Puget Ventures Inc.
TSX VENTURE : PVS

Puget Ventures Inc.

April 08, 2009 09:20 ET

Puget Ventures' Returns High Grade Germanium and Indium Results From High Grade Lake Target at Trout Bay Project, Red Lake, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 8, 2009) - Puget Ventures Inc. (TSX VENTURE:PVS)

- 27.08m of 0.52 gpt Gold, 58.16 gpt Silver, 53.01 gpt Germanium, 20.77 gpt Indium, 11.34% Zn, 1.68% Cu and 0.34% Pb

- 147 gpt Silver over 0.41m from 34.59m to 35m in High Grade Lake target in hole TB08010

- 173 gpt Germanium over 1.0m from 12m to 13m in the HGL target in hole TB08011

- 48.1 gpt Indium in hole TB08016 in the HGL target from 35m to 36m

- 3.74 gpt Gold and 168 gpt Silver over 0.50m in hole TB08016 above the VMS horizon in sulphide stringers

- Anomalous Nickel and Lead mineralization identified in close proximity to VMS horizon

- Ground follow up necessary on Germanium and Indium results

Puget Ventures Inc. (TSX VENTURE:PVS) is pleased to report that it has received significant silver, germanium and indium results from the additional precious metal and ICP analysis completed on 194 samples, initially released as part of the December 17, 2008 Trout Bay Drill Program release.

A second phase of analysis of the samples from the 2008 drill program was completed on 194 previously analyzed samples, which has yielded significant Ag, Ge and In results in the HGL target. Additionally an anomalous Ni-Pd horizon and moderate gold enrichment has been identified within the HGL target.

"Trout Bay continues to yield positive surprises to our team," said Erin Airton, President of Puget Ventures. "We are very pleased with the discovery of these additional potential credits on the High Grade Lake deposit and look forward to following up these results in 2009."

Within the HGL target, silver assays of up to 147 gpt Ag over 0.41m from 34.59m to 35.0m in hole TB0810. HGL as well 6.1m averaged 92.04 gpt Ag from 18.0m to 25.1m in hole TB0811. Gold assays within the HGL target reached a maximum of 2.19 gpt Au over 1.0m in hole TB0812 from 4.81 to 5.81m.

Germanium results returned a maximum of 173 gpt Ge over 1.0m from 12m to 13m in hole TB08011. The highest grade Indium sample returned 48.1 gpt over 1.0m from 35 to 36m in hole TB0816. Germanium, Indium and Silver mineralization primarily follows the massive sulphide horizon previously identified in the core logging and initial assay results released December 17, 2008. Germanium had previously been identified by Houston Lake Mining in the Pakeagama Lake Rare Metals, Red Lake Mining District property with average results of 4.5 gpt Ge (Houston Lake Press Release data January 18, 2000). The Germanium assay results received by Puget Ventures is significantly higher than those previously reported from sampling elsewhere in the Red Lake Mining District.

Indium results from drilling at Trout Bay are similar to the analysis reported by Tribute Minerals, as is the Gallium numbers reported by Tribute Minerals from the NI 43-101 report dated September 4, 2007 on the Garnet Lake Property, Confederation Lake Belt, approximately 100 km east of the Trout Bay Property. The range of Indium values from the mineralized zones from the Garnet Lake Property of Tribute Minerals were 3.3 gpt In over 3.6m to 69.0 gpt In over 5.0m. At Trout Bay, Puget Ventures results ranged from 3.68 gpt In over 3.87m to 20.77 gpt In over 27.08m. Puget Ventures Gallium results returned as high as 54 gpt over 1.0m in hole TB0810 from 38.0 to 39.0. Background Gallium numbers outside of the mineralized zone ranged from 3 gpt to 26 gpt, and at this point in the exploration program at Trout Bay, their significance, if any, is not fully understood.

The 2008 drill program consisted of 13 holes totaling 1865 metres testing extensions of the known copper-zinc mineralized zones on the Property. Puget Ventures has an option to earn a 60% interest in the Trout Bay Property from Red Lake Gold Mines/Goldcorp.

The table below summarizes the results from the additional analysis for Au, Ag, Ge and In, as well as the previously released analysis for the corresponding intervals/holes for Zn, Cu and Pb.



----------------------------------------------------------------
Hole Target From To Length Zn%(i) Cu%(i) Pb%(i)
(m) (m) (m)
----------------------------------------------------------------
TB08007 Explor 8.00 11.00 3.00 0.12 0.02 NSA
----------------------------------------------------------------
TB08009 ZP No Significant Assays (NSA)
----------------------------------------------------------------
TB08010 HGL 12.29 16.16 3.87 1.59 1.09 0.13
----------------------------------------------------------------
Includ 14.17 16.16 1.99 2.97 1.60 0.25
----------------------------------------------------------------
34.59 39.00 4.41 18.31 1.70 0.52
----------------------------------------------------------------
TB08011 HGL 7.00 34.08 27.08 11.34 1.68 0.34
----------------------------------------------------------------
Includ 10.00 15.00 5.00 13.40 1.69 0.43
----------------------------------------------------------------
Includ 17.00 20.00 3.00 13.90 1.65 0.48
----------------------------------------------------------------
Includ 22.00 25.10 3.10 20.67 2.51 0.48
----------------------------------------------------------------
Includ 27.46 29.00 1.54 10.58 1.96 0.39
----------------------------------------------------------------
Includ 31.00 34.08 3.08 16.22 1.68 0.54
----------------------------------------------------------------
TB08012 HGL 3.45 12.71 9.26 1.35 1.12 0.22
----------------------------------------------------------------
Includ 3.45 8.00 4.55 1.83 1.21 0.35
----------------------------------------------------------------
Includ 9.00 12.71 3.71 1.09 1.29 0.11
----------------------------------------------------------------
TB08014 HGL 143.10 149.00 5.90 0.11 0.03 NSA
----------------------------------------------------------------
TB08015 HGL 4.18 4.75 0.57 0.05 0.01 NSA
----------------------------------------------------------------
TB08016 HGL 34.25 37.69 3.44 16.55 0.95 0.65
----------------------------------------------------------------


--------------------------------------------------------
Hole Target Au Ag Ge In
gpt gpt gpt gpt
--------------------------------------------------------
TB08007 Explor NSA NSA 3.00 NSA
--------------------------------------------------------
TB08009 ZP No Significant Assays (NSA)
--------------------------------------------------------
TB08010 HGL 0.78 41.27 36.83 3.68
--------------------------------------------------------
Includ 1.42 66.96 54.23 6.55
--------------------------------------------------------
0.55 87.82 54.19 24.34
--------------------------------------------------------
TB08011 HGL 0.52 58.15 53.01 20.77
--------------------------------------------------------
Includ 0.72 65.60 85.00 25.18
--------------------------------------------------------
Includ 0.62 60.00 75.00 21.63
--------------------------------------------------------
Includ 0.94 110.47 65.80 28.44
--------------------------------------------------------
Includ 0.30 47.36 31.70 25.65
--------------------------------------------------------
Includ 0.34 78.70 68.95 34.90
--------------------------------------------------------
TB08012 HGL 0.36 45.61 62.05 4.15
--------------------------------------------------------
Includ 0.66 62.98 58.05 6.73
--------------------------------------------------------
Includ 0.09 35.52 59.97 2.12
--------------------------------------------------------
TB08014 HGL NSA NSA 1.68 NSA
--------------------------------------------------------
TB08015 HGL 0.21 NSA NSA NSA
--------------------------------------------------------
TB08016 HGL 0.50 61.42 67.99 25.53
--------------------------------------------------------

(i) previously released assays


Nickel Copper PGE mineralization

Puget Ventures previously identified minor nickel mineralization in the process of testing the zinc targets on the Trout Bay Property. Anomalous Pd mineralization now has also been identified in the 2008 drilling. In hole TB08010, a narrow zone from 30.0m to 31.0m were 0.24 gpt Pd and 0.11% Ni. In hole TB08011, a zone 3.92m wide downhole from 34.08m to 38.00m returned 0.172 gpt Pd and 0.059% Ni.

Puget Ventures has not yet tested the previously identified Ni-Cu-PGE mineralization on the property that is know on the property that occurs within: magnetite-rich, finely banded iron formation; amphibole-rich magnetite bearing iron formation; tremolite and chlorite alteration of mafic volcanics overlying the iron formation sequence; and gabbro, leucogabbro and glomerophyric grabbo.

On July 10, 2000 Goldcorp Inc. issued the press release entitled "More than Gold in Red Lake - Now, Palladium and Nickel" announcing "significant palladium and nickel values". These results were reported from the Trout Bay property, with best values in the release, from surface grab samples, were "7.07 grams per tonne (gpt) Palladium (Pd) and 7.08% Nickel (Ni)." The Goldcorp Inc. release including assays methods, table of results, and location map is available at www.sedar.com.

Follow up to Goldcorp's 2000 mapping and drilling programs for Ni-Cu-PGE mineralization will be to review the core for zinc mineralization and iron mineralization.

Germanium

Germanium is a hard, brittle semimetal that first was used about one-half century ago as a semiconductor material in radar units and as the material for the first transistors. Today, it is used principally as a polymerization catalyst for polyethylene terephthalate (PET), a commercially important plastic; as a component of glass in telecommunications fiber-optics; as a lens or window in infrared night-vision devices; and as a semiconductor and substrate in electronics circuitry.

Free market prices for germanium dioxide, published by Metal-Pages, has held steady in 2009 between $950 per kilogram and $980 per kilogram.

http://web1.caryacademy.org/chemistry/rushin/StudentProjects/ElementWebSites/germanium/uses.htm

http://minerals.usgs.gov/minerals/pubs/commodity/germanium/

Indium

Indium is produced mainly from residues generated during zinc ore processing. It was named after the indigo line in its atomic spectrum. The first large-scale application for indium was as a coating for bearings in high-performance aircraft engines during World War II. Afterwards, production gradually increased as new uses were found in fusible alloys, solders, and electronics. In the middle and late 1980's, the development of indium phosphide semiconductors and indium-tin-oxide thin films for Liquid Crystal Displays (LCD) aroused much interest. By 1992, the thin-film application had become the largest end use. The amount of indium consumed is largely a function of worldwide LCD production. Increased manufacturing efficiency and recycling (especially in Japan) maintain a balance between demand and supply.

http://minerals.usgs.gov/minerals/pubs/commodity/indium/

NQ size core is saw cut and half of the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. All of Puget Ventures samples were analyzed by ICP by SGS-XRAL in Don Mills, Ontario and prepped by SGS-XRAL in Red Lake, Ontario.

Stephen Wallace, P. Geo., a qualified person as defined by NI 43-101, has reviewed the contents of this release.

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 positions in the Werner Lake Mineral Belt in Northwestern Ontario from Benton Resources Corp. and other vendors and expects to begin work shortly on previously identified Copper and Copper-Cobalt targets.

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.

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