Our fundamental objective is to tackle the problem faced in the field of information retrieval and classification in the current era of information overflow by proposing better and efficient knowledge representation techniques. In order to realize this we developed a model called Extended Semantic Network which explores a new dimension in combining machine designed knowledge networks with that of human reasoning. The network so built attempts in bridging human precision and machine recall to bring out a new knowledge representation model. In this paper we explore the possibility of using our model is building efficient ontologies with considerably lowered cost and time for construction.