Mr. Marcel Robillard reports

FIELD RECONNAISSANCE AT PORTAGE LAKE (CU-NI-CO) LEAD TO THE DISCOVERY OF A MINERALIZED BRECCIA GRADING 1.03% CO AND 0.63 G/T AU

Puma Exploration Inc. has completed the acquisition of the Portage Lake (copper-nickel-cobalt) and Jonpol gold projects, as previously announced on Oct. 15 and 17, 2019.

At Portage Lake, additional field reconnaissance by the prospectors led to the discovery of a mineralized breccia within a skarn horizon located in proximity to the mafic intrusion (six kilometres by four km). Grab sample was collected at the site and graded 1.03 per cent cobalt and 0.63 gram per tonne gold; being the highest cobalt and gold results obtained so far on the property. Following the receipt of the assays, Puma is mobilizing an excavator to evaluate the significance of the new discovery. Other areas will also be trenched on the property at the same time. The adjoining Jonpol gold property will be trenched following Portage Lake to help define potential drill targets on both properties.

The Portage Lake project contains several showings with the most promising discovered in the last trenching program conducted on the property in 2017. The prospector excavated an area of 100 metres composed mainly of skarn alteration containing 50 m of massive sulphide showing significant iron, copper, nickel and cobalt. Grab samples grading 0.2 g/t Au and 0.6 g/t Au were collected just north of this recent trench. Very limited work has been conducted on the property, which offers huge potential for new discoveries.

The Jonpol gold project contains numerous gold occurrences associated with gabbroic intrusions located along a major subsidiary fault of the Rocky Brook Millstream fault. Grab samples collected in trenches reported grades of: 17.1 g/t Au, 14.8 g/t Au, 10.6 g/t Au, 6.8 g/t Au, 5.1 g/t Au and 3.4 g/t Au. Very limited diamond drilling has been done on the property, which is underlain by sedimentary rocks and mafic intrusives. Drill results reported were 1.13 g/t Au over 12 m, 1.37 g/t Au over six m, 1.37 g/t Au over 1.4 m, 3.89 g/t Au over one m and 2.78 g/t Au over 1.5 m.

In order to acquire 100-per-cent interest in these projects, Puma has issued 450,000 shares for Portage Lake and 400,000 shares for Jonpol to the prospectors. There is no minimum work commitment. These acquisitions were part of the DEAR strategy aimed at generating value to Puma's shareholders. Following the acquisition of the Portage Lake and Jonpol gold projects, the company has 28,459,972 shares outstanding.

Qualified persons

Technical information provided in this news release was prepared and reviewed by Marcel Robillard, PGeo, qualified person as defined by National Instrument 43-101. Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Robillard is not independent of the company, as he is president of Puma Exploration.

About Puma Exploration Inc.

Puma is a Canadian mineral exploration company with advanced and early-stage precious and base metals projects in Canada. While the priority remains to secure and finalize the acquisition of the Murray Brook project in New Brunswick, the emphasis will be directed to execute its DEAR (development, exploration, acquisition and royalties/ownership) strategy to generate value to its shareholders.

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