Puget Ventures Inc.

Puget Ventures Inc.

June 27, 2012 09:15 ET

Puget Ventures Appoints Dr. Michael Hitch as Technical Advisor to the Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 27, 2012) - PUGET VENTURES INC. ("Puget") (TSX VENTURE:PVS) (the "Company") is pleased to announce the appointment of Dr. Michael Hitch, Ph.D., P.Geo., P.Eng., as technical advisor to the Board of Directors effective immediately.

Michael Hitch is a highly respected senior executive with over 25 years of international experience in the minerals sector and has been a senior executive with major mining companies around the world including AngloGold Ashanti Limited, Echo Bay Mines Ltd. and Ivanhoe Mines.

Dr. Hitch has many years of experience building and financing junior resource companies and has a great deal of knowledge in resource and reserve management, mine development and exploration, and is proficient in strategic planning.

Dr. Hitch holds Bachelor's and Master's degrees in Geology and a Ph.D. in Environmental and Resource Studies. He is currently an Assistant Professor with the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia, with a research focus on mine optimization, project economics and mine design. Michael is on the Board of Directors and Senior Technical Advisor of Resinco Capital Partners, a global investment company which specializes in providing early stage financing to private and public exploration and mining companies in the hard rock minerals, precious metals, rare-earth minerals, oil, gas, water and renewable energy markets.

Most recently, he held the position of President and Chief Executive Officer for Kao Diamonds in London, UK. Dr. Hitch successfully reorganized the corporation and supervised the engineering and pilot plant development at the Kao diamond deposit in Lesthoto, Southern Africa.

In his role as Executive Chairman to TSX-listed Golden China Resources Corp., Dr. Hitch focused on gold exploration and development of the Beyinhar and Nibao gold deposits in Guizhou Province, China. He was also responsible for merchant banking in the evolving precious metals industry of the People's Republic of China.

Previously, he held positions as mining analyst for Clarus Securities Inc. and Octagon Capital Corporation, and served as Executive VP Corporate Development for Ivanhoe Mines Ltd., AngloGold Ashanti, Echo Bay Mines Ltd., and Teck Resources.

Dr. Hitch is also a registered Professional Geoscientist (Alberta and British Columbia) and a Professional Engineer (British Columbia), allowing him to act as a Qualified Person as defined by NI 43-101.

On his appointment, Dr. Hitch stated, "I believe that Puget's portfolio of assets are very compelling and that the Karakul deposit in particular is a valuable cobalt asset that with further advancement can prove to become one of the largest undeveloped primary cobalt deposits outside of Africa. I am looking forward to working with Puget in developing this unique deposit so that we can realize its significant potential."

Commenting on the appointment, President and Chief Executive Officer of Puget Ventures, Ms. Erin Chutter said, "I am pleased to announce Michael's appointment as Advisor to the Executive Management group at Puget, as he brings a great deal of project management and operating experience to the Company. Michael will be an important contributor to Puget's stated strategy of growing the development and exploration business in the Altai Republic. His experience and skills will complement an already strong team in Canada and Russia."

About Puget Ventures Inc./Global Cobalt Corporation:

Upon completion of the Pafra Acquisition, Puget Ventures Inc. will be renamed Global Cobalt Corporation, and will be a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. As first mover into this new jurisdiction, Global Cobalt is positioning itself as a pioneer in an untapped region as the first and only foreign-invested publicly traded mining company to advance mineral projects in Altai. Global Cobalt will leverage the world-class Karakul Project and intends to explore other economically feasible projects held under right-of-first-refusal while aggressively expanding and exploring existing properties to supply the growing demand for cobalt and other strategic metals.

Cautionary Statement on Forward-Looking Information: Certain information contained in this news release, including any information relating to Puget or Global Cobalt's future financial or operating performance may be deemed "forward looking". All statements in this news release, other than statements of historical fact, that address events or developments that Puget expects to occur, are "forward-looking statements." Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions, or that events or conditions "will", "would", "may", "could", "should" or "might" occur.
All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond Puget's ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key assumptions upon which Puget's forward-looking statements are based include the following: Puget's ability to complete the Pafra Acquisition; its ability to successfully integrate, explore, develop and operate the Karakul Property; that cobalt prices will not fall significantly; that Global Cobalt will be able to secure new financing to continue its operations on an as-needed basis; that there are no significant changes to applicable laws in the geographic areas in which Global Cobalt will operate; that Global Cobalt will obtain regulatory approvals in a timely manner; the absence of material adverse effects; Global Cobalt's ability to achieve its growth strategy; and that Global Cobalt's operating costs will not increase significantly. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, and unusual or unexpected formations. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. Puget expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with applicable 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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