Rimouski, January 8^th, 2020 – Puma Exploration Inc. (the “Company” or “Puma”) is pleased to announce that during the initial exploration work conducted on the Chester property in November and December 2019, Puma sampled 1.87% Cu, 1.36% Cu and 1.03% Cu in trench T19-04 located in the East Zone. Furthermore, Puma is pleased to report values of up to 1.06 g/t Au in the gossan zone overlying the East Zone recently trenched by the technical team. Very limited gold analysis has been performed in the past and will be systematically evaluated in the upcoming exploration programs.

The trenching program also identified a large hydrothermal system characterised by geochemical anomalies (Se/S, As, Cu+Pb+Zn, Mg+Fe, Ba and Si) located NE of the East Zone. The Se/S ratio can be used as an indicator of a probable magnetic component for high temperature sulfurs (hydrothermal alteration). Adding to the alteration signature, the area coincides with a major gravity anomaly and a low magnetic boundary. Only one hole was drilled by Noranda and was then deepened by Teck in 1994 (CN-12) in the area. The hole CN-12 intersected the favorable horizon consisting of strongly altered and variably mineralized felsic volcanic grading 0.19% Pb+Zn over 118 meters without any further follow-up program.

The East Zone and Central Zone represent the most prospective areas of the property to find significant new deposits as the previous operators and the recent work concentrated their efforts on the West Zone (feeder zone). No mineral resource estimates have been calculated under NI43-101 guidelines for the Central and the East Zones and most of the holes drilled were completed before the 1980’s.

The massive sulphide zones are exposed at the surface as a gossan mineralization. The previous operators at Chester Deposit reported historical resources totalling 16.8 Mt at 0.76 % Cu divided in three zones* :

■ East Zone*: 0.5 Mt of massive and disseminated sulphide grading 0.78%Cu, 0.36% Pb and 1.14% Zn.

■ Central Zone*: 1.1 Mt of massive sulphide grading 0.47%Cu, 0.90% Pb and 2.22% Zn.

■ West Zone*: 15.2 Mt of copper stringers grading 0.78%Cu.

*Puma is not treating the “historical resources estimate” as a “current resources estimate” or “mineral reserves”, as it has not taken steps to identify what work needs to be done to verify, upgrade or re-classify the “historical resources estimate” using a qualified person from Puma or independent third party.

Recently, Puma has continued to consolidate its position in the Bathurst Mining Camp to double in size the Chester area and is now composed of 303 claims covering a total of 6,654 hectares (see NR 2019-11-13). Puma now controls two (2) major areas : Murray Brook and Chester which represents the best two base metal assets undeveloped in the famous Bathurst Mining Camp in New Brunswick.

ABOUT CHESTER

The Chester property is known to contain Copper Deposits containing three (3) zones; the Central Zone, the East Zone, and the West Zone (Copper Stringer) all located near the surface. Only the West Zone was included in the NI 43-101 resources calculation dated 2008 and updated in 2014. The copper deposit has historical measured & indicated resources of 1,400,000 tonnes grading 1.38% Cu and 3.5 g/t Ag and inferred resources of 2,089,000 tonnes grading 1.26% Cu (assayed for Cu only) as reported in the NI 43-101 Technical Report entitled “Technical Report – Chester Copper Property New Brunswick Canada” (effective March 07, 2014) prepared by Robert C. Sim, P. Geo., for Explor Resources and filed on www.sedar.com. Puma is not treating the “historical resources estimate” as a “current resources estimate” or “mineral reserves”, as it has not taken steps to identify what work needs to be done to verify, upgrade or re-classify the “historical resources estimate” using a qualified person from Puma or independent third party.

Significant previous drill results at Chester property

QUALIFIED PERSONS

Dominique Gagné, PGeo, independant qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. 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. Gagné is independent of the Company.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages. While our priority remains to finalize the acquisition of the Murray Brook project in New Brunswick, great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders.

You can visit us on Facebook / Twitter / LinkedIn

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

Marcel Robillard, President

(418) 724-0901

[email protected]

-30-

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.