NETWORK ACQUIRES MINERAL CLAIMS NEAR UNDERWORLD’S NEW GOLD DISCOVERY


Network Exploration Ltd. has acquired mineral claims representing over 1,000 hectares (or 10 square kilometres) 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 grams per tonne (g/t) and 3.59 g/t have been intercepted over 10.5 and 98.3 metres, respectively.

Under the acquisition agreement Network has agreed to pay $75,000 cash and to issue two million common shares of Network. The vendor will retain a 3-per-cent net smelter return (NSR) of which 1 per cent will be purchasable by the company for $1-million (leaving a 2-per-cent 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 continuing 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 Mr. Schnoor.

This transaction is subject to TSX Venture Exchange approval.

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