Puget Ventures Inc.

Puget Ventures Inc.

April 02, 2009 10:24 ET

Puget Ventures Inc. Announces Private Placement to Raise Funds to Acquire Werner Lake Mineral Belt, Including Werner West Cobalt Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 2, 2009) - Puget Ventures Inc. (TSX VENTURE:PVS) is pleased to announce a non-brokered private placement financing of up to 4.5 million units at a price of $0.35 per unit, for total proceeds of up to C$1,575,000, subject to regulatory approval. In addition, Puget will also offer up to 1,250,000 flow-through shares at $.40 per share for total proceeds up to $500,000.

Each Unit consists of one common share of Puget plus one-half share purchase warrant. Each full share purchase warrant will be exercisable into one common share of the Company, at a price of C$0.50 per share for eighteen months.

Puget plans to use any proceeds to fund the acquisition of the Werner Lake Mineral Belt Property (see release April 2, 2009) and for general working capital. The Werner Lake Belt is located in the Kenora Mining District and contains four deposits, including the development stage Werner Lake West Copper-Cobalt deposit. Puget Ventures also announced the acquisition on April 1, 2009 of the Norpax Nickel Deposit, adjacent to the Werner Lake Belt package.

The shares issued under this private placement will be subject to a four month hold period under applicable Canadian securities legislation. A finder's fee may be payable on the private placement.

This placement is expected to close on or about April 25, 2009, or sooner at the discretion of Puget Ventures.

About Puget Ventures Inc.

Puget Ventures Inc. is a Toronto Venture Exchange listed mineral exploration company with a focus on copper, zinc, nickel, PGE, and cobalt. Puget is currently exploring the Trout Bay property in Red Lake, Ontario, comprising a 4000 hectare claim block. In addition, Puget has recently acquired positions in the Werner Lake Mineral Belt in Northwestern 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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