VANCOUVER, B.C., Dec. 5, 2006 (PRIME NEWSWIRE) -- Network Exploration Ltd. (the "Company") (TSX-V:NET-H) (Other OTC:NETYF) reports that it has received approval from the TSX Venture Exchange for the acquisition of the Caldera gold and copper porphyry property in Chile as reported on the 9th of November, 2006.
The Company has been granted the option to acquire a 50% interest in the Caldera Property in Chile where it will make cash payments totaling US$340,000 and undertake exploration expenditures totaling US$1,050,000 over a period of four years. The future joint venture corporation -- 50% to be owned by the Company and 50% to be owned by the Chilean vendors -- has an agreement in place outlining a management team in favor of the Company and right of first refusal and buy/sell clauses permitting the Company to acquire additional interests at a future date.
The Caldera property is located in the mineral-rich Huasco Province of Region III Chile, bears the characteristics of a copper and gold porphyry, and has had numerous historical surface mining operations. The property was optioned in 1994-1995 to Noranda Exploration Chile who performed an exploration program including seventeen trenches and 9 diamond drill holes; however, market conditions at that time did not warrant further exploration and the option was released. Considering today's metal market prices, Network Exploration Ltd.'s senior management team together with senior geologist Marco Fernandez-Concha and advisory board member Ken Thorsen, has re-evaluated the geological characteristics and previous exploration results on the property and concluded that the property now warrants further exploration.
As reported October 31, 2006 the Company received highly anomalous copper assay results from samples taken on September 26, 2006 during a property inspection by Peter Folk, P. Geol. The samples were taken from one of the trenches from Noranda's previous exploration program and have the following results:
Sample # Length (m) Location Mo (ppm) Cu (%) Au (ppb)
118521 Selected grab 41 0.144% 172
118522 Selected grab Test Pit 178 greater
than
1.00%* 184
118523 5 Trench 2 110 0.293% 246
118524 5 Trench 2 109 0.444% 97
118525 5 Trench 2 30 0.291% 164
118526 5 Trench 2 34 0.468% 32
118527 2 2 0.046% 1,368
118528 Selected grab 5 0.027% 200
118529 0.2 1 0.118% 233
* over detection limit
"Our exploration program will move forward now that our acquisition has received approval from the TSX Venture Exchange," says Richard Schnoor, Director of International Operations. "We are excited by the recent high copper values from our sampling of Noranda's numerous trenches on the 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, contact the company at 604 495-6302 or visit the Company's website: www.networkexploration.com.
On Behalf Of The Board Of Directors
"Alexander Helmel" President
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.