2006-10-23 - News Release

Mr. Alexander Helmel reports

NETWORK EXPLORATION PRIVATE PLACEMENT

Network Exploration Ltd. (the "Company") (TSX.V: NET.H) Network Exploration Ltd., further to the company's news release in Stockwatch on Aug. 21, 2006, which announced a private placement of up to $500,000 at 20 cents per unit, the company has, subject to regulatory approval, amended the terms of the private placement as follows: up to 3,333,334 units at a price of 15 cents per unit will be placed for gross proceeds of up to $500,000. Each unit will now consist of one common share and one full share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at a price of 18 cents per share for a period of one year from the date of closing of the placement. A finder's fee in cash or shares will be paid in connection with this private placement. As previously announced, the proceeds of the private placement will be used for acquisition and operating costs.

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.