Puma Exploration Inc.
TSX VENTURE : PUM

Puma Exploration Inc.

July 10, 2008 11:03 ET

Puma Exploration: New Mineralized Lens Discovered at Nicholas-Denys

RIMOUSKI, QUEBEC--(Marketwire - July 10, 2008) - Puma Exploration (TSX VENTURE:PUM) has just received the results from eight (8) holes drilled on the western end of the Hache lens at its Nicholas-Denys property in New Brunswick. Besides extending the Hache lens on surface for an additional distance of 25 metres, with 105 g/t Ag, 2.4% Zn, and 1.9% Pb over 8.4 metres, a new mineralized lens was discovered at depth.

In fact, seven (7) of the eight holes drilled have intersected the new mineralized lens; it has an apparent thickness of from 2 to 10 metres, with values of 84 g/t Ag, 1.9% Zn, and 1.6% Pb over 10.6 metres. The mineralized core is characterized by richer metal values: 138 g/t Ag, 2.2% Zn, and 2.3% Pb over 3.3 metres, and 156 g/t Ag, 3.2% Zn, and 4.0% Pb over 1.6 metres.



Mineralized intersections in the drillholes

Drillhole Azimuth Dip Lens From To Length Ag Zn Pb Au
(degrees) (degrees) m m m g/t % % g/t

F08-47 N 160 45 Hache 42.0 57.0 15.0 74 1.9 1.3 0.11
surface
F08-47 incl. 48.6 57.0 8.4 105 2.4 1.9 0.13
F08-38 N 160 45 Hache 131.1 133.4 2.3 52 2.5 0.8 0.30
West
F08-43 N 160 45 Hache 97.0 99.0 2.0 82 1.1 1.4 0.07
West
F08-45 N 160 45 Hache 117.9 121.4 3.5 78 1.2 1.4 0.30
West
F08-45 incl. 123.4 124.7 1.3 58 3.3 1.3 0.33
F08-47 N 160 45 Hache 89.0 93.0 4.0 29 3.5 0.4 0.09
West
F08-47 incl. 89.7 92.0 2.3 41 5.5 0.6 0.07
F08-51 N 160 45 Hache 157.8 165.0 7.2 82 1.4 1.4 0.35
West
F08-51 incl. 160.0 163.3 3.3 138 2.2 2.3 0.73
F08-52 N 160 55 Hache 189.4 200.0 10.6 84 1.9 1.6 0.10
West
F08-52 incl. 189.4 191.0 1.6 156 3.2 4.0 0.21
F08-57 N 160 45 Hache 205.2 216.5 11.3 47 2.2 0.8 0.23
West
F08-57 incl. 205.2 211.0 5.8 62 2.9 1.2 0.30


The new lens has been followed for more than 125 metres vertically, and over a horizontal distance of 75 metres. It remains open at depth and to the west, towards the Henry lens, which was the site of mining development during the 1970s, and where earlier drilling intersected zones of significant mineralization, with 115 g/t Ag, 3.0% Zn, 2.0% Pb, and 2.5 g/t Au over 3.4 metres.

The segment of about 1.5 km that separates the Henry and Hache lenses therefore represents a priority exploration target for new mineralized lenses. A ground magnetic survey is already under way in this area to identify new targets, using the new geologic model established during the previous drill campaign.

This discovery once again confirms the presence of hitherto-unknown mineralized lenses, which have the potential to significantly increase the project's mineral resources. Indeed, the importance of such a discovery for Puma is similar to the June 2007 discovery of the mineralized lens between the Shaft and Hache lenses, which has a high-grade core with 92 g/t Ag, 4.0% Zn, and 3.2% Pb over 4.2 metres (Press Release, 12/06/08). The discovery of new lenses brings the Company closer to confirming an inferred resource of 3,000,000 tonnes of mineralization for the Nicholas-Denys project.

Current Program

Since the beginning of 2008, 78 holes have been drilled in the vicinity of the Hache and Shaft lenses, for a total advance of 18,592 metres. The drill program has been temporarily suspended because of the new discoveries, and to allow for the proper compilation and interpretation of the results from the 10,115 samples that have been collected. A magnetic survey is in progress in the area between the Henry and Hache lenses, to better define new targets for drilling.

Regarding Puma

Exploration Puma is concentrating its exploration activities in New Brunswick on its Nicholas-Denys mineral property, located near Bathurst. The Company believes it is in a position to define enough ore to start a mining operation with a target resource of three to five million tonnes.

In fact, a new resource calculation will be performed for the Hache and Shaft lenses as soon as the results from the last 2,000 samples become available. Out of an initial exploration budget of $3.5 million, $2.5 million have been expended on the drilling campaign.

The samples were analyzed at the ALS Chemex laboratory in Val d'Or using the atomic absorption and ICP methods. 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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