Puma Exploration Inc.

Puma Exploration Inc.

March 02, 2012 09:45 ET

Puma Recalculates Drill Results for New Open Pit Model at Little Stull Lake Gold Project, Manitoba

RIMOUSKI, QUEBEC--(Marketwire - March 2, 2012) - Puma Exploration (TSX VENTURE:PUM) has reviewed its drill hole database for its Little Stull Lake Gold Project to evaluate the potential of a surface openpitable gold resource similar to the new model defined at Monument Bay Gold Deposit held by Mega Precious Metals (MGP-TSXV) in Northern Manitoba. Puma re-worked the existing information taking into account the potential for open pit and underground operations at today's gold price to direct next exploration works at Little Stull Lake that will include an internal resources study.

The new drilling compilation highlights a continuous surface gold mineralization within an altered basalt with thickness varying from 20-70 meters and grade of 1-2 gpt gold followed over a strike length of 2 kilometers. The gold mineralization was encountered in most of the holes drilled on the property from 1985-91 by the previous operator, Westmin Resources and showed a depth extent of 350 meters, so far.

Table 1. Selected drill results from previous exploration program

Hole From (m) To (m) Length (m) Au (g/t) Au (cap 60g/t)
LS-1 18.10 48.60 30.50 1.04 1.04
including 36.50 42.00 5.50 4.23 4.23
LS-3 31.10 101.00 69.90 1.15 1.15
including. 53.80 58.10 4.30 6.94 6.94
LS-19 147.10 179.00 31.90 1.21 1.21
including. 154.00 170.00 16.00 2.81 2.81
LS-46 24.00 95.00 71.00 1.19 1.07
including. 72.00 84.00 12.00 6.07 5.34
LS-47 47.00 114.40 67.40 2.11 1.15
including. 92.00 103.00 11.00 12.10 6.20
LS-51 48.60 107.60 59.00 1.09 1.09
including. 99.00 106.30 7.30 6.01 6.01
LS-70 3.00 50.00 47.00 7.43 1.69
including. 4.00 23.00 19.00 18.10 3.89
LS-71 5.00 38.00 33.00 1.01 1.01
including. 23.00 28.00 5.00 4.07 4.07
LS-79 53.20 102.00 48.80 0.92 0.92
including. 68.00 96.00 28.00 1.45 1.45
LS-82 44.00 89.20 45.20 4.48 1.56
including. 64.30 69.30 5.00 38.91 12.53
LS-86 22.00 66.00 44.00 1.99 1.62
including. 44.00 55.00 11.00 7.40 5.92
LS-92 105.00 156.50 51.50 1.04 1.04
including. 112.00 129.00 17.00 2.79 2.79
LS-94 96.00 131.40 35.40 1.23 1.23
including. 121.60 125.70 4.10 8.19 8.19
LS-156 122.00 153.90 31.90 1.87 1.87
including. 128.00 134.00 6.00 9.19 9.19
LS-174 285.00 315.00 30.00 1.10 1.10
including. 312.00 315.00 3.00 6.09 6.09
LS-175 244,00 302,30 58,30 1,23 1,23
including. 256,00 265,00 9,00 5,76 5,76

Previous work performed on the contiguous 20-claim property, covering an area of approximately 30 square kms, has outlined gold mineralization in quartz-calcite veins that are hosted in an altered basalt that forms part of an Archean-age Superior Province greenstone belt. The basalt unit has a strike length of at least 5 kilometers and coincides with a regional major fault that has been mapped over a strike length of over 60 kilometers.

In late-1991, 202 holes were drilled by Westmin Resources, totalling 30,500 metres and defined a continuous gold-bearing zone over a 2 kilometer strike length. Following their last drill program, Westmin estimated a historical resource of 750,000 tonnes @ 10.3 g/t gold, high grades being cut to 34.3 g/t. Theses evaluation figures are estimates of the property potential and not resource measurements in compliance with 43-101 standards. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources.

Several high grade gold intercepts were identified by the drill programs. 36 drill holes, comprising 18% of the holes drilled, cut intersections containing at least 5 g/t gold over core lengths of at least 3 metres. All drill holes were drilled at an inclination of 45°. The high grade gold mineralization would be potential for underground operation, adding to the surface openpitable gold resources.

Puma drilled 10 holes for 1,500 meters in 2007 as twin and in-fill drilling in the 11 West Zone. All the holes intersected the mineralized basalt, which contains an average of three intersections of one metre in length with gold values ranging from 1 to 46 g/t Au. In addition, the holes intersected horizons containing 46.0 g/t Au, 15.6 g/t Au, 8.4 g/t Au, and 7.2 g/t Au.

With the positive preliminary results of the new compilation in line with the new model developed at the Monument Bay Gold deposit, Puma is currently working on an exhaustive drillhole compilation and modelisation to show the huge potential of Little Stull Lake Gold Property.

About Little Stull Lake

The Little Stull Lake property is located only 15 kilometers north of the Monument Bay deposit which contains 2.78 million ounces of gold. (news release 22/02/2012) and occurs in a similar geological environment. Puma holds 71.6% working interest in the property and a 100% interest, in the Edmond property (MEL pending) located to the west of Little Stull Lake. With this strategic acquisition Puma controls over 25 kilometers of strike length along the greenstone belt hosting the Gold Mineralization.

About Puma Exploration

Puma Exploration is a Canadian mineral exploration company with advanced projects in precious and base metals in Canada. The Company's major projects are the Nicholas-Denys Silver Project and Turgeon Copper Project in New Brunswick and the Little Stull Lake Gold Project in Manitoba. Puma is actually focusing its exploration efforts in New Brunswick, Canada, which has been ranked the best place in the world to conduct mining exploration by the 2012 Fraser Institute Survey. New players such as Trevali Mining Corporation who had commenced initial production at Halfmile Mine and Votorantim which is developing the Murray Brook Deposit are now very active in the area.

Learn more by clicking here: www.pumaexploration.com

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The contents of this press release were prepared by Dominique Gagné, a Qualified Person as defined in NI 43-101. The samples were analyzed at the ALS Chemex laboratory in Val d'Or using the atomic absorption and ICP methods. There is not enough drilling data presently available to determine the shape and true width of the mineralized zone.

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.

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.

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