Puget Ventures Inc.

Puget Ventures Inc.

December 17, 2009 13:48 ET

Puget Ventures Norpax Drilling Demonstrates Larger Deposit Size Potential in Werner Lake Belt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2009) - PUGET VENTURES INC. (TSX VENTURE:PVS) announced today the results from the recently completed drill program at the Norpax Deposit, located at the west end of the Werner Lake Mineral Belt. The program, first announced on October 14, 2009, was designed to test for, and extend, mineralisation at the historic Norpax Property. Three holes were initially planned into the deposit area; Puget completed four.

The program successfully intersected the Norpax mineralisation, expanding it at depth by 100 metres and potentially along strike for several hundred metres.

"We are now confident that the mineralisation continues down dip at the Norpax Deposit and significant nickel, copper and PGE mineralisation may be continuous along strike to the east as indicated in holes NPX09-003 and NPX09-004," said Erin Chutter, President of Puget Ventures Inc.

"Mineralisation is still open along strike to the east and west, as well as to depth at the Norpax Deposit and the full potential of the deposit has yet to be tested," said Michael Dehn, CEO of Puget Ventures Inc. "These results are highly exciting as they indicate that the Werner Lake Belt has potential to host larger deposit sizes."

From January to February 2002 Atikwa Minerals Limited completed 5 drillholes into the targeted horizon of the Norpax Deposit. Intersections of up to 36.5m of 0.608 g/t Pt+Pd, 0.25% Cu, and 0.26% Ni, including 3.8m of 1.308 g/t Pt+Pd, 1.79% Cu, and 1.15% Ni. Puget has not independently analyzed the results of the previous exploration.

The following table shows the results from Puget's 2009 drill program at the Norpax Deposit.

Hole No.  From  To  Intercept  Au  Pt  Pd  Cu  Ni  
  m m m  g/t  g/t  g/t  %  %  
NPX09-001   267.30   269.00     1.70   0.008 nd   nd   0.289   0.222  
    276.40   279.90     3.50   0.009   0.071   0.228   0.100   0.248  
    291.40   298.10     6.70   0.004   0.021   0.111   0.057   0.167  
includes   292.80   293.70     0.90   0.020   0.650   1.707   0.016   0.132  
and   297.00   298.10     1.10   0.024   0.127   0.673   0.164   0.431  
NPX09-003   176.60   182.50     5.90 nd nd   0.003   0.106   0.039  
    188.90   190.40     1.50   0.089 nd nd   0.126   0.013  
NPX09-004   109.60   123.70   14.10   0.006   0.011   0.081   0.145   0.137  
includes   119.00   123.70     4.70 0.017 0.034 0.243 0.281 0.356  
includes   119.00   120.50     1.50   0.206   0.050   0.623   0.468   0.416  
    146.00   147.50     1.50   0.030   0.321   1.295   0.033   0.050  
    158.00   161.00     3.00   0.026 nd nd   0.233   0.035  

- nd indicated values within the reported intercept were low and included at least one value below detection limits. The detection limit for gold was 5ppb, and for platinum and palladium was 10ppb.
- the intercept widths quoted are not the true thicknesses, which are probably some 75% of those quoted.

DDH NPX-09-001, drilled east of the Norpax shaft, intersected a wide mineralised mafic-ultramafic sequence that is known to host nickel and platinum group metals. This sequence is located at approximately 50 and 100 metres respectively below previous drill intersections and the old underground workings, indicating potential for increasing the resource at the Norpax deposit. This extension to mineralisation is some 200 metres vertical below surface. The nickel and palladium values are as expected.

DDH NPX-09-002 was drilled west of the shaft and also below the underground workings. The sequence intersected represents footwall tonalite & granitoid intrusives. Initially the zone was believed faulted out, but further interpretation suggests that the hole stopped some 150m short of the target. Casing was left in the hole, so it can be reassessed in the future.

DDH NPX-09-003 tested surface mineralisation (nickel primarily), some 500 metres east of the shaft. There has been little historic drilling in this area and the hole intersected a mineralised sequence very similar to that at Norpax some 100 metres vertically below surface. The continuity of mineralization is reflected in the values, and suggests that further drilling between this hole and NPX-09-003, and at depth is required.

DDH NPX-09-004 tested for an easterly extension to the Norpax deposit, some 300 metres east of the Norpax shaft. Mineralization in this hole is more robust than in NPX-09-003, which is reflected in some gratifying nickel values over an appreciable thickness.

Drilling has now commenced on the Werner Lake Cobalt Deposit, and it is anticipated results from the first holes drilled by Puget Ventures at the Cobalt Deposit will be released early in 2010.

All cores were NQ and aw-split before sampling. Cores are stored at the Company facility on site. All analyses were done by Accurassay at Thunder Bay. Assays for gold and platinum group elements were by single assay ton fire assay with a AA finish. Base metal analyses were by ICP-MS following acid digestion.

The field work was completed by Toby Hughes, P.Geo, P.Geo and the qualified person for this release is Dr. Adrian Mann, P.Geol.

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 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.

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