Puget Ventures Inc.
TSX VENTURE : PVS

Puget Ventures Inc.

June 18, 2009 09:47 ET

Puget Ventures Moves Forward Post Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 18, 2009) - Puget Ventures Inc. (TSX VENTURE:PVS) is very pleased to provide a Corporate Update on our recent activities and our plans for advancing our highly prospective copper-cobalt deposit and other copper, zinc-copper, and nickel-pge ground.

With only 12.7 million shares issued and an excellent property portfolio of historic resources in proven camps, we will be moving aggressively to expand our value over the next 12-18 months.

Werner Lake Greenstone Belt

This major acquisition for Puget Ventures was completed in May 2009 and gives Puget 100% ownership of the main portion of the Werner Lake Greenstone Belt located 70 kilometres south west of Red Lake. Puget purchased this package outright from a private vendor, adding to earlier joint venture agreements with Benton Resources for 60% of the Werner East area and for 100% of the Norpax Nickel deposit.

The Werner Lake West Copper-Cobalt mine includes historically reported, non- NI43-101 compliant reserves and resources totaling 1.1 million tonnes of 0.31% cobalt, 0.29% copper and .011 opt gold in all categories.

With minimal additional work, a production decision could be made.

The Belt stretches 60 kms along a highly mineralized strike and the package encompasses two past producers and at least five historic deposits. Classified as a "Mineral Reserve Area", the Belt is set aside for exploitation of mineral resources. The other land-holder in the belt is now Teck Resources.

NOTE: To view the Werner Lake Map, please click the following link: http://media3.marketwire.com/docs/pvs0618a.pdf.

Werner West Copper-Cobalt Deposit and Mine

The centre-piece of the Belt is the pre-development Werner West Copper-Cobalt deposit and mine which contains 1 million plus tonnes of non-compliant historic copper, cobalt and gold in all categories.

The previous owner, Canmine Resources, spent approximately $12 million dollars advancing the project to their production decision based on a non-43101 compliant Business Plan and feasibility work. The project provided a minimum 5 year mine life with 32.67% IRR with $16/lb of cobalt.

Puget's plan is to efficiently expand resources through additional underground and along strike drilling. Puget has received data in the purchase that provides considerable geographic knowledge of the mine deposits due to the extensive drilling and mine development program. High grade "sections" were identified which could have a significant impact upon the productivity of the deposit.

A careful compilation of the extensive data base will be followed by aggressive resource drilling. In addition, Puget will consider a number of partnership and joint venture scenarios for the mine development.

NOTE: To view the Werner Lake Airborne, please click the following link: http://media3.marketwire.com/docs/pvs0618b.pdf.

Werner East

This highly prospective copper terrain was first identified in the 1950s at the east end of the Werner Lake Greenstone Belt. A strong anomaly was identified on magnetics, including folded structures with high grade copper material. Drilling in the 1980s returned with 1.17% copper, 9.6 g/t silver over 29.5 metres. Grab samples returned up to 2.27% copper near the folded structures.

Benton completed line cutting and other prospecting work in 2008 and, in this time with high investor attention on copper projects in safe jurisdictions, Puget plans to advance the East End of the belt with an aggressive program in 2009-2010.

Trout Bay

Puget's Trout Bay property in Joint Venture with Goldcorp (Puget earning 60% interest) is a large property of 3,423 hectares on the Red Lake Greenstone Belt. Puget was first attracted by the high grade historic resource (non-NI43-101 compliant estimate) of 124,760 tons grading 7.86% zinc, 1.50% copper, 0.24% lead, 1.70 opt silver that is open for expansion. Zinc-rich massive sulphide mineralization has been intersected on the property in two zones. Other copper-zinc targets have been identified.

Puget's summer 2008 drill program exceeded the grade of the historic resources, including 27.08m of 11.34% zinc, 1.68% copper, 0.34% lead. As well, high grade germanium, indium and silver assays were returned in April 2009. Additional copper-nickel PGE occurrences on the property have been identified over a strike length of more than 4 kms.

In 2009, Puget will follow up on additional copper-zinc targets and a potential fault offset on the High Grade Lake deposit.

Norpax Deposit

An easily accessible historic copper-nickel deposit, Norpax is located at the west end of Werner Lake Mineral Belt. It has a historic non-NI43-101 compliant resource of 1 million tons of 0.5% copper and 1.2% nickel and an expansion potential down dip and along strike. It is expected to have PGE credits, similar to Gordon Lake Mine. Underground exploration was conducted in the 1950s with a shaft and three levels.

Due to ease of work, and promise of target, Puget plans to conduct a small drill campaign under the existing workings to test for depth expansion.

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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