Puget Ventures Inc.

Puget Ventures Inc.

September 23, 2009 15:59 ET

Puget Ventures Inc. Completes Over-Subscribed Financing and Commences Werner Lake Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2009) - Puget Ventures Inc. (TSX VENTURE:PVS) announced today that it has commenced project operations on the Werner Lake Property, entered into a contract with Layne Christensen for an initial drill program on the Norpax deposit and closed a final tranche of 307,500 shares of the FT financing, for proceeds of $123,000.

Puget has now completed a total of 10,251,331 units valued at $3,075,399.30 and 1,250,000 flow-through shares valued at $500,000, correcting the release of September 8, 2009. The total raised was $3,575,399.30.

With respect to this final tranche, Puget paid agent's compensation consisting of 18,250 broker warrants and $5,840 in cash, in accordance with the policies of the TSX Venture Exchange. Each broker warrant will entitle the holder to purchase one share for a period of 24 months from the date of issuance at a price of $0.40 per share.

Together with the agent's compensation paid, with respect to the closing of the first tranche (as announced in the release of September 8, 2009), Puget has paid, in the aggregate, agent's compensation of 915,938 broker options that entitle the holder thereof to purchase one Unit at a price of $0.30 per Unit for a period of 24 months (each Unit being comprised of one share and one half of a warrant, with each whole warrant exercisable into a share at $0.40 within a 24 month period), 215,450 broker warrants entitling the holder thereof to purchase a share at $0.40 per share for a period of 24 months, and $281,725.94 in cash, in accordance with the policies of the TSX Venture Exchange, correcting the release of September 8, 2009.

The securities issued under this final tranche will be subject to a four month hold period, expiring January 19, 2010, under applicable Canadian securities legislation.

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

Puget Ventures Inc. is a TSX Venture Exchange listed mineral exploration company that controls the Werner Lake Mineral Belt, including the advanced stage Werner West Copper Cobalt deposit, one of Canada's only primary cobalt properties, located in Northwestern Ontario. Puget is also currently exploring the Trout Bay copper-zinc property in Red Lake, Ontario.

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.

Contact Information