Network announces private placement and filing of NI 43-101 report

VANCOUVER, Nov. 10, 2011 /CNW/ - Network Exploration Ltd. (the "Company" or "Network") (TSX.V: NET) is pleased to announce that it is proposing to complete a non-brokered private placement of up to 12,000,000 units (the "Units") at a price of $0.07 per Unit for gross proceeds of up to $840,000 (the "Offering").  Each Unit will consist of one common share of the Company and one common share purchase warrant (a "Warrant").  Each Warrant will entitle the holder thereof to purchase one common share of the Company (a "Warrant Share") for a period of 24 months from the closing of the Offering (the "Exercise Period") at a price of $0.10 per Warrant Share for the first twelve months of the Exercise Period and at a price of $0.15 per Warrant Share thereafter until the expiry date.

The Units will be made available by way of a private placement exemption to accredited investors (as such term is defined in National Instrument 45-106 - Prospectus and Registration Exemptions) in Canada and to certain other qualified investors as the Company may agree.

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation.  The Company may pay a finder's fee on the Offering in cash, common shares, warrants, or a combination thereof, in the maximum amount permitted by the policies of TSX Venture Exchange (the "Exchange").

The net proceeds from the Offering will be used by the Company for general working capital and to fund the Company's obligations under the option agreement between the Company and Lara Exploration Ltd. ("Lara") dated October 12, 2011 (the "Option Agreement").

The Offering is subject to a number of conditions including receipt of all necessary corporate and regulatory approvals, including approval of the Exchange.

NI 43-101 Report on the Picha Property

On October 12, 2011, the Company entered into the Option Agreement with Lara pursuant to which the Company was granted the option (the "Option") to acquire up to a 75% undivided working interest in and to certain mineral concessions known as the Picha project located in Peru (the "Picha Property").  For further details regarding the Option Agreement, please refer to the Company's press release dated October 19, 2011.

As required by the policies of the Exchange in connection with the filing of the Option Agreement, the Company has completed a National Instrument 43-101 technical report dated September 17, 2011 which has been filed by the Company and is available on SEDAR under the Company's profile.  The technical report, entitled "Report on the Picha Property Located in Department of Moquegua, General Sanchez Cerro Province, Peru", was prepared by Peter G. Folk, P.Eng.

The Company is currently seeking Exchange approval of the Option Agreement.  The completion of the Option is subject to the acceptance of the Option Agreement by the Exchange and the completion of the Offering.  There can be no assurance that the Option will be completed as proposed or at all.

About Network

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.

"Alexander Helmel"


Forward-Looking Statements:  This news release contains forward-looking statements regarding the future success of the business of the Company that is subject to risk and uncertainties. Examples of such forward-looking statements include, but are not limited to, statements concerning the Company's acquisition of the interest in the Picha Project, expectations concerning timing and success of the review of the NI 43-101 technical report on the Picha Project and exploration activities on the Picha project and generally, government regulation of exploration and mining operations, indications and benefits of exploration, drilling test work and engineering assessments, environmental risks, title disputes or claims, and the Company's intention to raise capital and financing. These forward-looking statements involve known and unknown risk and uncertainties that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. These risks include risks related to the closing of the transaction, key personnel, competition, risks related to newly acquired businesses, uncertainty and dilution as a result of additional financing and the ability of the Company to service its current debt obligations, as well as the risk factors described in the Company's Management Discussion and Analysis filed on SEDAR at and the risks described in any Management Information Circular of the Company. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the 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

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Network Exploration Ltd.

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