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

Canada's Next Primary Cobalt Producer

Werner West Cobalt Mine

Werner West is Puget's flagship asset and provides the nearest term primary cobalt production in Canada.

First mined in 1929, 1932 and most recently in 1940-1944, Werner West is a high-grade cobalt deposit well along the production curve.

Historic mining production numbers included 2% and 5% cobalt and grades up to 20% cobalt.

Puget has significant geographical knowledge of the deposit and the other deposits on the property due to the extensive drilling and mine development programs already completed in 1996-2002.

More than $12 million was spent on the previous development, including a decline shaft and drifts, environmental, geophysics, metallurgy, feasibility work, and mine engineering.

 The Company completed 7,616 metres 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 ores-hoots of the West Cobalt and Old Mine Site blocks, essentially as part of the due diligence for the NI 43-1010 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 5,777 metres in 17 holes, aimed at probing the ore-shoots at depth, and at testing whether the deposits were indeed constrained by an apparent shallowly plunging shoot direction.  The drill program achieved all of these goals and on the basis of the results of the two programs a summer field program of surface exploration and prospecting to extend the know strike was initiated. 

Puget's strategy in bringing the Werner West Cobalt mine into production as one of North America's only Primary Cobalt Producer will supply the ever growing demand as the importance of Cobalt becomes evident in the new energy sector including Hybrid Electric Vehicles and solar and wind powered technologies.