Puget Ventures Inc.

Puget Ventures Inc.

May 15, 2008 17:20 ET

Puget Ventures Inc. Announces Completion of Qualifying Transaction and Private Placement

- Option of Goldcorp's Trout Bay Property in Red Lake - Nickel and Platinum Group Elements; Copper, Zinc and Silver historic resource - Excellent accessibility to property and database will allow rapid exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2008) -


Puget Ventures Inc. ("Puget") (TSX VENTURE:PVS.P) is pleased to announce that it has completed its previously announced acquisition of an option to acquire a 60% interest in the Trout Bay Property located in Red Lake, Ontario, from Red Lake Mines/Goldcorp Inc. The acquisition constitutes Puget's qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange. The Qualifying Transaction was completed on May 15, 2008. The Company expects its shares to recommence trading on TSX Venture Exchange on May 16, 2008 under the symbol "PVS".

"We are very excited to begin the work on the Trout Bay Property in the Red Lake mining camp," said Erin Airton, President. "Through the past year, we have assembled an excellent team to explore the base metals potential on Trout Bay and begin the process of examining other high priority acquisition targets."

About Trout Bay Property

The Trout Bay Option with Goldcorp covers approximately 3,420 hectares in the Red Lake greenstone belt of north western Ontario. The Trout Bay Property hosts extensive zones of nickel-PGE mineralization and two previously identified zones of copper-zinc massive sulphide mineralization. The property is located on a well maintained secondary road within easy access of Red Lake, Ontario.

The nickel-PGE mineralization on the property occurs as disseminated to semi-massive sulphide mineralization in iron formation and volcanic rocks located at or near the basal contact of an extensive, tightly folded gabbro-pyroxenite sill complex. Mineralized widths range from 0.5 to 15.0 metres. The No. 2 Nickel Zone has been traced along strike for 550 metres and the host contact for 2,100 metres. Drilling to date has traced the mineralization to a vertical depth of 140 metres.

The property also hosts two zones of zinc-copper massive sulphide mineralization including the High Grade Lake Zone which hosts a historic estimate of 124,760 tons grading 7.86% zinc, 1.50% copper, 0.24% lead, 57.8 g/t silver and 2.40 g/t gold. (This historical resource estimate has not been verified by a Qualified Person to conform to NI 43-101 standards and is included here for general information purposes only and should not be relied upon).

Puget's Board and Management

Puget Venture's management team and Board consist of the following:

Michael Dehn, Chief Executive Officer and Director - Former Senior Geologist for Goldcorp in Red Lake District. Recently, Dehn was President and CEO of Nayarit Gold Inc. He currently sits as Director of Metalore Resources Ltd., Columbia Metals Corp Ltd., and Trelawney Resources Inc. and has provided management consulting services to a number of resource companies.

Erin Airton, President and Director - Founder of Puget Ventures Inc., Erin has provided strategic communications and business development services for a range of public and private companies. Recently, she was the Manager of Communications and Strategic Planning for three TSX-listed exploration companies.

Dave Laudrum, P.Geo, Senior Consulting Geologist - President of Ashloo Consulting, Dave Laudrum is an experienced consulting geologist who has worked in Red Lake, as well as a number of other key mining districts internationally, in the development and implementation of exploration programs.

Chris Couzelis, Chief Financial Officer - Chris is the President and Managing Partner, C. Couzelis and Company Inc., an accounting firm providing business services and financial executives to a number of public and private companies including ICO Therapeutics, Bionic Power Corporation, Ability Pharmaceuticals.

Ray Castelli, Director - Currently serves as President of Weatherhaven Inc. and was formerly the President and CEO for NaiKun Wind Development Inc. Recently, co-founded and was Senior Vice-President of Quadrem, a supply chain partnership owned by major global mining houses. Prior to that, Mr. Castelli was Director of Corporate Development (M&A) for Alcan Aluminum.

Dr. Wilson Russell, Director - Long time CEO of Northstar Electronics, a company which develops and manufactures marine electronic systems. Also President of Cabot Management Ltd., an offshore petroleum consulting company. In addition, serves as Director of Zappa Resources, an energy and mineral explorer listed on the TSXV.

Further Details of the Qualifying Transaction

Pursuant to the Qualifying Transaction, the Puget has issued 285,000 common shares to West Timmins Mining Inc., which are subject to a hold period expiring September 15, 2008.

Concurrently with the completion of the Qualifying Transaction, the Puget completed a brokered private placement (the "Private Placement") of 1,500,000 flow-through shares (the "FT Shares") at a price of $0.50 per FT Share and 1,500,000 units (the "Units") at a price of $0.50 per Unit for gross proceeds of $1,500,000. Each Unit consists of one non-flow through common shares (a "Share") and one-half of one common share purchase warrant (a "Warrant"), each whole Warrant exercisable at a price of $0.75 per Share for a period of 18 months from the date of issuance.

Canaccord Capital Corporation (the "Agent") acted as agent for the Private Placement and received a commission equal to 8% of the gross proceeds of the offering, together with agent's warrants (the "Agent's Warrants") to acquire that number of Shares that is equal to 8% of the number of Units sold under the Private Placement. Each Agent's Warrant entitles the holder to purchase one Share at a purchase price of $0.75 per Share exercisable for a period of 18 months from the date of issuance. The Agent also received a corporate finance fee payable in Units.

The Shares, Warrants and Agent's Warrants are subject to a hold period expiring September 15, 2008.

After completion of the Qualifying Transaction and Private Placement, Puget has 9,065,000 shares outstanding, with 1,570,000 shares reserved for issuance upon exercise of options and warrants.

For further details regarding the Qualifying Transaction, please refer to Puget's Filing Statement dated May 1, 2008, filed under the Puget's profile on SEDAR at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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