2008-02-05 - News Release

Mr. Alexander Helmel reports

NETWORK EXPLORATION
CLOSES PRIVATE PLACEMENT

Vancouver, British Columbia: Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce that the Company has received TSX-Venture Exchange approval to close the non-brokered private placement of $500,000 announced January 8, 2008.

On February 4, 2008 ("Closing Date") the Company closed a private placement whereby it issued 3,846,154 Units at a price of $0.13 per Unit. Each Unit consists of one common share and one share purchase Warrant entitling the holder to purchase one further common share at $0.18 during the first year following the Closing Date or at $0.28 during the second year following the Closing Date.

Warrants issued under this placement are subject to an accelerated exercise provision in the event that the Company's common shares trade at a closing price on the TSX Venture Exchange of greater than 45 cents per share for a period of 20 consecutive trading days at any time after four months and one day following the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof. In this case, the Warrants will expire on the 30th day after the date of such notice.

Finder's fees of $35,335 in cash have been paid and 4,500 Finder's Units at a price of $0.13 per Unit have been issued. Each Finder's Unit consists of one common share and one share purchase warrant subject to the same terms and provisions as the warrants outlined above.

All securities issued or made issuable under the private placement are subject to a four month hold period from the Closing Date and will become free trading 4 months and one day from the Closing Date.

65 placees participated in this private placement including the following insiders: Alexander Helmel (50,000 Units), Ken Thorsen (50,000 Units), Richard Schnoor (106,514 Units). Proceeds from this offering will be used for exploration of the Company's properties, working capital and general corporate purposes.

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 604 638-7363 (toll free 866 637-5138).

Network Exploration Ltd.
www.networkexploration.com
(604) 638-7363

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.