Puma Exploration Inc.

Puma Exploration Inc.

December 05, 2006 08:30 ET

Puma Reaches Deep Target on Nicholas-Denys Property

RIMOUSKI, QUEBEC--(CCNMatthews - Dec. 5, 2006) - Puma Exploration (TSX VENTURE:PUM) reached its Nicholas-Denys property deep target at a downhole depth of 434 metres, a vertical depth of 350 metres, with values of 6.0% Zn, 3.3% Pb et 108 g/t Ag over 4.4 meters(i). Another drill hole intersected the Shaft lens at 142 metres with an intersection of 9.8 metres(i) carrying 4.3% Zn, 2.9% Pb and 81 g/t Ag.

Mineralized drill hole intersections

Hole Azimuth Inclination From To Width Zinc Lead Silver
(m) (m) (m) (%) (%) (g/t)
F06-15 N160 55 142.2 152.0 9.8 4.3 2.9 81
degrees degrees
including 147.5 151.4 3.9 5.0 4.5 137
including 147.5 150.0 2.5 6.2 5.8 181
F06-16 N340 55 433.1 438.8 5.6 4.9 2.8 88
degrees degrees
including 433.1 437.5 4.4 6.0 3.3 108
including 433.1 435.4 2.3 7.4 3.0 102

Drill hole F05-16 was collared in the centre of the Shaft Lens and confirms the extension of the mineralization to a vertical depth of 350 metres. The mineralized zone remains open in all directions. Preliminary logging of the Shaft Lens drill core suggests an increasing zinc grade with depth and a thickening of the mineralized horizon to the west.

"The zinc enrichment in the Shaft Zone mineralized lenses is a significant factor in any economic evaluation that will be undertaken. It is noted that the zinc price has risen from $0.77US/lb to approximately $2.00US/lb(ii) since the beginning of Puma's work on the Nicholas-Denys property. " commented Marcel Robillard, the Nicholas-Denys project geologist.

In its press release of 03/10/2006, the Company established a minimum exploration deposit objective of 4 to 5 million tonnes of ore with an average of 90 g/t Ag and 6% Pb+Zn. The results obtained in these drill holes fulfill and surpass the target objectives with 7.2% and 7.7% Pb+Zn over widths of 9.8 and 5.7 metres(i), respectively. Additional drilling will be required to adequately evaluate the volume and geometry of the mineralized body.

Following the receipt of these latest promising results, a geophysical team has been dispatched to the property to conduct a downhole survey that will allow the modelling of possible extensions of the mineralized body and the planning of additional drilling.

(i) These intersections represent the widths encountered in drill holes. The real thickness of the mineralized zones will be determined once there is sufficient drill information to model the shape of the mineralized body.

(ii) The zinc price was obtained from www.kitcometals.com on November 29, 2006.

Assays were performed by ALS Chemex in Val d'Or, using atomic absorption and ICP. The contents of this press release were prepared by Marcel Robillard, Geologist and NI-43-101 Qualified Person.

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

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