Little Stull Lake
Manitoba

In September 2005 Puma has obtained from Tanqueray Resources Lt. an option to acquire a 51% interest in the Little Stull Lake property. Puma is the operator of this extremely prospective northeast Manitoba gold property. Previous work performed has outlined gold mineralization in quartz-carbonate veins that are hosted in a basalt brecchia that forms part of a Archean-age Superior Province greenstone belt. The basalt unit has a strike length of at least 5 Kms and coincides with a regional fault that has been mapped over a strike length of over 60 Kms.

In late-1991, approximately 200 drill holes, totalling 30,500 metres, defined 5 gold-bearing zones over a 2 km strike length. Following the last drill program it was estimated that the deposit could contain a potential of 750,000 tonnes @ 10.3 g/t gold in the West Zone. Theses evaluation figures are estimates of the property potential and not resource measurements in compliance with 43-101 standards.
Several gold-bearing veins were identified by the drill programs. A total of 17 holes intersected mineralization containing more than one ounce per ton over a length of at least one metre of core. In addition, 36 drill holes, comprising 18% of the holes drilled, cut intersections containing at least 5 g/t gold over core lengths of at least 3 metres.

Puma Exploration intends to improve the status of the geological database to conform to NI 43-101 standards and to increase the tonnage and grades on the known mineralized zones to a point that may result in an economic mining operation. The 2007 exploration budget will be $1.0 million and will consist mainly to verify the continuity of the gold mineralization at depth. In 2008, drilling programs are expected too.