Russian Government Approves Acquistion by Puget Ventures Inc.

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Feb. 24, 2011) - PUGET VENTURES INC. (TSX VENTURE: PVS) is pleased to announce that on December 28, 2010 the Russian Government Commission on Monitoring Foreign Investment ("FAS"), chaired by the Russian Prime Minister approved the acquisition of Pafra Enterprises Company Limited ("Pafra") by Puget Ventures Inc. as an arm's length reverse takeover ("Transaction") of Puget Ventures by IMHL (the parent company of Pafra). Further details on the Transaction were previously provided by Puget Ventures in its press releases of September 20, 2010 and December 6, 2010.

Official minutes and the FAS's resolution have since been completed and the finalized document was received from FAS on February 11, 2011.

This approval serves as a significant milestone by Puget Ventures in satisfying an important provision as set out in the terms of the Transaction, which remains subject to Exchange and shareholder approval.

"Receipt of Russian government approval for the proposed transaction is a key milestone toward completion of the Company's strategic plan to become a global force in the exploration for and development of cobalt and other assets and moves us one step closer to the completion of the Transaction of promising assets in the Russian Federation and Mongolia," said Erin Chutter, President of Puget Ventures. "Global Cobalt will emerge on the markets at a time when the necessity and demand for critical metals, including cobalt, is expected to grow significantly."


About Puget Ventures Inc. (www.pugetventures.com)

Puget Ventures Inc. is a Vancouver, Canada-based mineral-resource exploration company focused on the acquisition, exploration and development of strategic base metals properties, with a focus on cobalt. Puget Ventures' package of properties encompasses historic deposits and past Cobalt and Nickel-Copper-PGE producers, including the historically proven Werner Lake Mineral Belt located in North-western Ontario, Canada. On December 6, 2010, Puget announced a definitive agreement to acquire the Karakul and other mineral projects in Russia and Mongolia.



Cautionary Statement on Forward-Looking Information:

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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.



Contact Information

Puget Ventures Inc.
Ms. Erin Chutter
1-604-688-4219
604-688-4215 (FAX)
info@pugetventures.com
www.pugetventures.com