VANCOUVER, Jan. 17 /CNW/ - Network Exploration Ltd. (the "Company")
(TSX.V: NET) is pleased to announce the results of its preliminary soil
sampling program conducted on its Strike claims in the Yukon. The
Strike claims lie approximately 90 kilometers south southwest of Dawson
City and approximately 8.5 kilometers east of Kinross Gold's White Gold
The Company carried out 25.5 line kilometers of soil sampling, covering
the entire property, and obtained 255 soil samples. The samples were
collected at 100 meter intervals from 7 widely spaced (approx. 225
meters) parallel lines which traverse the claim area from east to west.
Analytical results from soils from the Strike claims define an anomalous
zone on the south side of the project 800 meters in length with
elevated gold values to 135 ppb and averaging 41.4 ppb. A second
anomalous zone located on the northwestern side of the claims covered
1000 meters in length with elevated gold values up to 67ppm and
averaging 19.2 ppb.
Samples were placed in tamper proof bags and delivered to the ALS Chemex
laboratory in Whitehorse, Yukon where they were assayed utilizing the
Au plus 36 element ICP package.
After analyzing all the data, including a previously completed (see news
release Nov 12, 2009) airborne magnetic survey covering the same area,
the Company contemplates performing further geochemical sampling and
geological mapping. Crews will be mobilized as early as possible this
The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the Company by Mr.
Robert Friesen, P. Geo., a director of the Company and the Company's
The Company also announces that it will proceed with a non-brokered
private placement of up to 6,000,000 Units (the "Units") at a price of
$0.065 per Unit for gross proceeds of up to $390,000 (the "Offering").
Under the terms of the private placement, the Company will offer a
maximum of 6,000,000 Units at a price of six and a half cents per Unit.
Each Unit will consist of one common share of the Company and one full
share purchase warrant where each warrant will allow the subscriber to
purchase one additional common share of the Company at 10 cents during
the first year following the closing of the private placement.
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, up to the maximum amount permitted
by the policies of the TSX Venture Exchange (the "Exchange").
The proceeds from the Offering will be used for general corporate
Closing of the Offering is subject to a number of conditions, including
receipt of all necessary corporate and regulatory approvals, including
approval from the Exchange.
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
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
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.