Puget Ventures Inc.

Puget Ventures Inc.

July 28, 2009 07:00 ET

Puget Ventures Inc. Announces Private Placement to Raise Funds to Commence Expansion and Development Program on Werner Lake Cobalt Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 28, 2009) - Puget Ventures Inc. (the "Company") (TSX VENTURE:PVS) announced today that it has arranged a brokered private placement, led by JovFunds Inc. (the "Agent"). The private placement consists of up to 10,000,000 Units and 1,250,000 Flow-Through Shares (the "Offering") for total proceeds of up to $3,500,000.

Each Unit is priced at $0.30 and consists of one common share and one-half of a common share purchase warrant, with each whole warrant exercisable into a common share at $0.40 within an twenty four (24) month period. Each Flow-Through Share is priced at $0.40.

Proceeds of the financing will be used to expand and confirm historic cobalt and copper resources at the mine site and initiate engineering work on the Werner Lake West Cobalt deposit, to meet exploration commitments in the Werner Lake Belt and in Red Lake, Ontario, and for general working capital.

The Agent will receive cash compensation equal to 8% of the gross proceeds raised and Agent's Warrants, convertible into Units, equal to 10% of the Units sold under the Offering.

The shares issued under this private placement will be subject to a four month hold period under applicable Canadian securities legislation.

This placement is expected to close on or about August 19, 2009.

This financing is subject to regulatory approval.

About JovFunds Management Inc. (www.jovfunds.com)

JovFunds provides innovative investment solutions for Canadians through the creation, distribution and management of high quality investment products. JovFunds manages and distributes approximately $2.5 billion of client assets and is wholly owned by Jovian Capital Corporation (TSX:JOV).

About Puget Ventures Inc. (www.pugetventures.com)

Puget Ventures Inc. is a TSX Venture Exchange listed mineral exploration company that controls the Werner Lake Mineral Belt, including the advanced stage Werner West Copper Cobalt deposit, one of Canada's only primary cobalt properties, located in Northwestern Ontario. Puget is also currently exploring the Trout Bay copper-zinc property in Red Lake, 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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