Puget Ventures - A New Strategic Metals Player Emerges - TSX-V:PVS

PUGET VENTURES INC. CLOSES PRIVATE PLACEMENT WITH MINERALFIELDS AND OTHERS FOR FOLLOW UP FUNDS ON HIGH GRADE TROUT BAY DRILL RESULTS

December 31, 2008

December 31, 2008 (Vancouver, BC) Puget Ventures Inc. (TSXV:PVS) is pleased to announce it has closed a non-brokered private placement financing of 1.4 Million units at a price of $0.20 per unit, for total proceeds of up to C$280,000. Places included two private investors from Alberta and two limited partnerships associated with Mineralfields Group of Toronto, Ontario.

"We are very pleased to have had a positive response to our 2008 drilling season and are looking forward to moving back to Trout Bay, Red Lake in the winter season to follow up," said Erin Airton, President.

Each Unit consists of one flow-through common share of Puget plus one-half share purchase warrant. Each full share purchase warrant will be exercisable into one non-flow-through common share of the Company, at a price of C$0.30 per share in the first year and C$0.40 per share in the second year.

The shares issued under this private placement will be subject to a four month hold period under applicable Canadian securities legislation. The flow-through expenses will constitute Canadian Exploration Expenses (as defined in the Income Tax Act) and such expenses will be renounced for the 2008 taxation year. Compensation for the private placement will include 6% cash commission and 8% agent's warrants. Each such unit is comprised of one non-flow through common share, and one-half of a non-transferrable warrant. Each warrant has an expiry period of 24 months, and entitles the holder to purchase an additional common share at an exercise price of $0.30/share for the first 12 months and $0.40/share for the remaining 12 months.

About Puget Ventures Inc.

Puget Ventures Inc. is a TSX Venture Exchange listed mineral exploration company with currently exploring the Trout Bay property in Red Lake, Ontario. Trout Bay has historical Copper-Zinc resources, along with significant Ni-PGE mineralization on its 4000 hectare claim block. In addition, Puget has recently acquired the position in the Werner Lake Mineral Belt in Northwestern Ontario and expects to begin work shortly on previously identified Copper targets.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.



For Further Information:
Ms. Erin Airton, President, Puget Ventures Inc.
2000-1066 West Hastings Street, Vancouver, BC V6E 3X2 Tel: 604-808-6420
www.pugetventures.com Email: info@pugetventures.com

Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.