Rimouski, December 21, 2011 – Puma Exploration (PUM-TSXV) is pleased to announce the additional

discovery of two (2) mineralized lenses at Nicholas-Denys, New Brunswick with up to 28.4 g/t Au, 697

g/t Ag and 10% Pb in grab samples from the current trenching program. The geological information

available now shows the Silver-Gold-Lead-Zinc mineralization along the Rocky-Brook-Millstream fault

extends over a strike length of 750 meters from the Henry Lens.

The first lens is located 10 meters west of the third NW-SE high grade structure discovered earlier this

summer containing up to 2,090 g/t Ag and 23.3 g/t Au (see press release 30/11/2011) and 200 meters East

of the 500 meters long Henry East Lens (see press release 10/11/2011). The mineralization appears as a

massive sulphide zone about 1 meter wide and 15 meters in length, so far, and open at both sides along a

minor E-W fault zone.

The second lens is located 350 meters east of the Henry East Lens and is the closest known lens to the

Haché Lens along the same favourable corridor. It corresponds to the EM-5 geophysical anomaly which

is about 3.5 kilometers long and associated with the Haché and Shaft lenses. The mineralization appears

as massive sulphide fragments located in a 50 centimeters wide zone continuing over 200 meters and

uncovered by four (4) trenches. Grab samples from the trenches have been collected and select analytical

results are summarized in Tables 1 and 2.

T11-24 349383 18.20 312 4.9 1.0

T11-24 349386 5.66 98 1.5 0.7

T11-24 349389 7.91 125 2.3 2.7

T11-24 349390 14.10 320 4.2 0.5

T11-24 349391 9.58 213 2.8 0.1

T11-24 349392 23.30 769 6.0 0.2

T11-24 349394 4.55 822 0.6 0.1

T11-24 349396 1.79 232 0.7 0.1

T11-24 347501 6.45 133 2.0 0.2

T11-24 347502 28.40 697 10.0 1.0

PUM TSXV

T11-12 351173 7.44 149 1.8 0.1

T11-12 351175 5.70 377 2.8 0.1

T11-34 344796 2.56 159 2.4 0.2

T11-34 344797 1.68 93 1.5 0.2

T11-34 350501 1.10 142 2.1 0.1

T11-35 350507 7.98 218 5.4 3.0

T11-36 350527 2.77 8 0.1 0.0

T11-36 350532 1.92 23 0.3 0.1

Puma carried out an exploration program during the summer of 2011 which consisted mainly of

trenching. A total length of 5,000 metres of trenches between the Haché and Henry lenses were

completed. The area explored is only 1/6 of the total length of the favourable corridor, which extends over

more than 10 km. The discovery of the structures rich in silver and gold represents a key milestone

toward the discovery of new lenses displaying similar characteristics to the Shaft and Haché lenses. After

the discovery of many new lenses, on the second Main Fault Zone, confirming the Silver Discovery

Model at Nicholas-Denys, Puma has conducted two drilling program for a total of 12 holes, from wich

seven are located on the Dante Lens, and 5 reconnaissance holes located 6.3km away on the same E-W

main fault zone. Results are pending for the channel and drill samples.

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For further information on Puma Exploration, contact:

Marcel Robillard, President

Puma Exploration Investor Relations

(418) 724-0901 Toll free: (800) 321-8564

[email protected]