VANCOUVER, Feb. 6, 2013 /CNW/ - Network Exploration Ltd.
(the "Company") (TSX.V: NET) is pleased to announce that, along
with its partner Lara Exploration Ltd. ("LARA") (TSX.V: LRA),
written authorization has been received from the General Mining
Directorate of the Ministry of Energy and Mines of Peru to start the previously announced
drilling campaign at its Picha copper-silver porphyry
project. This permit is one of the first to be granted to the
Peruvian mining industry since the implementation of new permitting
rules in July 2012.
The Company is also pleased to announce that due
to exceptional permitting delays, it has come to an agreement with
its partner LARA to extend the initial period of its option
agreement from 6 December 2012 to
6 June 2013.
The Company is planning to start its drilling
program in the mountainous region of southern Peru as soon as possible and weather
permitting. The initial campaign (see news releases dated
July 25, 2012 and April 2, 2012) will include approximately seven
diamond drill holes totaling approximately 1500 meters.
André Gauthier, LARA president commented: "This
written permit is the result of a very long and complex series of
activities that are part of the new rules implemented in
July 2012. The process includes an
official surface rights agreement signed before public notary and
registered at the official Registry Superintendence -SUNARP, a due
diligence report by COFOPRI - the privatization and titling entity
on surface owners, the SENAMHI (meteorological institute) and
laboratories specialized in local open forum round table; the DREM
Moquegua participation (Mining Directorate branch) and the
technical base line DIA approved in September by the General
Directorate of Mining Environmental Affairs of the Ministry of
Energy and Mines. The entire process took approximately eight
months from the start of the permitting process. LARA is
proud of and thankful to all government entities and professionals
that have contributed to this long, and ultimately successful,
process."
Network Exploration President Alexander Helmel commented: "Achieving a written
permit is the official and respectful way for local communities,
surface rights owners and exploration companies to work together
for the purpose of executing mutually beneficial exploration
programs. We look forward to drilling our first priority
targets."
Picha Project
The 6,000 hectare Picha Copper-Silver Project is
located within the Tertiary Volcanic Arc of Southern Peru, host to various epithermal
gold-silver deposits and copper porphyry-skarn deposits. The
Property is adjacent to the properties of Gold Fields Limited and
Compañia de Minas Buenaventura S.A., that are host to the recent
Chucapaca discovery with reported mineral resources of 7.5 million
gold equivalent ounces.
Network has identified seven priority targets
based on the available geochemical and geophysical data for the
Picha project. Five of the first series of targets are
closely associated with significant IP anomalies (Numbers 1, 2, and
5, as interpreted by Pezzot - see abovementioned press releases)
and two of the targets (Cobremani and Maricate) are geochemical
targets with the highest copper (up to 12% from a chip sample) and
silver (up to 77 g/t also from a chip sample) showings but no
anomalous IP response.
Option Agreement Extension
The Option Agreement has been amended to move
all obligations required for 6 December
2012 deadline to 6 June
2013. All other terms and conditions remain the
same. See news release dated 13
December 2011 for more information.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
ON BEHALF OF THE COMPANY
"Alexander Helmel"
President
Forward-Looking Statements: This news release
contains forward-looking statements regarding the future success of
the business of the Company that is subject to risk and
uncertainties. Examples of such forward-looking statements include,
but are not limited to, statements concerning the Company's option
of the Picha Project and exploration activities at the Picha
project and generally, government regulation of exploration and
mining operations, indications and benefits of exploration,
drilling test work and engineering assessments, environmental
risks, title disputes or claims, and the Company's intention to
raise additional capital and financing. These forward-looking
statements involve known and unknown risk and uncertainties that
may cause the Company's actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied in these forward-looking
statements. These risks include risks related to the option
agreement, key personnel, competition, risks related to newly
acquired businesses, the uncertainty of timing or approval of
permitting and licensing requirements, uncertainty of social and
community requirements, uncertainty and dilution as a result of
additional financing and the ability of the Company to service its
current and future debt obligations, as well as the risk factors
described in the Company's Management Discussion and Analysis filed
on SEDAR at www.sedar.com and the risks described in any Management
Information Circular of the Company. The forward-looking statements
contained herein are made as of the date of this news release and
are expressly qualified in their entirety by this cautionary
statement. Except as required by law, the Company undertakes no
obligation to publicly update or revise any such forward-looking
statements to reflect any change in its expectations or in events,
conditions or circumstances on which any such forward-looking
statements may be based, or that may affect the likelihood that
actual results will differ from those set forth in the
forward-looking statements.
SOURCE Network Exploration Ltd.