Rimouski, October 15th, 2019 – In line with its DEAR Strategy (Development, Exploration, Acquisition and Royalties/Ownership), Puma Exploration (PUM-TSXV) has signed a purchase agreement to acquire the Cu-Ni-Co Portage Lake Property (4,350 hectares) located in the Murray Brook area from local prospectors. The property covers a Devonian mafic intrusion (4km by 6km) and its associated skarn horizons of the Chaleur Group, containing both significant Copper-Nickel and Cobalt mineralization.

The Portage Lake Property 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 meters consisting of mainly skarn alteration containing 50 meters 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. To be noted that NO samples were assayed for Pt-Pd group elements yet. Very limited advanced work has been conducted on the property which offers huge potential for new discoveries.

Table 1: Grab Samples Collected from trenching in 2017

“The acquisition of the Portage Lake Cu-Ni-Co property consolidates our land holdings in the western part of the Murray Brook area with more than 10,000 hectares now under control. The Portage Lake Property offers a variety of different metals exposures such as Nickel-Cobalt that could potentially allow us to make new discoveries, adding to our diversified portfolios in precious and base metals. The mafic Portage intrusion could be the potential heat source of the proximal VMS deposits but also contains skarns and epithermal Gold deposits” said Marcel Robillard, CEO and President of Puma Exploration.

The Purchase Agreement covers the Portage Lake Project (Claim Blocks 8094, 8392, 8393) located in Northern New Brunswick. All the claims are in good standing until March and September 2020. There is no minimum work commitment on Puma’s part but to keep the claims in good standing. Puma will acquire a 100% interest in the Portage Lake claims by issuing 4,500,000 shares (pre-consolidation). The vendors keep a net smelter royalty (NSR) of 2%. Puma retains the right to purchase 1% NSR for $1,000,000.

UPDATE ON THE RESTRUCTURATION

Following the strong support received from its shareholders and as indicated in the press release of October 3, 2019, the Board of Directors has decided to implement the consolidation of the shares of Puma on the basis of one (1) new common share for each tranche of ten (10) common shares currently issued and outstanding.

Consequently, Puma obtained from Corporations Canada, a certificate of amendment dated October 10, 2019, consolidating its common shares on the basis of 1-for-10, reducing the number of issued and outstanding shares to 27,609,972. Puma is currently working to finalize the necessary documentation with the TSXV in order to set a date on which the shares of Puma will begin to trade on a post-consolidation basis. A press release will be issued as soon as new information becomes available.

DEAR STRATEGY

In connexion with the current reorganization of the Company, Puma has defined a four-part strategy for 2019-2020 and beyond: Development, Exploration, Acquisition and Royalties/Ownership (DEAR).

Each part of this strategy is aimed at generating value for shareholders and are defined as follows:

• Development of the Murray Brook Deposit, where the gossan and oxide zones will be investigated to determine the economics and upside potential of the precious metal contents and recovery within these zones. The goal is to convert the surface zone materials that were previously categorized as waste to potential mineable ore.
• Exploration of our advanced stage projects located at the Murray Brook Deposit and Chester Property, aimed at discovering new satellite and contiguous deposits with our drill-ready targets. The objective is to define the 10 best drilling targets at Murray Brook and Chester.
• Acquisition of prospective new properties using our expertise and knowledge acquired in the last 15 years of exploration in New Brunswick will offer a variety of different metals exposures and potentially allow us to make new discoveries within these potential new properties.
• Royalties and ownership gained through the sell-off of non-core assets to third parties represent a potential major financial upside without direct dilution. Currently, Puma holds 14,200,000 shares (48%) of Target Minerals Inc. (1% NSR on Nicholas-Denys) and 100% of Murray Brook Minerals Inc. (0.67% NSR on Murray Brook) and will hold 5,750,000 shares (8%) of BWR Exploration Inc. (1% NSR on Little Stull Lake).

ABOUT PUMA EXPLORATION

Puma is a Canadian mineral exploration company with advanced 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 strategy to generate value to its shareholders. Puma is currently holding one of the largest land packages in the prolific Bathurst Mining Camp in Northern New Brunswick, Canada.

QUALIFIED PERSONS AND QC/AC

Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., President of Puma Exploration, qualified person as defined by NI 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 is officer and shareholders thereof.

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Learn more by consulting www.pumaexploration.com for further information on Puma.

Marcel Robillard, President

(418) 724-0901

[email protected]

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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 unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.