Turgeon
New-Brunswick

Puma Exploration has signed in april 2008 an option agreement with Andrew Baldwin to acquire a 100% interest in the Turgeon zinc-copper deposit, located in northeastern New Brunswick. This project could be an additional source of zinc ore for Nicholas-Denys Project. The Turgeon deposit is located only 20 kilometres north of the Nicholas-Denys property and 5 km south of the deepwater port of Belledune. The property is accessible by road all year round and is intersected by a power line.

Historical mineral resources estimates

In 1983, Esso Minerals used the results from drilling carried out over a fifty-year period to estimate an historical resources of 1.5 to 2.0 million tonnes of 1.5% Cu and 4% Zn. The mineral resources estimates was carried out before the establishment of the NI43-101 standard. Since the start of work in 1958, about 100 holes have been drilled on the deposit, for a total of more than 25,000 metres.

Mineralization

The deposit consists of four lenses of rich zinc-copper mineralization, which outcrop on surface. By way of example, drill intersections with 12.4% Zn and 1.8% Cu over 8.7 metres, and 10.7% Zn and 0.7% Cu over 10.1 metres have been encountered in one of the zinc-rich lenses. Spectacular copper intersections are also found, e.g., holes E82-77 with 2.5% Cu over 34.1 metres, E82-54 with 2.7% Cu over 36.2 metres, and E82-46 with 7.9% Cu over 7.5 metres.

Preliminary check on grades

Preliminary sampling by Puma's geologists has confirmed the presence of rich zinc-copper mineralization in surface outcrops of the lenses.

The massive to semi-massive mineralization, consisting mainly of chalcopyrite, pyrite, and sphalerite, is located in basalts forming the uppermost portion of an Ordovician ophiolitic complex.

Terms of the agreement

In order to exercise its option, Puma Exploration must carry out work to a value of $700,000 over a three-year period. In the first year, Puma's commitment is limited to $100,000 of exploration work. No shares have been issued or any cash payments made to Mr. Baldwin.