Puget Ventures Inc.

Puget Ventures Inc.

April 25, 2012 18:08 ET

Puget Ventures Inc. Announces $500,000 Loan Agreement with Rupert's Crossing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 25, 2012) - PUGET VENTURES INC. (TSX VENTURE:PVS) ("Puget") (the "Company") is pleased to announce it has entered into a loan agreement dated April 24th, 2012 with an arm's length private company (the "Lender") in the amount of $500,000 (the "Loan").

The Loan will be secured by a general security interest granted by Puget, and will be repayable on or before October 16th, 2012. The Loan bears interest at an annual rate of 10%. Proceeds from the loan will be used as working capital to accelerate the completion of the Pafra Transaction and is at the discretion of the Company.

In connection with the loan, Puget will issue, at no additional consideration and subject to Puget receiving the prior approval of the TSX Venture Exchange, 272,108 common shares in the capital of Puget (the "Shares"). The Shares shall be duly issued to the Lender effective as of the date the Loan is advanced.

"We are pleased to assist Puget in meeting their objectives in such an important stage of their evolution in becoming a leader in the critical metals sector," said Michael Binnion, President of the Lender. "We recognize the potential of the company's assets and the commitment of the management team involved."

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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