Puget Ventures Inc.

Puget Ventures Inc.

April 01, 2009 17:17 ET

Puget Ventures Inc. Signs Agreement to Acquire Norpax Copper-Nickel Deposit in Werner Lake Mineral Belt

- Historic resource of over 1 million tons 1.2% Nickel and 0.5% Copper

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2009) - Puget Ventures Inc. (TSX VENTURE:PVS) ("Puget" or the "Company") is very pleased to announce today that it has entered into an agreement with Harper Capital Inc., to earn a 100% option to purchase the mineral interests in the Norpax Property, located in the Werner Lake Mineral Belt in the Kenora Mining District, Ontario.

The Norpax Nickel-Copper deposit is located approximately nine kilometres east of the Manitoba border at Almo Lake.

"Puget Ventures is very pleased to have made this important acquisition in the historic Werner Lake Mineral Belt," said Erin Airton. "Our strategy continues in the identification and development of advanced base metals projects in Ontario."

The Norpax Deposit

Historical resource and reserve estimates of the Norpax Deposit have been reported at 1,010,000 tons of ore with 1.2% Nickel and 0.5% Copper. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. The historical estimate is from Norpax Nickel Mines Ltd.

Between 1954 and 1957 Norpax Oils and Mines Ltd conducted shallow diamond drilling programs, followed by an underground exploration program. A 3-compartment shaft was sunk on the south shore of Almo Lake to a depth of 402ft (122.5m). Two levels were developed at the 250ft (76m) and 375ft (114m) horizons. Crosscuts were driven to the north to intercept the Cu-Ni horizon and drifting to the east and west was completed. The program consisted of underground sampling, mapping, limited underground drilling and several "box holes" were completed to provide sample material. No stope development or mining was undertaken.

Historic surface drilling during this period has outlined a zone of mineralization 1,400ft long, in a major east-west fault zone that dips 80 degrees N. A 700ft section of this zone to a depth of 500 feet averaged 8.5ft in width and assayed 1.2% nickel, 0.5% copper, plus precious metals. Underground development to December 1, 1956, indicates a grade of 1.46% nickel, 1.03% copper over a length of 300ft and a width of 20 to 25ft.

From January to February 2002 Atikwa Minerals Limited completed 5 drillholes into the targeted horizon of the Norpax deposit. Intersections of up to 36.5m of 0.608 g/t Pt+Pd, 0.25% Cu, and 0.26% Ni, including 3.8m of 1.308 g/t Pt+Pd, 1.79% Cu, and 1.15% Ni. Puget has not independently analyzed the results of the previous exploration. Puget believes these historical results provide an indication of the potential of the properties and are relevant to future exploration.

Puget Ventures Inc. intends to verify and expand the historic resources in addition to an extensive review of previous work by the Ontario Geological Society, among others, to further target exploration opportunities on the Werner Lake Mineral Belt.


Puget has agreed to pay the following consideration for the option.

(a) The Company will issue payments as follows:

(i) $30,000 at closing

(ii) $40,000 at March 15, 2010

(iii) $50,000 at March 15, 2011

(b) Issue 50,000 shares of the Company, subject to TSX Venture Approval;

(c) Expend exploration expenditures as follows:

(i) $50,000 by March 15, 2010

(ii) $150,000 by March 15, 2011

(iii) $350,000 by March 15, 2012

(iv) $450,000 by March 15, 2013

Harper Capital shall also be entitled to a 2% NSR, with a 1% buy-back option for $1,500,000.

Neither the 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.

The material in this news release has been reviewed by Stephen Wallace, P.Geo, a Qualified Person as defined by NI 43-101.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. The Company undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

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

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