Puma Exploration provides update and clarifies disclosure on the Murray Brook Property Acquisition
PRESS RELEASE For immedi ate dissemination
Puma Exploration provides update and clarifies disclosure on the Murray Brook Property Acquisition
Rimouski, January 23 th , 2017 – In its ongoing plan of action to acquire the Murray Brook Property, Puma
Exploration Inc. (PUM: TSX-V) (the “Company “ or “PUMA”) is pleased to update investors concerning
the acquisition of the Murray Brook Property and wi shes to clarify the value of the deposit as reporte d on
December 28 th , 2016 in the “L’Avantage” Rimouski newspaper.
Progress on the Murray Brook Property Transaction
As previously reported in Puma’s news release on De cember 21 st , 2016 a revised NI 43-101 compliant
underground resource estimate totaling 5.28 million tonnes averaging 5.24% Zn, 1.80% Pb, 0.46% Cu, 68.9 g/t
Ag and 0.65 g/t Au was completed and submitted to t he TSX Venture Exchange (the “Exchange”) for review
by the Exchange at the beginning of January. Final approval by the Exchange is pending and is expected to be
completed shortly.
As part of the financial plan also required by the Exchange, 95% of the shareholders of the mining exploration
company Murray Brook Minerals Inc. (“MBM”) have to date accepted the acquisition of MBM by PUMA.
The acquisition is subject to the standard regulatory conditions but if completed as planned, MBM will become
a wholly subsidiary of PUMA bringing a $1 million c ash secured investment to the Murray Brook Property
transaction
Additionally, Votorantim Metals Canada Inc., El Nin o Ventures Inc. and PUMA have agreed to extend the
closing date for the acquisition of the Murray Broo k Property to on or before February 28 th , 2017 (see news
release dated October 13 th , 2016). This extension will allow PUMA to confirm the regulatory approval for the
transactions.
To demonstrate that PUMA is both determined and con fident that the deal will close, the Company is
providing to Votorantim Metals Canada Inc. a deposi t in the amount of CAD $100,000 to be credited agai nst
the Closing Cash Consideration for the acquisition of the Murray Brook Property. In the event that the
transactions contemplated in the Asset Purchase Agreement does not close on or before February 28 th , 2017 the
deposit will be retained by the vendor.
Additionally, please note that in the news release dated December 30 th , 2016 in connection with the private
placement, the Company has issued 100,000 finders' warrants instead of 80,000 as stipulated in the new s
release.
Clarification on the value of the Murray Brook Deposit
As stipulated in the news release dated December 21 st , 2016, PUMA completed a Mineral Resource Estimate
on the Murray Brook Deposit (“MBD”). The undergroun d Sulphide Mineral Resource Estimate is comprised
of Measured and Indicated Mineral Resources totalin g 5.28 million tonnes averaging 5.24% Zn , 1.80% Pb,
0.46% Cu, 68.9 g /t Ag and 0.65 g /t Au. The MBD co ntains 610 Mlbs of Zinc , 209 Mlbs of Lead, 54 Mlbs of
copper, 11.7 Moz of silver and 111 Koz of gold at a C$85 per tonne NSR cut-off in the Sulphide Measured and
Indicated categories.
To be noted that the Mineral Resources which are no t mineral reserves do not have demonstrated economi c
viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or oth er relevant issues. In the “L’Avantage” Rimouski ne wspaper,
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the value of the deposit has been incorrectly repor ted as gross metal value (in situ) as per article 2 .3 (c) of the
rule NI 43-101. PUMA will produce a Preliminary Economic Assessment (“PEA”) during the first half of 2017
for mining of HIGH GRADE ZINC zones of the sulphide portion of the MBD contained in the current Mineral
Resource Estimate.
2016 Mineral Resource Estimate (news release December 21 st , 2016)
The Technical Report dated incorporates P&E’s NI 43-101 Mineral Resource Estimate for sulphide and oxi de
mineralization at a C$85/t Net Smelter Return (“NSR”) cut-off that is summarized in Table 1.
TABLE ERREUR ! IL N 'Y A PAS DE TEXTE REPONDANT A CE STYLE DANS CE DOCUMENT .
MURRAY BROOK UNDERGROUND MINERAL RESOURCE ESTIMATE AT C$85/ T NSR CUT -OFF (1-4)
Zone Category Tonnes
(‘000’s)
Cu
%
Cu
M lb
Pb
%
Pb
M lb
Zn
%
Zn
M lb
Au
g/t
Au
K oz
Ag
g/t
Ag
M oz
Oxide
Measured 434 1.13 10.8 1.44 13.8 4.51 43.2 0.31 4.3 60.5 0.8
Indicated 105 1.94 4.5 0.82 1.9 2.84 6.6 0.46 1.6 4 5.3 0.2
M+I 539 1.29 15.3 1.32 15.7 4.19 49.8 0.34 5.9 57.5 1.0
Inferred 4 3.94 0.3 0.19 0.0 0.62 0.0 0.46 0.1 26.6 0.0
Sulphide
Measured 3,681 0.36 29.0 1.87 151.9 5.57 451.7 0.56 65.8 70.5 8.3
Indicated 1,603 0.70 24.8 1.63 57.4 4.48 158.4 0.88 45.1 65.3 3.4
M+I 5,284 0.46 53.8 1.80 209.3 5.24 610.1 0.65 110.9 68.9 11.7
Inferred 125 2.16 5.9 0.92 2.5 2.58 7.1 0.54 2.2 47 .3 0.2
(1) Mineral Resources which are not mineral reserve s do not have demonstrated economic viability. The estimate
of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
(2) The quantity and grade of reported Inferred Res ources in this estimation are uncertain in nature a nd there has
been insufficient exploration to define these Infer red Resources as an Indicated or Measured Mineral R esource
and it is uncertain if further exploration will res ult in upgrading them to an Indicated or Measured M ineral
Resource category.
(3)The Mineral Resources in this report were estima ted using the Canadian Institute of Mining, Metallu rgy and
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the
CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(4) “M” means millions; “K” means thousands.
PUMA’s projections for 2017 in view of the purchase of the MBD are as follows:
1) Produce a new PEA during the first half of 2017 for mining of HIGH GRADE ZINC zones of the
sulphide portion of the MBD contained in the current Mineral Resource Estimate.
2) Proceed with additional advanced recovery (metallur gical) tests on the MBD’s mineralization,
focusing on GOLD and SILVER recovery with the objective of establishing the economic value of the
MBD.
3) Proceed with a drilling exploration program to deli neate the size of the deposit and potentially find
more deposits along strike in the direction of the Caribou Mine.
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About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals
projects in Canada. The Company's major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys
Project in New Brunswick and an equity interest in Black Widow Resources related to the Little Stull L ake
Gold Project in Manitoba. Puma’s objective for the coming year is to focus its exploration efforts in New
Brunswick. Canada.
You can visit us on Facebook and Twitter.
Learn more by consulting www.pumaexploration.com for further information on Puma Exploration Inc.
Marcel Robillard, President
(418) 724-0901 Toll free: (800) 321-8564
The contents of this press release were prepared by Marcel Robillard, P.Geo., a Qualified Person as de fined in
NI 43-101. Neither TSX Venture Exchange nor its Reg ulation 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.
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Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-
looking statements involve a number of known and un known risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Puma Exploration Inc. to be materially different from
actual future results and achievements expressed or implied by such forward-looking statements. Reader s are
cautioned not to place undue reliance on these forw ard-looking statements which speak only as of the d ate the
statements were made, except as required by law. Pu ma Exploration undertakes no obligation to publicly
update or revise any forward-looking statements. Th ese risks and uncertainties are described in the qu arterly
and annual reports and in the documents submitted to the securities administration.