Puget Ventures Inc.

Puget Ventures Inc.

December 05, 2011 10:30 ET

Puget Ventures Inc. Appoints Jean-Pierre Colin to the Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2011) - PUGET VENTURES INC. ("Puget") (TSX VENTURE:PVS) (the "Company") is pleased to announce today the strengthening of its Board of Directors with the appointment of Mr. Jean-Pierre Colin effective immediately.

Mr. Colin was appointed Corporate Strategy Advisor for the Company on November 2nd, 2011 and proved critical in the determination of corporate strategy and the engagement of new agents in the current public Offering.

"We are very pleased and proud that Mr. Jean-Pierre Colin has chosen to join our Board. His expertise in both the finance and mining world will be a valuable asset in strengthening our good governance practices and lend guidance to our management team," said Erin Chutter, President and CEO. "This is an important and exciting time for the Company. We are gaining great momentum and Jean-Pierre's appointment reflects the strategy for the Company in optimizing potential growth as the leader in the strategic metals sector."

As outlined in the November 2nd, 2011 News Release, Jean-Pierre Colin provides creative corporate strategy consulting services to CEO's and boards of directors of high profile international mining companies based in Canada.

Mr. Colin is also a director of Premier Gold Mines Limited and serves on its corporate governance, audit, compensation, and independent special committees and is special advisor to the board of directors of BlackRock Metals Inc., and a director of Valterra Resource Corporation and Southern Silver Exploration Corp.

From 1980 to 2010, Mr. Colin was an investment banker responsible for corporate finance and M&A and, as such, has advised and helped to finance many Canadian mining exploration and production companies and has helped to advance numerous mines into production.

Mr. Colin was formerly Director and Head of Corporate Finance at Octagon Capital Corporation, an investment banker with Desjardin Securities Inc., Executive Vice-President of Deacon Capital Corporation, and Senior Vice President of Richardson Greenshields of Canada Limited.

Mr. Colin was the founder of JP Colin Securities Inc., a securities dealer providing corporate finance services to numerous junior public mining companies. He is the former Faculty of Arts Co-Chair of the Waterloo Advisory Council of the University of Waterloo, founder and President of Caratax Management Ltd., a manager of public flow-through share limited partnerships, and a founder and director of NIM Management Ltd.

Mr. Colin is also a former director of numerous other public mining companies in Canada. Mr. Colin is a Member of the Bar of the Province of Quebec and holds a Master of Business Administration form the University of Western Ontario, a Civil Law Degree from the University of Ottawa and a Certificate in Comparative Law from the University of Manitoba.

The Company also announces the resignation of Mr. Tim Mann from the Board of Directors. The Company would like to thank Mr. Mann for the invaluable insights and experience he made available to the Company during his tenure on the Board. The Company wishes him every success in his future endeavours.

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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