RIMOUSKI, QUEBEC--(Marketwired - Dec. 2, 2013) - Puma Exploration (TSX VENTURE:PUM) is pleased to provide an exploration update on activities in progress at the Nicholas-Denys and Turgeon Projects in New Brunswick. Currently, stripping and trenching programs are underway at on the Nicholas-Denys porphyry and surrounding skarn units to validate the preliminary anomalies from the recently completed IP surface geophysical survey. Following the discovery of copper and molybdenum sulphide mineralization in the first few trenches, the IP survey has been extended from the initial 31 line kms to 48 line kms to cover the entire 16 km2 of granodiorite. The results from the trenching program combined with the final interpretation IP survey results will lead to the definition of first priority targets to be drilled at Nicholas-Denys.
At the same time, stripping and trenching programs are being completed on the Turgeon South property as a follow-up to last year's new copper showing discovery. That program had discovered quartz veins ranging from 2 to 6 meters wide over a 60-meter strike length containing chalcopyrite and pyrite. Following the trenching and stripping, Puma prepared the first 12 drill pad sites for the imminent drilling program at Turgeon Copper-Zinc Deposit.
Puma has arranged a non-brokered private placement to issue up to 4,761,904 flow-through units ("The offering") at a price of $0.21 per unit, for gross proceeds of up to $1,000,000. Each flow-through unit will consist of one flow-through common share and one half of one share purchase warrant. Each full purchase warrant will entitle the holder to acquire one non-flow through common share of the Company at a price of $0.30 for a period of two years from the date of issuance.
The Offering is subject to the approval of the TSX Venture Exchange. In relation with this with this Private Placement, the Company will pay a finder's fees in an amount of 8% of the gross proceeds raised and will issue finder's warrants, having the same terms as the Units, in an amount equal to 8% of the Units sold in the Private Placement. All securities issued under the Offering will be subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The proceeds of the private placement will be used for the exploration and development of Puma's properties in New Brunswick.
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 and Turgeon Projects in New Brunswick and the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick, Canada, which has been ranked fourth in the world to conduct mining exploration by the 2013 Fraser Institute Survey.
Learn more by clicking here: www.pumaexploration.com
The contents of this press release were prepared by Marcel Robillard, Geo, a Qualified Person as defined in NI 43-101. 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.