VANCOUVER, Sept. 9 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce that it has signed a letter of intent ("LOI") to option Huevos Rojos, a gold and silver prospect in Peru's southeastern Ayacucho department.
The Huevos Rojos property is located approximately 100km east of Nazca and covers 1300 hectares. The property lies within the Puquio-Cailloma region, which is known for its low-sulfidation volcanic hosted epithermal deposits of gold and silver.
The Huevos Rojos prospect contains silver, gold, tin, and zinc in quartz vein structures within volcaniclastics and andesitic volcanic flows.
Under the terms of the LOI, Network will enter an option agreement (through its local subsidiary) to acquire an 80% interest in the Huevos Rojos property over a three year period. Network will make an initial payment at signing of US$15,000, and make escalating annual payments over the subsequent three years to total US$1.5m. The work commitment in the first year is US$50,000.
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, contact the company at 604 638-7363 (toll free 866 637-5138) or visit the Company's website: 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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