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

PUGET VENTURES INC. ANNOUNCES DISCOVERY OF HIGH GRADE EASTERN EXTENSION OF WERNER LAKE COBALT DEPOSIT AND ADDITIONAL HIGH GRADE COBALT DRILLING RESULTS FROM WERNER LAKE MINE

June 7, 2010

PHASE II DRILL RESULTS SHOW ADDITIONAL HIGH GRADE ZONES IN HISTORIC WERNER LAKE MINE


-NI 43-101 Resource Calculation Underway by PEG Engineering Group

-Summer Program Scheduled to Continue work to Expand Eastern Extension

VANCOUVER, BC (June 7, 2010)...PUGET VENTURES INC (TSXV: PVS) announced today that the drill results from its 100% owned Werner Lake Cobalt Deposit continue to demonstrate the high grade nature of the primary cobalt deposit as Puget moves closer to a renewed production decision on this key North American cobalt project.

Puget also released grab samples from the newly discovered eastern extension of Werner Lake, located 800 metres to the east of the current deposit area and directly on strike to Puget's Eastern Shallows Cobalt Deposit, clearly demonstrating the high potential for additional tonnage for the Werner Lake Project.

"We are very pleased to discover the eastern extension to the deposit, suggesting the likelihood of a much larger deposit area for Werner Lake, " said Erin Chutter, President of Puget Ventures Inc. "This drill season exceeded our expectations as we continue to move our primary cobalt project of Werner Lake to a production decision."

"The next step for the deposit is the NI 43-101 Resource Report which will also include integration of historic drilling and resource numbers and work from this spring's program," said Michael Dehn, CEO of Puget Ventures Inc. "We are very excited to begin to better understand the potential of further cobalt deposits moving across the property towards our Eastern Shallows cobalt deposit four kilometres to the east from Werner Lake."

The company completed 7,616m of drilling in 34 holes over the winter and spring of 2009-2010. The initial winter program of 1839 metres in 17 relatively shallow holes was designed to test the bodies within and adjacent to the known oreshoots of the West Cobalt and Old Mine Site blocks, essentially as part of the due diligence for the NI 43-101 Resource Estimate which was initiated by PEG Engineering Group. After successful completion of the initial phase, the program was expanded to a spring phase of 5777m in 17 holes, aimed at probing the oreshoots at depth, and at testing whether the deposits were indeed constrained by an apparent shallowly plunging shoot direction. The drill program achieved all these goals. On the basis of the results of these two programs, a summer field program of surface exploration is being planned.

Tabulated below are the more significant values returned from all but one hole (WL10-019 for which not all results have been received) in the program:
 

HOLE	Final		INTERCEPT		Au	Co	Cu	Ni
NUMBER	Depth	from	to	interval	g/t	%	%	%
WL09-001**	89	67.0	70.3	3.3	0.06	0.028	0.507	0.02
	includes	68.9	69.7	0.8	0.11	0.018	0.431	0.02
	and	69.7	70.3	0.6	0.17	0.044	2.015	0.04
		83.8	84.8	1.0	0.02	0.008	0.285	0.21
WL09-002***	102	54.0	55.5	1.5	0.02	0.060	0.200	0.02
		73.5	77.5	4.0	0.15	0.070	0.280	0.02
	includes	75.0	76.4	1.4	0.20	0.12	0.560	0.02
WL10-003***	97	65.7	66.5	0.8	0.09	0.050	0.460	0.01
WL10-004***	74	25.4	37.7	12.3	0.30	1.210	0.220	0.02
	includes	28.8	30.2	1.4	0.38	1.550	0.160	0.04
	and	30.2	31.1	0.9	0.52	12.480	0.190	0.15
	and	31.1	32.0	0.9	0.73	0.710	0.050	0.03
		41.4	45.5	4.1	0.12	0.030	0.590	0.02
	includes	41.4	42.9	1.5	0.15	0.030	0.450	0.02
	and	44.3	45.5	1.2	0.13	0.030	1.190	0.03
		47.6	49.2	1.6	0.09	0.020	0.160	0.02
	includes	47.6	48.7	1.1	0.12	0.030	0.220	0.02
WL10-005***	99	62.3	65.4	3.1	0.29	0.140	0.380	0.01
	includes	63.6	65.4	1.8	0.45	0.180	0.610	0.02
		68.0	71.8	3.8	0.32	-	0.710	0.01
	includes	68.0	69.3	1.3	0.47	0.040	0.340	0.02
	and	70.3	71.8	1.5	0.38	0.010	1.800	0.01
WL10-006	137	88.5	93.6	5.1	0.16	0.032	1.098	0.00
	includes	88.5	89.5	1.0	0.21	0.003	0.215	0.00
	and	92.4	93.6	1.2	0.42	0.124	4.346	0.01
		99.6	101.0	1.4	0.15	0.090	0.081	0.00
WL10-007	135	54.8	55.2	0.4	0.07	0.012	0.323	0.00
WL10-008***	76	1.0	2.9	1.9	0.20	0.040	0.200	0.01
WL10-009***	148	114.6	117.0	2.4	0.18	0.102	0.266	0.02
	includes	116.1	117.0	0.9	0.39	.0120	0.470	0.02
WL10-010***	164	131.8	136.1	4.3	0.11	0.100	0.370	0.02
	includes	131.8	132.6	0.8	0.14	0.140	0.050	0.01
	and	133.5	135.1	1.6	0.14	0.080	0.650	0.02
	and	135.1	136.1	1.0	0.06	0.120	0.440	0.03
WL10-011***	95	67.4	68.4	1.0	1.31	0.010	0.020	0.01
		72.2	73.1	0.9	0.17	0.011	0.382	0.02
WL10-012	69	38.4	39.6	1.2	0.04	0.053	0.159	0.02
WL10-013	92	76.8	79.1	2.3	0.14	0.060	0.190	0.02
	includes	78.2	79.1	0.9	0.09	0.122	0.241	0.04
WL10-014	69	59.0	63.5	4.5	0.06	0.231	0.099	0.03
	includes	59.0	60.6	1.6	0.10	0.377	0.135	0.04
	and	62.0	63.5	1.5	0.04	0.232	0.080	0.02
WL10-015	131	no	significant	values
WL10-016	140	no	significant	values
WL10-017	122	no	significant	values
WL10-018	323	266.3	267.2	0.9	0.04	0.020	0.234	0.01
WL10-019	256	assays	still	outstanding
WL10-020	244	210.4	211.2	0.8	0.06	0.018	0.164	0.01
		230.2	231.5	1.3	0.02	0.011	0.431	0.42
WL10-021	374	no	significant	values
WL10-022	281	220.0	224.9	4.9	0.18	0.025	0.243	0.01
	includes	220.0	221.0	1.0	0.13	0.021	0.623	0.01
WL10-023	263	185.9	190.6	4.7	0.23	0.289	0.096	0.02
	includes	185.9	186.6	0.7	0.76	0.826	0.244	0.06
	and	186.6	187.6	1.0	0.11	0.383	0.087	0.02
	and	189.0	189.6	0.6	0.20	0.349	0.062	0.02
		203.3	204.4	1.1	0.09	0.121	0.139	0.03
WL10-024	296	240.0	241.1	1.1	0.06	0.288	0.156	0.02
		248.5	249.3	0.8	0.08	0.057	0.150	0.01
		252.5	253.5	1.0	0.04	0.007	0.106	0.01
WL10-025	465	no	significant	values
WL10-026	400	no	significant	values
WL10-027	439	no	significant	values
WL10-028	276	233.1	235.8	2.7	0.06	0.279	0.085	0.02
	includes	233.1	233.8	0.7	0.07	0.853	0.049	0.04
WL10-029	499	33.2	35.2	2.0	0.09	0.020	0.082	0.01
		363.0	364.0	1.0	0.07	0.005	0.201	0.01
		.38.6	370.0	1.4	0.16	0.039	0.422	0.01
		.81.8	382.5	0.7	0.02	0.028	0.157	0.02
WL10-030	366	223.3	224.3	1.0	0.04	0.007	0.142	0.04
WL10-031	37	hole	abandoned	-	rig	outstanding
WL10-031B	542	468.2	469.2	1.0	0.03	0.069	0.156	0.02
		472.2	175.2	3.0	0.10	0.017	0.274	0.00
WL10-032	358	289.1	290.1	1.3	0.08	0.126	0.147	0.02
		312.3	315.1	2.8	0.09	0.196	0.145	0.01
	includes	312.3	313.3	1.0	0.08	0.247	0.126	0.01
	and	313.3	314.3	1.0	0.10	0.268	0.160	0.01
		320.5	321.5	1.0	0.06	0.008	0.119	0.01
WL10-033	358	246.2	248.2	2.0	0.05	0.006	0.160	0.01
		276.0	277.0	1.0	0.02	0.010	0.108	0.02
	hole	curtailed	above	zone

* the intercept thickness is not true thickness, which would be approximately 70% of the quoted figure
** Previously reported on January 27, 2010
*** Previously reported on April 19, 2010
nd indicates that one or more of the values within the sample interval was below detection limits.
Detection limits are as follows: Au 5ppb, Pt 15ppb, Pd 10ppb
There are no significant values in the Platinum group Elements

Prudence dictated that WL10-033 be curtailed before reaching the programmed intersection point when spring break-up occurred rather earlier than expected. The casing remains in the hole to allow reentry.

Holes WL09-002 through WL10-013 all probed the original historically drilled area beneath the Western Cobalt zone; and demonstrate that, although values and thicknesses fluctuate, the values and thicknesses of the original intersections are reflected in the current drilling program. Hole WL10-014 targeted the heart of the Old Mine Area.

Holes WL10-015, WL10-016, WL10-017 were drilled to investigate the gap between the Old Mine site and Werner Lake West Cobalt deposit. They show that the zone is indeed absent in this area. Holes WL10-023, WL10-024, WL10-028, WL10-032 are also all probes below the presumed lower limit of the West Cobalt ore shoot. All showed good cobalt values of over 0.2% and there are some good thicknesses indicated. They demonstrate that the shallow easterly pitch is a fallacy. This has very positive implications as far as increasing resources by further probing is concerned.

Holes WL10-029, WL10-031B probed below the known limits of the Old Mine #3 lens oreshoot, but appear to have been sited too far to the west, and therefore missed this short, high-grade strike.

A summer program of surface exploration and prospecting to extend the known strike of the cobalt bearing zones is being planned. Preliminary field work to the east of the Old Mine zone has demonstrated that the zone does indeed extend in this direction, with some gratifying values returned from surface grab sampling 800m east of the old mine site:

Au	Co	Cu	Ni
g/t	%	%	%
0.60	0.31	3.43	0.026
0.62	0.19	3.10	0.014
0.24	0.09	0.79	0.008
0.40	0.06	0.22	0.003

All cores were saw split before sampling. Cores are stored at the Company facility on site. All analyses were done by Accurassay at Thunderbay. Assays for gold and platinum group elements were by single assay ton fire assay with an AA finish. Base metal analyses were by ICP-MS following acid digestion. The QP for this drilling, logging and sampling is Toby Hughes, P.Geol., P.Geo., P.Geo. The QP for this release is Dr. Adrian G. Mann, P.Geol.

About Puget Ventures Inc. (www.pugetventures.com)
Puget Ventures Inc. is listed on the TSX Venture Exchange. Puget controls 100% of its lands in the Werner Lake Mineral Belt in Northwestern Ontario which includes the advanced stage Werner West Cobalt deposit.

For Further Information:
Ms. Erin Chutter
Or Mr. Michael Dehn
Suite 501 - 525 Seymour Street, Vancouver BC V6B 3H7 Tel: 604-688-4219
www.pugetventures.com Email: info@pugetventures.com or mdehn@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.

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.