Puget Ventures Inc.

Puget Ventures Inc.

July 06, 2009 09:36 ET

Puget Ventures Inc. Announces Acquisition of Bug/Fortune Copper Holdings in Werner Lake and Grants Right of First Refusal in Entire Consolidated Werner Lake Belt

- Bug Lake/Fortune Lake historic results include: 1.44% copper over 6.75 metres, 2.09% copper over 2 metres; 12% copper in grab samples and 1.98% copper over 5.1 metres in chip sample - Right of First Refusal Granted to Teck Resources Limited Extends Over Entire Belt, including Werner West Copper-Cobalt and Norpax Nickel-Copper Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2009) - PUGET VENTURES INC. (TSX VENTURE:PVS) ("Puget" or the "Company") is pleased to announce it has signed an agreement with Teck Resources Limited ("Teck") to acquire the Bug Lake and Fortune Lake copper prospects in the Werner Lake Mineral Belt, completing the consolidation of the full belt for Puget located in the Kenora Mining District, Ontario.

The Bug Lake and Fortune Lake claims are located in the centre of the Werner Lake Belt and at the far southeastern end of the Belt.

"This acquisition consolidates the majority of the Werner Lake mineral belt for Puget and provides additional high grade copper targets for additional exploration," said Erin Chutter, President.

In the 1960s, Bug Lake was optioned by Rio Tinto Canadian Exploration Ltd., who drilled 15 holes totalling 2955.5 feet. Mineralization included .61% copper over 11.5 feet; 1.37% copper over 17.7 feet; 2.09% copper over 7.7 feet; 1.44% copper over 22.5 feet. Subsequently, Noranda Exploration followed up with grab samples ranging up to 12% copper and chip samples of 1.98% copper across 17 feet.

In the 1990s, Canmine drilled three holes and released data including 1.08% copper over 31.99 feet; .86% copper over 40.15 feet and 1.32% copper over 16.93 feet. Low grade molybdenum (.18%) was also associated with the copper mineralization.

Fortune Lake was first explored in 1956 by Stratmat Limited who completed three holes totalling 502 feet, which returned copper values ranging from 0.09% to 2.60% copper. There were also silver values returned. Fortune Lake was explored most recently in 1962 by Nickel Mining and Smelting Corp who completed a 3 hole, 1,323 feet diamond drill program.

The technical data presented was summarized from the 1998 Ontario Geological Survey Open File Report 5975 "Geology of Nickel-Copper-Chromite Deposits and Cobalt-Copper Deposits at Werner-Rex-Bug Lakes, English River Subprovince, Northwestern Ontario", by J.R. Parker. A qualified person has not completed sufficient work to determine the accuracy of these figures. Puget believes these historical results provide an indication of the potential of the properties and are relevant to future exploration.


Puget will issue to Teck 25,000 common shares within five days of TSX Venture Approval.

In addition, Teck will retain a 1.5% NSR (with a 0.5% buyout) in the Bug Lake and Fortune Lake claims.

Puget will also issue to Teck a Right of First Refusal on an Area of Interest which includes the current Puget holdings and other claims in the immediate vicinity of Puget's currently held claims.

Stephen Wallace, P.Geo., a qualified person as defined by NI 43-101, has reviewed the contents of this release.

About Puget Ventures Inc.

Puget Ventures Inc. is a Toronto Venture Exchange listed mineral exploration company with a focus on copper, zinc, nickel, PGE, and cobalt. Puget is currently exploring the Trout Bay property in Red Lake, Ontario, comprising a 4000 hectare claim block. In addition, Puget has recently completed the consolidation of the Werner Lake Mineral Belt in northwestern Ontario, the centre piece of which is the historic Werner Lake West copper-cobalt deposit.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. The Company undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

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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