2006-10-16 - News Release

Mr. Alexander Helmel reports

NETWORK EXPLORATION UPDATE

Network Exploration Ltd. (the "Company") (TSX.V: NET.H) Director of International Operations Mr. Richard Schnoor recently completed a visit to Santiago Chile to revisit the property and to settle the final points of the Caldera property agreement.

Mr. Schnoor spent three days in Santiago Chile where he met with the Caldera property owners and the Company’s Chilean legal counsel – Mr. Cariola Del Cotapos – to conclude the final details of the option agreement for the Caldera property. With all the terms agreed, the agreement is currently awaiting completion of the required legal title review.

Following these meetings in Santiago, Mr. Schnoor and Mr. Peter Folk P. Geol., our consulting geologist, proceeded to the Caldera property to meet senior geologist, Mr. Marco Fernandez-Concha, to inspect the property, a 2,700 hectare area potentially hosting a gold and copper porphyry system, for the purpose of preparing a National Policy 43-101 report on the property.

While reviewing the results of Noranda’s previous 1994-1995 exploration program and meeting with individuals involved in Noranda’s program the Company was successful in locating some of the 1994-1995 program drill cores previously thought missing. Our initial review of this program indicates that 9 shallow drill holes were completed by Noranda to an estimated vertical depth of not more than 70 meters.

After consultation with our senior geologists, the Company has decided to immediately re-log these drill cores to consider whether a portion of the cores should be re-assayed for more detailed information. This data, combined with the survey and sampling data from the current exploration program should provide valuable information to help determine drill and trench targets for subsequent exploration programs on the Caldera property.

Mr. Richard Schnoor stated, “We are excited that we now have the opportunity to inspect the previous drill cores which we hope will assist us in planning our exploration program. Our initial inspection of a number of the drill cores reveals sulphide materials with chalcopyrite at the end of the holes appearing to be open at depth.”

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

Network Exploration Ltd.
www.networkexploration.com
(604) 495-6302

We seek Safe Harbor.

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. These statements include "characteristics of a gold and copper porphyry system with excellent geological potential". 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.