E




For further information:

For further information: Allison Murray, Corporate Communications, (604)
638-7363

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Network Exploration Ltd.

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