Network corporate update

VANCOUVER, Oct. 4, 2011 /CNW/ - Network Exploration Ltd. (the "Company" or "Network") (TSX.V: NET) would like to take this opportunity to provide the shareholders and stakeholders an update on its corporate activities.

As announced April 11, 2011, Network has entered into a Letter of Intent ("LOI") with Lara Exploration Ltd. ("Lara") to acquire up to a 75% undivided working interest (the "Option") in and to certain mineral concessions known as the Picha project located in the Moquegua Department of Peru.  Over the recent months the Company has had a qualified independent person visit the Picha project for the purposes of compiling a NI 43-101 technical report in connection with this transaction.  This report is undergoing review by the TSX Venture Exchange which is expected to be completed shortly.

Concurrently, Network and Lara are working towards a definitive agreement related to the Picha transaction.  Once complete, the Company and Lara expect to execute the agreement and close the transaction.  As noted in the news release of April 11, 2011, the transaction is subject to a number of conditions including approval of the definitive agreement by the Directors of the Company, final approval of the NI 43-101 report, and TSX Venture Exchange approval.

President and CEO Alexander Helmel stated, "We look forward to completing the Picha transaction and expect to initiate exploration as soon as possible thereafter.  Our geological team is excited to work towards drilling at Picha in anticipation of the project fitting the model of an economic porphyry copper system."

About the 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 Compania 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.  Seven zones were outlined 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 the Property has never been drill-tested.

Results of three verification samples taken by Mr. Peter Folk, P.Eng. (the qualified independent person responsible for the NI 43-101 technical report for Picha) assayed copper values of 0.952%, 7.13%, and 1.981% copper over 2.6m, 1.9m, and 1.1m respectively.  These samples were taken from areas of exposed mineralization within the project known as the Maricate and Cobremani zones.

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.

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.

ON BEHALF OF THE BOARD OF DIRECTORS
"Alexander Helmel"

President

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 additional 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 whether or not the Company will achieve closing of the transaction, on key personnel, competition, risks related to newly acquired businesses, uncertainty and dilution of additional financing and ability to service debt, as well as the risk factors described in the Company's Management Discussion and Analysis filed on SEDAR at www.sedar.com and the risks to be described in any Management Information Circular. 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.