Puma Exploration Inc.
TSX VENTURE : PUM

Puma Exploration Inc.

February 27, 2008 11:38 ET

Puma Exploration : 1 Million Ounces of Silver in the Hache Lens (NI 43-101 Compliant)

RIMOUSKI, QUEBEC--(Marketwire - Feb. 27, 2008) - Puma Exploration (TSX VENTURE:PUM) has just received the report on the mineral resources estimates of the Hache Lens on its Nicholas-Denys property in New Brunswick, prepared in accordance with the NI 43-101 Standard. An indicated resource of 364,000 tonnes containing more than 1 million ounces of silver, 11 million pounds of zinc, 5 million pounds of lead and 6,200 ounces of gold has been estimated in the centre of the Hache Lens, at a cut-off grade of 1% ZNEQ(i). The high-grade part of the deposit contains an indicated resource of 110,000 tonnes @ 217 g/t Ag, 2.5% Zn, 1.5% Pb, and 1.1 g/t Au at a cut-off grade of 3% ZNEQ(i).

The resource estimate covers only the central portion of the Hache Lens, i.e., an area about 100 metres in length and 50 metres wide. Previous drilling has confirmed the presence of mineralization in extension zones on either side of the Hache Lens. To delineate the resources in these extension zones, Puma has mobilized a fourth drill to the property. The new drilling will enable the Hache Lens to be followed over an additional length of 200 metres, corresponding to about three times the current area. The drilling should also allow the inferred resources to qualify as indicated resources, representing a higher level of confidence.



Hache Lens Indicated Mineral Resource

--------------------------------------------------------------------------
Cut-off Tonnage Au Pb Zn Ag ZNEQ(i) Silver Ounces
Grade g/t % % g/t % (Rounded)
--------------------------------------------------------------------------
ZnEq(i)
greater
than 3% 110 592 1,05 1,47 2,48 218 5,74 775 000
--------------------------------------------------------------------------
ZnEq(i)
greater
than 2% 181 406 0,81 1,11 2,03 158 4,45 920 000
--------------------------------------------------------------------------
ZnEq(i)
greater
than 1% 364 312 0,53 0,70 1,43 95 2,93 1 110 000
--------------------------------------------------------------------------



Hache Lens Inferred Mineral Resource

--------------------------------------------------------------------------
Cut-off Tonnage Au Pb Zn Ag ZNEQ(i) Silver Ounces
Grade g/t % % g/t % (Rounded)
--------------------------------------------------------------------------
ZnEq(i)
greater
than 3% 56 877 0,45 1,42 2,57 100 4,49 180 000
--------------------------------------------------------------------------
ZnEq(i)
greater
than 2% 167 051 0,40 1,02 1,69 85 3,22 450 000
--------------------------------------------------------------------------
ZnEq(i)
greater
than 1% 442 703 0,31 0,66 1,06 55 2,08 780 000
--------------------------------------------------------------------------


"The resources estimated in the central portion of the Hache Lens meet the objectives set by the Company. Puma has therefore decided to go ahead immediately with a prefeasibility study, to include in particular the design of an optimal open pit mine and an assessment of the profitability of putting the Hache Lens into production." observes Andre Proulx, the President.

Resource Estimate Methodology

The estimate was prepared by InnovExplo an independent geological consulting firm based in Val d'Or, Quebec and considered compliant with both Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves Definitions and Guidelines (the CIMM Standards) and reporting requirements of National Instrument 43-101. Carl Pelletier P.Geo, BSc. and Bruno Turcotte P.Geo, MSc., senior geologists at InnovExplo are the qualified persons as defined under 43-101 who supervised and conducted the resources estimate presented in this news release. A technical report compliant with NI 43-101 and documenting resource estimation procedures will be filed on SEDAR within 45 days of this press release.

Only the diamond drill holes and channel sampling performed by Puma Exploration were retained for the resources estimate. The data consist of thirty-three (33) diamond drill holes totalling 5849 samples and 21 channels totalling 569 samples.

Although the shape of the lenses was lenticular, the lenses of each mineralized zone have a minimal width of four (4) metres. The set of sections on the Hache Zone contains nine (9) sections spaced at 12.5 metres. The current resource model was done on nine (9) identified mineralized lenses. The lenses were interpreted based only on visible sulphide content as observed in drill core. The sections were generated using GEMCOM software version 6.1.2. Each lens was linked in 3D to form 3D solids. The sample predominantly cut across the trend of the wireframed lenses. These samples were composited on 1-metre equal intervals within the wireframed solids defining the limits of mineralization. No high values of zinc, lead, silver and gold were capped before the composite calculation. High outlier values are practically absent.

The specific gravity was determined using the pulp of 130 channel samples. The majority of these samples were associated with mineralized lenses 1, 2 and 3. The specific gravity for these lenses was 2.82, 2.98 and 2.99 respectively. An average of all channel samples was calculated for the other lenses to determine their specific gravity. A value of 2.95 was attributed to lenses 4 to 9. The specific gravity for the waste was established at 2.70.

The block model was built with a cell size of 2x2x2 metres. Using the search ellipsoid, each of the blocks was coded as "ore" or "waste". For the block model construction, each of the zones was calculated individually, but using the same parameters. The squared inverse distance method was used. The Mineral Resource Estimate was done using a Zinc Equivalent %.

For the current mineral resource estimate, a series of long sections of each zone were printed and zones with a tight drill pattern (25 m), plus a rim of 15 metres around the holes on the fringe, were contoured and coded in the block model as Indicated. The remaining areas where blocks were evaluated with a larger drill spacing pattern were all coded in the block model as Inferred. InnovExplo is of the opinion that this method represents well the level of confidence in geological and grade continuities obtained by the geological interpretation.

(i)(ZNEQ%) is based on the following formula and input parameters:

ZNEQ%=Zn% + ((Pb% (x) Pb Recovery (x) Pb Price) / (Zn Recovery(x) Zn Price)) + ((Ag g/t (x) Ag Recovery (x) Ag Price / 31.103) / (Zn Recovery (x) 22.046 (x) Zn Price)) + ((Au g/t (x) Au Recovery (x) Au Price / 31.103) / (Zn Recovery (x) 22.046 (x) Zn Price))

ZNEQ% was calculated with Zn, Pb, Ag and Au prices using the average prices between 2004 and 2006. All prices were in US dollars. The Zn, Pb, Ag and Au recoveries were provided by a study from SGS Lakefield Ltd.



Zn Recovery=84.1% Zn Price=$0.86/lb
Pb Recovery=88.6% Pb Price=$0.48/lb
Ag Recovery=74.8% Ag Price=$5.18/oz
Au Recovery=67.6% Au Price=$486/oz


The contents of this press release were prepared by Geologist Marcel Robillard, a Qualified Person as defined in NI 43-101. The TSX Venture Stock Exchange disclaims any responsibility for the veracity and accuracy of this release.

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