Puget Ventures Inc. Discovers High Grade Extension of Werner Lake Cobalt Deposit; 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 NUMBER
Final depth
INTERCEPT
Au
Co
Cu
Ni
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
0.120
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
0.120
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


368.6
370.0
1.4
0.16
0.039
0.422
0.01


381.8
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 unstable
WL10-031B
542
468.2
469.2
1.0
0.03
0.069
0.156
0.02


472.2
475.2
3.0
0.10
0.017
0.274
0.00
WL10-032
358
289.1
290.1
1.0
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
0.161
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.