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The proceeds of the Offering will be held in escrow and will not be released to the Company until certain conditions have been met, including but not limited to the completion of the Pafra Acquisition.

"We are pleased to learn of the positive results in the insolvency proceedings," says Erin Chutter, President and CEO. "The ruling marks another important milestone in Puget's transformation in becoming Global Cobalt."

Advancing the Karakul project will be the Company's primary objective once the Pafra Acquisition and the Offering are both completed. In preparation of fast-tracking Karakul to feasibility, the Company has entered into a strategic funding partnership with CITIC-Anhua to arrange full financing for development of Karakul to feasibility and nominate and arrange for the financing for the EPC contract for development at Karakul. CHALIECO, a subsidiary of CHINALCO has been selected as EPC contractor to develop a Bankable Feasibility Study for the Karakul Cobalt Project.

These partnerships solidify the Company's objective of advancing the Karakul Property to the development stage and establishing itself as a leader in the strategic metals sector. Given the magnitude of these partnerships, with not only a premier mining finance group but also a world-class engineering corporation, the Company considers this a significant evolution in the Company's growth and re-emergence to the markets as Global Cobalt Corporation.

Pursuant to an agreement dated December 6, 2010, as amended (the "Pafra Purchase Agreement") among the Company, Imperial Mining Holdings Limited ("IMHL") and Pafra Enterprises Company Limited ("Pafra"), the Company will acquire from IMHL all of the issued and outstanding securities in the capital of Pafra. Pafra is a private Cyprus company, which beneficially owns certain mining interests located in the Republic of Altai, Russia including the Karakul Property, and in Mongolia.

The Common Shares are listed and posted for trading on the TSX Venture Exchange (the "TSXV") under the symbol "PVS." On September 20, 2010, the last trading day before the announcement of the Pafra Acquisition, the closing price of the Common Shares on the TSXV was $0.49. Trading of the Common Shares has been halted since that date. Closing of the Offering is conditional upon the Company applying for, and receiving, conditional approval from the TSXV with respect to the Pafra Acquisition, and the Toronto Stock Exchange (the "TSX") for the listing of the Common Shares for trading following the completion of the Pafra Acquisition.

A copy of the preliminary short form prospectus is available under the Company's profile at www.sedar.com. The Offering is subject to customary conditions and regulatory approval, including the approval of the TSX Venture Exchange. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any Subscription Receipt and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

About Puget Ventures Inc. / Global Cobalt Corporation

Upon completion of the Pafra Acquisition (as defined in the amended and restated preliminary short form prospectus), Puget Ventures Inc. will be renamed Global Cobalt Corporation, and will be a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. Global Cobalt will leverage the Karakul Project in the Altai and intends to explore other economically feasible projects held under right-of-first-refusal while aggressively expanding and exploring existing properties to supply the demand for cobalt and other strategic metals.