VANCOUVER, July 13 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce that further to its news release dated June 25, 2009, the Company has received TSX-Venture Exchange approval to a property purchase agreement between the Company and Blair Naughty (the "Vendor"), whereby the Company will purchase a 100% interest in certain quartz claims, representing over 1,000 hectares of explorable land in the Yukon Territory. In consideration, the Company will pay the Vendor a total of $75,000 and issue 2,000,000 shares of the Company. These shares will have a hold period expiring on November 10, 2009.
The Vendor will retain a 3% net smelter return royalty of which 1% will be purchasable by the Company for $1 million.
Network Exploration's mineral claims are located directly to the east of the Underworld Resources Inc., Cathy 146 and Cathy 144 Quartz mineral claims and approximately 4.5 km from Underworlds recently announced (May 26, 2009) discovery of 103 meters of 3.4 g/t Au. Underworld is exploring sediment and vein-hosted gold targets at the 169 sq km (845 claim) White Gold property.
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, please contact the office at 604-638-7363 or toll-free at 1-866-637-5138, or visit 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.
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