Puget Ventures Inc.

Puget Ventures Inc.

February 03, 2010 09:45 ET

Puget Announces London-Zurich Institutional Road Show and Attendance at 2010 London Metal Exchange's Pre-Launch of Cobalt Trading

Project Update: Drilling Continues at Werner West

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2010) - PUGET VENTURES INC (TSX VENTURE:PVS) announced today that Puget President, Erin Chutter, and CEO, Michael Dehn, will be attending the 2010 London Metal Exchange Cobalt & Molybdenum Pre-Launch taking place Wednesday, February 10, 2010 in advance of the commencement of cobalt trading on February 22, 2010. In addition, Puget executives will be meeting with a number of key institutional investors both in London and Zurich.

Project Update

Drilling continues at Werner West with assays from one hole (WL09-001) having been reported to date (see release dated January 27, 2010). This hole is in the far west of the deposit. Although some logistical problems are slowing logging and core splitting, drilling continues well. A total of 957m in 9 holes have been completed out of an estimated program of 1800m in 17 holes in the current program. Intersections tend to confirm previous deeper drill holes on the same sections, showing a zone with 1 to 2 percent combined sulphides over intercept thicknesses ranging from less than a metre to 2 metres.

The program is targeted to confirm the historic Werner West deposit, gain a better understanding of the high grade portions of the deposit and prepare for the NI 43-101 resource calculation. As this first phase winds down, the program is expected to be expanded by 15 deeper holes in 5000m, specifically targeting depth extensions to the known shoots. A second drill rig is expected to be mobilized shortly to initiate this second phase.

The QP for this release is Dr Adrian G Mann, P.Geol.

About the LME Contracts

The LME futures contract will allow members of the cobalt and molybdenum industry to benefit with protection against price movements, offering long-term price sales, improve budget forecasts, protect physical stock against price changes, and access a reference price.

By attending the pre-launch, Puget aims to meet with other financial and cobalt experts in the industry through presentations and panel discussions. Presenters will discuss such topics as: how to manage minor metals risk regulations, hedging, financing and physical delivery. Key presenters include, Peter Koke, Managing Director of Thyseeenkrrupp Metallurgie GmbH, Deborah Stott, Purchasing Director of Firth Rixson, and Iain Paterson of LN Metals.

For more information regarding the LME and the 2010 Cobalt and Molybdenum Pre-Launch please visit: http://www.lme.com/home.asp.

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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