Puget Ventures Inc.
TSX VENTURE : PVS

Puget Ventures Inc.

April 02, 2009 10:18 ET

Puget Venture Inc. Signs Agreement to Acquire Werner Lake Mineral Belt Properties, Including Werner Lake West Cobalt Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 2, 2009) - Puget Ventures Inc. (TSX VENTURE:PVS) ("Puget" or the "Company") is very pleased to announce today that it has entered into a binding Letter Agreement with Commerce Capital Inc. ("Commerce") to acquire an undivided 100% interest in the Werner Lake Mineral Belt Properties in the Kenora Mining Division of the Province of Ontario.

Commerce is the owner of the mineral interests known as the "Werner Lake Mineral Belt Properties." The mineral interests also include an option to acquire two unpatented claims, known as the Riives Option.

The Werner Lake Cobalt property includes historically reported reserves and resources totaling 769,728 tonnes of 0.31% cobalt, 0.29% copper and 0.011 oz/t gold. Former owner Canmine Resources Corporation ("Canmine"), stated in an internal report that was independently reviewed by Stoner Engineering Consultants in December 1998 that the Werner Lake West Cobalt and Minesite Deposits contained the following reserves and resources.

- Proven reserves total 140,031 tonnes of 0.47% cobalt, 0.26% copper and 0.008 oz/t gold.

- Probable reserves total 40,829 tonnes of 0.25% cobalt, 0.43% copper and 0.030 oz/t gold.

- Indicated resources total 51,456 tonnes of 0.13% cobalt, 0.20% copper and 0.003 oz/t gold.

- Inferred resources total 507,412 tonnes of 0.31% cobalt, 0.29% copper and 0.011 oz/t gold.

The Proven Reserves above contains a 6,200 tonne stockpile that has not yet been identified by Puget. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. Puget believes these historical results provide an indication of the potential of the properties and are relevant to future exploration.

Drilling on the property continued by Canmine into 2002 and that data will be reviewed by Puget.

"Puget Ventures is very pleased to make this acquisition in the Werner Lake Belt," said Erin Airton. "The combination of two advanced stage Copper-Cobalt deposits, as well as numerous other earlier-stage showings will allow Puget to emerge as a key base metals player in northern Ontario."

"Puget feels the Werner Lake Belt, which includes the Norpax Nickel-Copper acquisition announced yesterday by Puget, and the option onto the Werner Lake East assets with Benton Resources announced last fall, provides an excellent opportunity for Puget shareholders to be part of the pre-development Werner Lake West assets, as well as significant copper, and copper-cobalt exploration targets."

About the Werner Lake Belt Properties

The Werner Lake Belt Properties consist of approximately 1,700 hectares in the Kenora Mining District in the extreme western part of the Province of Ontario. These claims were acquired by Commerce Capital Inc. 2003, after the previous owner, Canmine, entered bankruptcy proceedings.

Canmine was progressing to mine operation in 2002 when work ceased, having completed a prefeasibility study and begun a feasibility study. Significant Canmine data exists and will be utilized for future exploration and development.

There are at least four mineralized zones with formally reported mineral resources on the property: Werner Lake West Cobalt deposit, the Werner Lake Minesite Cobalt deposit, the Eastern Shallows Cobalt deposit and the Big Zone deposit. Both the West Cobalt deposit and the Werner Lake Minesite have experienced past production, along with the Gordon Lake mine, which the package surrounds. All have continued exploration potential and potential for historic resource expansion.

The Werner Lake Minesite Cobalt deposit is 500 metres east of the West Cobalt Deposit, which was mined during World War II. Both are located approximately 14 kilometres from the Manitoba border. The Werner Lake Minesite Cobalt deposit was the focus of activity by previous owner Canmine prior to their bankruptcy proceedings.

The Big Zone is located on unpatented mining claim 1208152 between Seal Lake and Tigar Lake, west of Werner Lake, approximately seven kilometres east of the Manitoba -Ontario border.

The Eastern Shallows deposit has a nickel-platinum group elements association and low cobalt in contrast with three of the other deposits, namely the Werner Lake Minesite, West Cobalt and Big Zone. It is located 4.2 kilometres east of Werner lake Minesite Deposit, near the eastern shore of Gordon Lake.

The property also contains numerous showings have not been explored adequately to assess their mineral association and potential including the Central, Rexora No 3 and Rexora No 4. The areas of these showings were not covered by either of the airborne magnetic/electromagnetic surveys undertaken by earlier owners Canmine and Atikwa. Puget plans to fly additional airborne surveys to fill in the gap in these surveys and integrate the results with the earlier data.

In addition to the potential expansion to existing resources, Puget Ventures Inc. plans an extensive review of previous work by the Ontario Geological Society, among others, to further target exploration opportunities on the Werner Lake Mineral Belt.

Stephen Wallace, P.Geo., a qualified person as defined by 43-101, has reviewed the contents of this release.

The Transaction

The Company and Commerce have entered into the Letter Agreement dated April 1st, 2009.

Consideration

In connection with the Transaction, the Company will acquire interest in the complete Werner Lake Mineral Belt package for an aggregate total sum of $1,000,000.

Commerce shall also be entitled to a 2% net smelter return on all ores, minerals or concentrates produced from the Werner Lake Belt Properties, except on the mineral interests underlying the Riives Options, subject to a 1% buy back clause.

Concurrent Financing

As a condition of the Transaction, the Company must complete a financing of no less than $1 million. The terms of this financing will be announced in a later release.

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.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. The Company undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

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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