SOURCE: Punchline Entertainment Inc.

August 24, 2012 16:05 ET

Punchline Entertainment Initiates Discussions to Acquire Interests in Gold Exploration Projects

TORONTO--(Marketwire - Aug 24, 2012) - Punchline Entertainment Inc. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that the Company has initiated discussions to potentially acquire interests in one or more gold exploration and development projects. The projects currently being considered are located in both North America and internationally.

"The status of gold as the ultimate form of currency and a valuable tool in the fight against inflation has never been stronger. Our mission is to leverage this strength as we execute a strategy to grow through the acquisition, exploration, and development of high caliber gold projects," said Ramzan Savji, CEO and President of Punchline. "The projects that we are currently in discussions to acquire could provide the Company with a strong foundation for growth and deliver our stakeholders important exposure to the gold market."

The currently discussed projects and any potentially resulting transactions remain subject to, among other things, Punchline and the current project owners entering into formal agreements and completion of satisfactory due diligence by all parties. There can be no assurance that any transactions will be completed as proposed or at all. If and when a formal agreement is memorialized, additional details will be forthcoming.

About Punchline

Punchline Entertainment Inc. (soon to be Punchline Resources Ltd.) is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company is currently evaluating several projects for potential acquisition and/or participation.

Forward-Looking Statements

Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the company anticipating to acquire exploration properties. There can be no assurance that the Company will acquire any such property. The words "plan," "forecast," "anticipates," "estimate," "project," "intend," "expect," "should," "believe," and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Punchline Entertainment Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Punchline Entertainment Inc. disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law.

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