Puma Exploration Inc.
TSX VENTURE : PUM

Puma Exploration Inc.

July 07, 2009 10:15 ET

Puma Holds 71.6% of the Little Stull Lake Gold Project, Manitoba

RIMOUSKI, QUEBEC--(Marketwire - July 7, 2009) - Puma Exploration (TSX VENTURE:PUM) is increasing its interest in the Little Stull Lake, Manitoba, gold project to 71.6 %. Since 2005 Puma has carried out exploration work on the property that now entitles it to acquire a 71.6 % interest in this gold project; Puma will remain the operations manager for continuing work on the property.

In the course of the work Puma completed ten (10) drillholes totaling 1,500 metres in the gold property's 11W Zone. This zone carries the highest gold grades intersected in drilling of the basalt during previous work, with 330 g/t Au, 202 g/t Au, and 125 g/t Au over one metre of core. All of Puma's holes intersected the mineralized basalt, which contains an average of three core intersections one metre in length with gold values ranging from 1 to 46 g/t Au. Moreover, the drilling intersected some high-grade layers one metre long containing 46.0 g/t Au, 15.6 g/t Au, 8.4 g/t Au, and 7.2 g/t Au (Press Release of 09/01/2008).

After receiving the results from Phase 1 of its drilling program, the Company decided to undertake Phase 2. This second 1,500-metre campaign targeted the 3W Zone, located 800 metres west of the previous work. Earlier drilling carried out in this zone intersected grades of 32 g/t Au, 24 g/t Au, 45 g/t Au, and 192 g/t Au. Because of a delay in obtaining an exploration permit this second phase could not be completed and the drill rig had to be demobilized.

The work performed by Puma since 2005 has enabled the renewal of the mineral rights on the Little Stull Lake property for the next five (5) years, and leaves enough assessment work credits on the claims for the next 50 years. The mineral rights on the Little Stull Lake property are thus protected for more than 55 years.

About Little Stull Lake

The Little Stull Lake property has five (5) mineralized zones containing gold-bearing lenses, located along a major fault zone about 60 km in length. The mineralized basalt that hosts the gold was followed for more than 5 km during previous drilling.

A historical resource of a little more than 250,000 ounces of gold was estimated by Westmin Resources in 1989. At the end of 1991 some 200 drillholes for a total drill advance of 30,500 metres had outlined five gold-bearing lenses distributed over a distance of about five km. In 1988 Westmin defined a resource of 373,900 tonnes @ 10.0 g/t (cutoff grade: 34.3 g/t Au). After the last phase of drilling in 1991 Westmin estimated potential resources of 750,000 tonnes @ 10.3 g/t Au for a total of just over 250,000 ounces of gold. These historical resource calculations were carried out before Standard 43-101 was put in place, and it is uncertain whether Puma's work will enable the confirmation of the estimated resources or whether using the current standards will increase their amount.

The Little Stull Lake property is located only 15 km north of the Monument Bay deposit, owned by Rolling Rock Resources, which contains slightly more than 1,212,000 ounces of gold at 6.01 g/t Au in a similar geologic setting. This resource estimate, which complies with NI 43-101, was carried out by Beacon Hill Consultants in November 2008. In February 2009 Rolling Rock also released a positive preliminary economic study for this gold project. "We are closely monitoring the progress of the Monument Bay project, which if put into production would mean a significant lowering of the costs of our Little Stull Lake project, and the potential birth of a new gold-mining camp" notes Andre Proulx, the President of Puma Exploration.

The contents of this press release were prepared by Geologist Marcel Robillard, a Qualified Person as defined in NI 43-101. 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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