Puma Exploration Inc.
TSX VENTURE : PUM

Puma Exploration Inc.

August 29, 2012 09:19 ET

Puma Exploration Discovers a New High Grade Lens at Nicholas-Denys Silver Project in New Brunswick

RIMOUSKI, QUEBEC--(Marketwire - Aug. 29, 2012) - Puma Exploration (TSX VENTURE:PUM) announces the discovery of new high grade mineralized zones grading up to 2,590 g/t Ag and 16.0 g/t Au in the current exploration program at Nicholas-Denys Silver Project, New Brunswick. Follow-up drilling on the new "Raya Lens" discovery commenced after receiving the first rock sample results.

The Raya Lens is located 300 meters west of the Dante lens along the "Main Fault" major structure. The stripping exposed approximately 65 meters of a highly altered sulphide zone comprised of lenses, veins and breccia of massive sulphide mineralization located at the contact between the sediments and a gabbro. Current exploration activities are being focused on this major 10 km long structure where explorations have exposed a broad zone of skarn style alteration associated with precious and base metal mineralization over a strike length of 700 meters in the Dante area.

A total of 29 grab samples from the original 30 meters by 20 meters stripped area have been collected and results are summarized in table 1. Figure 1 shows the location the rock samples at Raya Lens. The stripping has increased to 65 meters by 40 meters and the sulphide mineralization is still open in all directions. The stripping activities will resume after the current drilling program at Raya Lens.

Table 1: 29 Grab Samples collected at Raya New Discovery

Sample Ag (g/t) Au (g/t) Pb (%) Zn (%)
M045701 140 1.95 4.9 9.4
M045702 268 1.47 9.7 6.8
MO45703 1,140 0.80 49.9 2.7
MO45704 113 0.86 4.2 16.7
M045705 221 0.90 7.9 9.7
MO45706 718 0.48 30.0 0.5
MO45707 1,040 2.28 42.8 2.6
M045708 297 3.07 11.1 7.5
M045709 66 0.32 1.9 15.2
M045710 26 0.02 0.9 0.3
MO45711 243 0.64 0.2 0.2
M045712 39 2.74 1.3 0.8
M045713 412 0.01 15.0 10.8
M045714 944 1.58 36.1 0.4
MO45715 643 1.08 24.2 3.4
M045716 255 7.42 9.2 6.1
M045717 303 0.41 11.2 3.9
M045718 5 0.19 0.2 0.1
MO45719 197 0.44 6.2 4.0
M045720 2,590 0.65 78.5 0.0
MO45721 218 0.52 8.9 1.1
M045722 235 2.72 8.1 7.2
M045723 1,240 0.79 45.0 0.5
MO45724 571 0.80 19.6 6.6
M045725 755 0.41 28.1 21.6
M045726 187 16.00 5.8 6.9
MO45727 387 8.30 15.9 5.2
M045728 376 0.82 14.9 6.6
M045729 111 3.10 3.9 3.9

Trenching and stripping activities are being undertaken to follow up on the 2011 Dante lens discovery consisting of a broad zone of strongly anomalous to high grade, precious and base metal mineralization in a well-defined structural horizon with the sulphide mineralization being enriched in silver, gold, zinc, copper and antimony.

The 2012 trenching and stripping program is focused on locating at surface the two main parameters of the discovery model applied to Nicholas-Denys which are the main E-W sulphide horizon and the abundant transverse faults. The current program was successful identifying 3 new transverse faults grading up-to 400 g/t Ag which lead to the discovery of the Raya lens.

The overall size, geometry and grades of the mineralized zone will ultimately be determined through current and future drilling programs testing the immediate discovery area, and by tracing the mineralized zones along the 10 km long prospective Main Fault Structure. Additional trenching and stripping is currently ongoing on the Main Fault area.

"This new area of multiple veins and breccia, located during this summer's trenching and stripping program, is a significant discovery for Puma. These 29 high-grade grab samples, which were collected from outcrop, demonstrate that we are having success with the summer program confirming the discovery model at Nicholas-Denys and that the Main fault mineralized corridor is expanding outward in both directions. The area of trenching and stripping is now in excess of 1 kilometer with over 10 kilometers has yet to be explored", said Marcel Robillard, President and CEO of Puma Exploration.

Nicholas-Denys 2012 Exploration Program

Drilling program at Nicholas-Denys included, before the current program, 11 holes for a total of 1,375 meters. Seven (7) holes for 1,005 meters were collared at Haché lens area and consisted of infill and step-out hole designed to target the high-grade silver and gold zones within the Haché lens. The four (4) other holes for 370 meters drilled were located at the Dante lens 2011 new discovery and results are pending. Current drilling is ongoing on the Raya Lens new discovery and more than 2,000 meters in 19 trenches were dug along the main fault since the beginning of the summer from the 5,000 meters of trenching program planned.

About Puma Exploration

Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets are the Nicholas-Denys Silver Project and Turgeon Copper Project in New Brunswick and the Little Stull Lake Gold Project in Manitoba. Puma is actually focusing its exploration efforts in New Brunswick, Canada, which has been ranked the best place in the world to conduct mining exploration by the 2012 Fraser Institute Survey. New players such as Trevali Mining Corporation which has initiated production at the Halfmile Mine and Votorantim and which is developing the Murray Brook Deposit are now very active in the area.

Learn more by clicking here: www.pumaexploration.com

The contents of this press release were prepared by Dominique Gagné, a Qualified Person as defined in NI 43-101. The samples were analyzed at the ALS Chemex laboratory in Val d'Or using the atomic absorption and ICP methods. There is not enough drilling data presently available to determine the shape and true width of the mineralized zone. 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.

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma Exploration Inc. to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Except as required by law, Puma Exploration undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

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