Puget Ventures Inc.

Puget Ventures Inc.

December 29, 2008 15:36 ET

Puget Ventures Inc. Announces Private Placement to Raise Funds to Follow Up on High Grade Trout Bay Drill Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 29, 2008) - Puget Ventures Inc. (TSX VENTURE:PVS) is pleased to announce a non-brokered private placement financing of up to 1.28M units at a price of $0.20 per unit, for total proceeds of up to C$280,000, subject to regulatory approval.

Each Unit consists of one flow-through common share of Puget plus one-half share purchase warrant. Each full share purchase warrant will be exercisable into one non-flow-through common share of the Company, at a price of C$0.30 per share in the first year and C$0.40 per share in the second year.

Puget plans to use any proceeds to fund the winter exploration program on its Trout Bay Property at Red Lake, Ontario. Drill results, released in December, were successful in returning drill intercepts of greater than 10 per cent zinc and 1 per cent copper in three of the seven holes, including a high of 27.08 metres of 11.34 per cent zinc 1.68 per cent copper and 0.34 per cent lead in TB08011.

The shares issued under this private placement will be subject to a four month hold period under applicable Canadian securities legislation. The flow-through expenses will constitute Canadian Exploration Expenses (as defined in the Income Tax Act) and such expenses will be renounced for the 2008 taxation year. Compensation for the private placement will include 6% cash commission and 8% agent's warrants. Each such unit is comprised of one non-flow through common share, and one-half of a non-transferrable warrant. Each warrant has an expiry period of 24 months, and entitles the holder to purchase an additional common share at an exercise price of $0.30/share for the first 12 months and $0.40/share for the remaining 12 months.

This placement is expected to close on or about December 31, 2008, 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 currently exploring the Trout Bay property in Red Lake, Ontario. Trout Bay has historical Copper-Zinc resources, along with significant Ni-PGE mineralization on its 4000 hectare claim block. In addition, Puget has recently acquired the position in the Werner Lake Mineral Belt in Northwestern Ontario and expects to begin work shortly on previously identified Copper targets.

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.

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

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