Network acquires mineral claims near Underworld's new gold discovery
Thu Jun 25, 9:00 AM
VANCOUVER, June 25 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) has acquired mineral claims representing over 1000 hectares (or 10 sq kilometers) of explorable land in the Yukon Territory, Canada. These claims lie east of Underworld Resources Inc.'s Golden Saddle zone on its White gold property where gold assay values of 4.8 g/t and 3.59 g/t have been intercepted over 10.5 and 98.3 meters, respectively.
Under the acquisition agreement Network has agreed to pay $75,000 cash and to issue 2,000,000 common shares of Network. The vendor will retain a three percent net smelter return (NSR) of which one percent will be purchasable by the Company for $1 million (leaving a 2% NSR).
Network's work commitment on the newly acquired land is $25,000 by June 1, 2010 and an additional $225,000 by Sept. 1, 2010.
In an effort to increase shareholder value, Network continues to be on the lookout for strategic property acquisitions near emerging discoveries as well as for historical finds such as the Company's Caldera project in Chile.
Specifically, Network is actively seeking to acquire additional land in the emerging Yukon gold rush to complement its current portfolio and ongoing work program in South America. "This acquisition is part of a strategy to maximize our exposure to new gold discoveries," stated Richard Schnoor, Director of International Operations. "We will mobilize a field crew to begin a systematic geological work program as soon as reasonably possible," added Schnoor.
This transaction is subject to TSX Venture Exchange approval.
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
Contacts
Network Exploration Ltd.
(604) 638-7363
toll-free 1-866-637-5138 |
