Network Exploration has received TSX Venture Exchange approval to a property purchase agreement between the company and Blair Naughty, whereby the company will purchase a 100-per-cent interest in certain quartz claims, representing over 1,000 hectares of explorable land in the Yukon. In consideration, the company will pay the vendor a total of $75,000 and issue two million shares of the company. These shares will have a hold period expiring on Nov. 10, 2009.
The vendor will retain a 3-per-cent net smelter return royalty of which 1 per cent 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.’s Cathy 146 and Cathy 144 quartz mineral claims and approximately 4.5 kilometres from Underworld’s recently announced discovery of 103 metres of 3.4 grams per tonne (g/t) gold. Underworld is exploring sediment and vein-hosted gold targets at the 169-square-kilometre (845 claim) White Gold property.