Mr. Marcel Robillard reports

PUMA EXPLORATION STAYS FOCUSED ON THE BATHURST MINING CAMP, NEW BRUNSWICK

Puma Exploration Inc. has released its future exploration and development strategy for 2019-20 and beyond. While the priority remains to secure and finalize the acquisition of the Murray Brook project, the emphasis will be directed to the exploration of the new targets identified around the existing deposits at Murray Brook and Chester but also within underexplored targets located on both favourable horizons within the properties.

At the Murray Brook deposit, the upside potential of the surface zones and the gossan zone will be evaluated in terms of economic studies and metallurgical recovery work. On the exploration side, the objective is to discover new satellite and contiguous deposits using new data collected during the 2017-19 extensive work program which culminated with the discovery of a new copper stringer zone with hole MB19-01: 1.35 per cent copper, 19 grams per tonne silver and 0.18 g/t gold over 26.4 metres (press release April 10, 2019).

To achieve the main objectives, Puma has proposed a restructuration (press release July 25, 2019) which would give Puma more optionality on the acquisition, exploration and development of the Murray Brook project. Puma continues discussion for potential partners for the Murray Brook project and is investigating scenarios to create value to shareholders through the sell-off of non-core assets to third parties. With the current optimism for gold projects, precious metals projects, such as Ann's Creek with drill results as shown in hole F07-15 with 3.8 g/t Au and 720 g/t Ag over 8.4 m, become more attractive to gold exploration companies.

"The current strategy represents an important opportunity to continue to explore and develop Puma's current advanced projects in the famous Bathurst mining camp (BMC) in New Brunswick," notes Marcel Robillard, president and chief executive officer of Puma Exploration. He adds, "Puma will be focused on the BMC where the company has invested over $20-million in exploration work since 2005, and collected a significant database of the BMC and used it to advance new geological and targeting models for new discoveries."

The main objective of the 2020 program is to make the next new significant discovery in the BMC by targeting 10 main zones of interest in each of the Murray Brook and of the Chester properties.

Murray Brook volcanogenic massive sulphide project

At Murray Brook, the priority is to secure and finalize the acquisition of the assets. Puma has announced the extension of the purchase agreement with the vendors until June 30, 2020, to proceed with the acquisition, which provides for more options and time to work toward a positive conclusion (press releases July 3, 2019, and July 9, 2019).

On the development side, the surface zones and the gossan zone will be investigated in terms of the economics and the metallurgical recovery work with the goal of converting the surface and the gossan zones' material that was categorized as waste to potential mineable ore. Samples collected from the holes drilled in the massive sulphide for the geotechnical study will be assayed and released. On the exploration side, new geological and targeting models for new discoveries are currently being defined from the company's work programs combined with the collaboration of Mira Geosciences, which provides some of the most advanced 3-D geological modelling available today. The goal is to define the best 10 drilling targets at Murray Brook.

Chester VMS project

Puma previously announced the signing of an option agreement to acquire 100 per cent of the Chester VMS deposit located within the BMC of New Brunswick (press release Feb. 12, 2019). The Chester property comprises 164 claims covering a total of 3,600 hectares strategically located approximately 25 kilometres southwest of three major VMS deposits: Halfmile Lake, Stratmat and Heath Steele, all held by Trevali Mining Corp.

The Chester property is known to contain a copper deposit. There are three zones included in the main deposit: the central zone, the east zone and the west zone (copper stringer) located at surface. Only the west zone has been included in the National Instrument 43-101 resources calculation conducted in 2008 and updated in 2014 to reflect changes in metal prices and mining scenarios. The copper deposit has historical measured and indicated resources of 1.4 million tonnes grading 1.38 per cent Cu and 3.5 g/t Ag and inferred resources of 2,089,000 tonnes grading 1.26 per cent Cu (assayed for copper only) as reported in the NI 43-101 technical report entitled "Technical Report - Chester Copper Property New Brunswick Canada" (effective March 7, 2014) prepared by Robert C. Sim, PGeo, for Explor Resources and filed on SEDAR. Puma is not treating the historical resources estimate as a current resources estimate or mineral reserves, as it has not taken steps to identify what work needs to be done to verify, upgrade or reclassify the historical resources estimate using a qualified person from Puma or by an independent third party.

Currently, the Puma team is on site for initial reconnaissance and overview of the Chester property.

Qualified persons and quality control/assurance control

Technical information provided in this news release was prepared and reviewed by Mr. Robillard, PGeo, president, and Dominique Gagne, PGeo, vice-president, exploration, of Puma Exploration, qualified persons as defined by NI 43-101. Mr. Robillard and Mr. Gagne are not independent of the company, as both are officers and shareholders thereof.

About the Murray Brook project

The Murray Brook project consists of three distinct contiguous areas that cover 8,800 hectares and more than 18 km of the favourable rocks that host the operating Caribou mine (Trevali Mining Corp.), on the east side, the Murray Brook deposit and the past-operating Restigouche mine (Trevali). From east to west, the Murray Brook project comprises the Murray Brook east property (4925), the Murray Brook mining lease (No. 252) and the Murray Brook west property (7846). The Murray Brook east and Murray Brook west properties have been subject to various degrees of exploration and share the same potential of increasing the mineral resources defined at the Murray Brook deposit, and several future priority targets have been defined on these properties.

About the Murray Brook deposit

The Murray Brook deposit (mining lease No. 252) covers an area of 484 hectares with a currently defined measured and indicated mineral resources of 5.28 million tonnes averaging 5.24 per cent zinc, 1.8 per cent lead, 0.46 per cent copper, 68.9 g/t silver and 0.65 g/t gold. The core of this mineral resource occurs in the west zone which is 200 m wide, extending from surface to 300 m vertical and the true thickness of the massive sulphide body varies from 75 m to 100 m. The east zone (copper-gold) is 100 m wide, also extending from surface to 300 vertical m and is mainly mineralized with gold and copper. On Feb. 20, 2017, an NI 43-101 report was accepted and filed on SEDAR.

About Puma Exploration Inc.

Puma is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The company's major assets consist of an option to acquire 100-per-cent beneficial interest in the Murray Brook property and the exploration of the Chester VMS deposit, all located in the BMC of New Brunswick, as well as an equity interest in BWR Resources, exploring in Manitoba. Puma's objective for the coming year is to focus the targeting and testing of new greenfield explorations and around existing deposits.

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