Puma Exploration Inc.

Puma Exploration Inc.

May 13, 2008 09:58 ET

Puma Options its Ste-Marguerite Gold Property

RIMOUSKI, QUEBEC--(Marketwire - May 13, 2008) - Puma Exploration (TSX VENTURE:PUM) is pleased to announce that it has signed an arm's length Option and Joint Venture agreement as per the Letter of Intent dated December 17, 2007 with Peterborough Capital Corp. (TSX VENTURE:PEC) to acquire up to a 50% interest in the Ste-Marguerite gold property located in the Matapedia Valley region of Quebec, Canada.

The agreement contemplates that Peterborough would acquire an option to purchase up to a 50% the interest in the Property in consideration of Peterborough issuing to Puma 50,000 common shares of Peterborough on the approval of the TSX Venture Exchange, and Peterborough completing exploration work over four years worth $1,200,000, in the aggregate, based on expenditures of $250,000 in each of the first two years, $300,000 in the third year and $400,000 in the fourth year. Under the definitive agreement, Peterborough would earn a 12 1/2% interest in the Property upon spending the first $250,000 during the first year. Peterborough would acquire the remaining 37 1/2 interest on incurring the balance of the expenditures ($950,000) as set forth above. In addition, under the definitive agreement, Peterborough has agreed that, it will compensate Puma for its prior maintenance of the Property by paying $10,000 cash to Puma or by issuing to Puma an additional 20,000 common shares in the capital of Peterborough. All Peterborough common shares issued to Puma in connection with the Acquisition would be following the consolidation of Peterborough's common shares, as previously described.

Peterborough Capital Corp. has had a technical report prepared with a recommended drilling program for the property directed at the unexplored portions of the property. Drilling campaigns in the vicinity of five known mineralized showings are aimed at identifying a new high grade gold zone.

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 regarding the veracity and accuracy of this press release.

Contact Information