Network Exploration’s acquisition of a 50% interest in Aguas’ 100% owned Caldera gold and copper prospect located in Huasco Province, Region III, Chile, for Network Exploration is important. This acquisition is comprised of 13 mineral claims covering an area of 2,750 hectares in the mineral-rich Huasco Province of Region III Chile and bears the characteristics of a copper and gold porphyry.
Historically, numerous miners have operated on this property and there exists several large workings of past mining operations including the C. Condor mine, El Burro mine, and the largest – the La Blanca mine. From 1992 to 1994, Noranda Exploration Chile Ltd. explored the Property under the supervision of our senior geologist, Mr. Marco Fernandez Concha, who was the senior geologist for Noranda in South America at that time.
Information obtained from Noranda’s 1994 exploration program in the La Blanca mine documents includes a two meter spaced chip sampling over a 40 m section with resulting average grades of 2.7-g/t au. The current owners subsequently reconfirmed these results in 2005. The Company has not independently confirmed these results.
The Company will be assembling all available data from Noranda’s two-year exploration program to assist in the design of its upcoming exploration plans. Included in this data are the results of detail mapping, surface sampling, trenching, and IP geophysics surveys previously completed on a large portion of the Property.
An aggressive schedule of fieldwork is planned for the acquisiton. To precede the initial drill program, the senior geologist will perform a complete reinterpretation of previous data and further detail mapping on selected targets at the property. Grab samples obtained by the Company from the Property are currently being assayed.
Mr. Marco Concha states: “The Caldera property has been largely under-explored and shows the characteristics of a gold and copper porphyry system with excellent geological potential. Previous placer mining on the Property indicates the presence of gold in the system and today’s strong metal prices warrant further exploration on this Property.”
Under the terms of the transaction, and subject to regulatory approval, the Company will make cash payments totaling $340,000 over a four year period and carry out an exploration program totaling $1,050,000 to earn its 50% interest, at which time a joint-venture corporation will be formed to hold the Property, and each of the Company and Aguas will own 50% of this corporation.
Mr. Richard Schnoor, Director of International Operations states: “The Caldera property was one of the properties of interest visited by the Company’s management during our recent trip to Peru and Chile. Our target acquisitions have been in Chile and Peru as this region hosts some of the world’s largest producing gold, silver, and copper mines. The Caldera property was the top recommendation of Mr. Marco Fernandez Concha, our senior geologist, and has been the company’s primary focus for acquisition. We are very pleased to now have a MOU on this Property successfully concluded.”
Source: Market News Publishing Inc.
Network Exploration Ltd. — NETYF
505 Burrard St.
Suite 1880
Vancouver, BC V7X 1M6
CAN
Website: http://www.net-explore.com
Phone: 604-681-3864
Fax: 604-681-1265
About Network Exploration: 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 our website at www.networkexploration.com
Forward Looking Statements: 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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