Puget Ventures Inc.
TSX VENTURE : PVS

Puget Ventures Inc.

April 19, 2010 11:27 ET

New Drilling Results of 1.21% High Grade Cobalt Over 12.30 m, Incl. 12.48% Cobalt Over 0.90 m, Affirm Puget Ventures' Flagship Werner West Property's Status as a Leading Primary Cobalt Project

Additional drilling underway to follow up on high-grade intercepts continues

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2010) - PUGET VENTURES INC. (TSX VENTURE:PVS) announced today drilling results from its Werner West Zone that the company says solidify the property as an important North American primary cobalt prospect.

The drilling of Puget's flagship asset, the Werner West Deposit in Northwestern Ontario, has returned a 12.30 metre intercept averaging 1.21% cobalt including a very high-grade interval grading 12.48% cobalt over 0.90 metres. These high-grade intercepts are associated with anomalous copper, nickel and gold values. A second drill was recently added on the Werner Lake Property to follow up on these high-grade results. 

Eight holes are still in the lab from the first phase and 6000 metres are underway on the deeper second phase.

"We are incredibly pleased with these initial returns from our 100% owned Werner Lake cobalt project," said Erin Chutter, President of Puget Ventures Inc. (www.pugetventures.com). "These grades are significant and confirm Werner Lake's status as a credible and evolving primary cobalt project in one of the world's most stable mining jurisdictions." 

World demand for cobalt is increasing both with the proliferation of electronic gadgets, from cell-phones to iPods and iPads. It is also becoming an important "green" metal due to its critical role in the lithium batteries of electric cars and other electric vehicles.

Perhaps most significantly, amid fears of a shortage of cobalt and other rare-earth metals, it is acquiring a strategic role in Western government policy. The United States, for instance, plans to spend $1.2 billion to re-establish domestic rare-earth mining and strategic metals to meet demand for cobalt's use in national defence technologies. Cobalt futures began trading on the London Metal Exchange on February 22, 2010 and the recent trade prices have been $20-$21 per pound.

"Today's results continue to confirm continuity of the high-grade portions of the Werner West Zone and increase our understanding of the controls around the high grade in the deposit as we move towards the completion of the NI 43-101 resource report this year," said Michael Dehn, CEO of Puget Ventures Inc.

The National Instrument 43-101 report is a mineral resource classification code used in the public disclosure of scientific and technical information about Canadian mineral properties.

HOLE NUMBER Final depth INTERCEPT  Au  Co  Cu  Ni
  From To interval g/t  %  %  %
WL-09-002 102   54.0   55.5      1.50     0.02        0.06     0.20     0.02
      59.4   60.0      0.60     0.06        0.03     0.12     0.01
      73.5   77.5      4.00     0.15        0.07     0.28     0.02
  includes   75.0   76.4      1.40     0.20        0.12     0.56     0.02
      80.2   84.0      3.80     0.03        0.00     0.14     0.01
  includes   80.2   81.1      0.90     0.02        0.01     0.13     0.01
  and   82.5   84.0      1.50     0.04        0.01     0.18     0.01
WL-10-003 97   45.0   45.5      0.50     0.02        0.01     0.17     0.02
      65.7   66.5      0.80     0.09        0.05     0.46     0.01
      91.0   91.8      0.80     0.65        0.00     0.03     0.00
WL-10-004 74   25.4   37.7    12.30     0.30        1.21     0.22     0.02
  includes   28.8   30.2      1.40     0.38        1.55     0.16     0.04
  and   30.2   31.1      0.90     0.52     12.48     0.19     0.15
  and   31.1   32.0      0.90     0.73        0.71     0.05     0.03
      41.4   45.5      4.10     0.12        0.03     0.59     0.02
  includes   41.4   42.9      1.50     0.15        0.03     0.45     0.02
  and   44.3   45.5      1.20     0.13        0.03     1.19     0.03
      47.6   49.2      1.60     0.09        0.02     0.16     0.02
  includes   47.6   48.7      1.10     0.12        0.03     0.22     0.02
WL-10-005 99   62.3   65.4      3.10     0.29        0.14     0.38     0.01
  includes   63.6   65.4      1.80     0.45        0.18     0.61     0.02
      68.0   71.8      3.80     0.32        0.00     0.71     0.01
  includes   68.0   69.3      1.30     0.47        0.04     0.34     0.02
  and   70.3   71.8      1.50     0.38        0.01     1.80     0.01
WL-10-008 76        1.0        2.9      1.90     0.20        0.04     0.20     0.01
WL-10-009 148   114.6   116.1      1.50     0.06        0.09     0.14     0.02
      116.1   117.0      0.90     0.39        0.12     0.47     0.02
      136.7   138.0      1.30     0.04        0.01     0.10     0.01
      138.0   139.4      1.40     0.14        0.00     0.10     0.01
WL-10-010 164   131.8   136.1      4.30     0.11        0.10     0.37     0.02
  includes   131.8   132.6      0.80     0.14        0.14     0.05     0.01
  and   133.5   135.1      1.60     0.14        0.08     0.65     0.02
  and   135.1   136.1      1.00     0.06        0.12     0.44     0.03
WL-10-011 95     67.4     68.4      1.00     1.31        0.01     0.02     0.01
        71.8     72.2      0.40     0.68        0.00     0.02     0.00
        72.2     73.1         0.9        0.2          0.0        0.4        0.0

Of particular note is the 12.48% cobalt value returned in WL10-004. This reflects a zone of more than 5% combined sulphides in peridotite, with portions that carry from 5 to 45% sulphides. At our request, the high grade sample over the interval 30.2 to 31.1m in WL10-004 was analysed five times, twice using quadruple acid digestion (which is normal procedure), and once (in triplicate) with sodium peroxide fusion. The first acid digested sample was analysed (12.949% Co) with AA finish, the second (12.140% Co) with ICP-AES finish, and the peroxide fusion (12.032%; 12.323% and 12.735% Co, mean 12.363%) was analysed by ICP-AES. In addition, a metallic analysis of the sample returned a value of 13.46% Co. (A value of 12.5% equates to 250lb per short ton or 275lb per tonne).

Overall, mineralized intersections reflect variable combined cobaltite-pentlandite-chalcopyrite within peridotite.

These results comprise 8 of 17 drill holes in the first phase of drilling and as either confirmation or fill-in, they reflect previous intersections in the vicinity. 

All holes drilled the target mafic-ultramafic mineralized sequence.

The QP for this drilling, logging and sampling is Toby Hughes, P.Geol, P. Geo, P. Geo. The QP for this release is Dr. Adrian G Mann, P.Geol.

About Puget Ventures Inc. (www.pugetventures.com)

Puget Ventures Inc. is listed on the TSX Venture Exchange. Puget controls 100% of its lands in the Werner Lake Mineral Belt in Northwestern Ontario which includes the advanced stage Werner West Cobalt deposit formerly one of Canada's only primary cobalt producers. 

Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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.

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