NETWORK ENTERS INTO LETTER OF INTENT WITH LARA EXPLORATION LTD.

VANCOUVER, April 11 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce that it has entered into a letter of intent ("LOI") with Lara Exploration Ltd. ("Lara"). The letter of intent sets out a proposal by the Company to acquire up to a 75% undivided working interest (the "Option") in and to certain mineral concessions owned by Lara known as the Picha Project, located in the Moquegua Department, Peru (the "Property").

Picha Project Option

Under the terms of the LOI, the Company may earn an initial 55% undivided working interest in the Property by paying to Lara an aggregate of US$200,000, with US$50,000 payable upon execution of the LOI, an additional US$50,000 payable upon execution of a formal agreement and an additional US$100,000 on the date that is 12 months following the approval of the Option by the TSX Venture Exchange (the "Approval Date"). The Company has also agreed to issue to Lara 3,500,000 units within five days of the Approval Date, with each unit consisting of one common share in the capital of the Company and one non-transferable common share purchase warrant. Each warrant will entitle Lara to purchase one common share in the capital if the Company at a price of $0.10 per common share, exercisable for a period of two years from the Approval Date. The Company has also agreed to fund aggregate expenditures of US$3,000,000 on the Property, with US$500,000 fundable on or before the date that is one year following the Approval Date, an additional US$1,000,000 fundable on or before the date that is two years following the Approval and an additional US$1,500,000 fundable on or before the date that is three years following the Closing Date. Upon the completion of the above payments, issuances and funding, the Company will hold a 55% undivided working interest in the Property.

Under the terms of the LOI, the Company then may earn an additional 20% undivided working interest (for a total undivided interest of 75%) in the Property by paying to Lara US$1,000,000 within 30 days of electing to exercise this additional option (the "Election Date") and funding aggregate expenditures of US$5,000,000, with US$1,000,000 fundable on or before the date that is one year following the Election Date, an additional US$1,500,000 fundable on or before the date that is two years following the Election Date and an additional US$2,500,000 fundable on or before the date that is three years from the Election Date. The Company must also complete a pre-feasibility study compliant with National Instrument 43-101 "Standards for Disclosure of Mineral Projects" and any such costs incurred in the completion of the pre-feasibility study will count towards the expenditures required to earn the additional 20% undivided working interest. Upon completion of the above payments and funding, the Company will hold a 75% undivided working interest in the Property.

Picha Project

The 6,000 hectare Picha Copper-Silver Project is located within the prolific Tertiary Volcanic Arc of Southern Peru, host to various important epithermal gold-silver deposits and copper porphyry-skarn deposits. The Property is adjacent to the properties of Gold Fields Limited and Compañía de Minas Buenaventura S.A., that are host to the recent Chucapaca discovery, with reported mineral resources of 5.6 million gold equivalent ounces. Lara's exploration work on the Picha Project in 2010, found widespread alteration, brecciation and vein stockworking, indicative of the presence of a porphyry system at depth, and outlined seven zones with anomalous copper and associated silver values (see Lara news release of September 21, 2010). Several of these mineral occurrences have been mined on a small scale in the past, from adits, shafts and small open pits, but to date Property has never been drill-tested.

"Lara is enthusiastic about the agreement with Network and believes that Network's management team has the skill set, commitment and knowledge to define and grow the resource through exploration.  It is for these reasons that Lara will accept payment in shares, as it wishes to be a partner in the development and not just a vendor of an asset," said Miles Thompson, CEO of Lara.

Quality Control and Qualified Person

This press release has been approved by Bob Friesen, P. Geo, a director of the Company and the Company's Qualified Person.

Completion of the Option is subject to a number of conditions

The completion of the Option is subject to a number of conditions, including but not limited to the execution of a formal agreement, satisfactory due diligence, the approval of the formal agreement by the Board of Directors of the Company and the approval of the Option by the TSX Venture Exchange.  There can be no assurance that the Option will be completed as proposed or at all.

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. 

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.

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.


SOURCE Network Exploration Ltd.

For further information:

please contact the office at 604-638-7363 or toll-free at 1-866-637-5138, or visit www.networkexploration.com

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