Puget Ventures Inc.
TSX VENTURE : PVS

Puget Ventures Inc.

July 22, 2011 08:00 ET

Puget Ventures Inc. Files Prospectus

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 22, 2011) - PUGET VENTURES INC. (TSX VENTURE:PVS) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR DISTRIBUTION TO UNITED STATES OF AMERICA NEWS OR WIRE SERVICES

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

PUGET VENTURES INC. ("Puget") (TSX VENTURE:PVS) (the "Company") has filed a preliminary short form prospectus with the securities regulatory authorities in British Columbia, Alberta, Manitoba and Ontario with respect to a marketed offering of subscription receipts.

The offering will be for 15,239,000 subscription receipts at a price of $1.05 per subscription receipt for total gross proceeds of $16,000,950. Puget has engaged Mackie Research Capital Corporation to act as agent in the financing.

Upon satisfaction of the release conditions, each subscription receipt will entitle the holder to a unit comprised of one common share of Puget, and one-half of one common share purchase warrant exercisable at $1.50 for a period of 36 months following completion of the offering. The release conditions include the completion of the acquisition by Puget from Imperial Mining Holdings Ltd. of all issued and outstanding securities of Pafra, a wholly owned subsidiary of IMHL, and owner of the Karakul Project, located in Russia's Altai Republic in Southern Siberia, and in Mongolia.

The proceeds will be used to advance and develop the Karakul Project, continue the exploration work at Puget's Werner Lake Belt region in northwest Ontario, Canada, and for working capital purposes.

The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange.

On July 21, 2011 Puget announced the approval by its shareholders of the acquisition of Pafra and related transactions that, if completed, will result in the newly named company, Global Cobalt Corporation, which will focus on the advancement of strategic-mineral assets and development of a new mining district in the Altai Republic of Russia.

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

Puget Ventures Inc. is a Vancouver, Canada-based mineral-resource exploration company focused on the acquisition, exploration and development of strategic base metals properties, with a focus on cobalt. Puget Ventures' package of properties encompasses historic deposits and past Cobalt and Nickel-Copper-PGE producers, including the Werner Lake Mineral Belt located in North-western Ontario, Canada.

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.

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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