SOURCE: Punchline Entertainment Inc.

August 31, 2012 06:00 ET

Punchline Signs Letter of Intent to Acquire Interest in Advanced Stage Gold Exploration Project in Nevada

TORONTO--(Marketwire - Aug 31, 2012) - Punchline (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that the Company has signed a Letter of Intent to acquire an interest in an advanced gold exploration and development project in the State of Nevada, USA. The proposed acquisition project is located approximately three miles west of the town of Goldfield, Nevada.

"This project meets all of the criteria we are looking for in a potential acquisition, including an initial calculated gold resource estimate and well defined exploration targets," said Ramzan Savji, CEO and President of Punchline. "We believe that acquiring an interest in this advance exploration project would provide the Company and its stakeholders with a solid asset base and significant upside exploration potential. We anticipate the conclusion of due diligence and negotiations to take place within the next ten days."

Nevada is one of the largest producers of gold in the world. Nevada gold mines produce approximately 79% of all the gold mined in the United States and 5.6% of all gold produced in the world -- 5,338,559 ounces in 2010. 

The potential acquisition remains subject to, among other things, Punchline and the current interest holders completing satisfactory due diligence and entering into a definitive agreement. There can be no assurance that any transaction will be completed as proposed or at all. 

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 acquiring the Goldfield property. 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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