Puma Exploration Inc.

Puma Exploration Inc.

December 27, 2006 10:00 ET

Puma Exploration Inc.: $300,000 Placement Completed

RIMOUSKI, QUEBEC--(CCNMatthews - Dec. 27, 2006) - Puma Exploration (TSX VENTURE:PUM) has completed a placement of $300,000 with Northern Precious Metals 2006 Limited Partnership. Coming from the issue of 1,000,000 flow-through shares at the price of $0.30 per share and 1,000,000 warrants, each one giving the holder the right to purchase a common share. The shares may not be traded until April 20, 2007. Each warrant attached to the issued shares may be exercised at the price of $0.35 per share until December 19, 2008. If, at any time, the trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $1.00 for 10 consecutive trading days, as evidenced by the price at the close of market, Puma Exploration shall be entitled to notify in writing the holders of warrants of its intention to adjust the exercise price of the warrants. Upon receipt of such notice, the holders of warrants shall have 10 business days to exercise the warrants, failing which the exercise, the price of the warrants will automatically be adjusted to $0.75 until their expiration.

Proceeds from the placement will be used for exploration work scheduled for 2007. The Company has now issued 25,862,727 shares along with this placement.

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

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