Puma Exploration and El Nino Ventures Terminate the Murray Brook Purchase Agreement - Seite 2

WARRANTS REPRICING
Puma, subject to acceptance by the TSX Venture Exchange, wishes to modify the exercice price of the warrants previously issued in connection with its non-brokered private placements of units that were closed in December 2018, September 2019, and December 2019. A total of 6,346,950 warrants will be repriced to $0.20. The expiry date remains the same. Holders of these warrants will be receiving their new warrant certificates shortly with the following amendments:

Under the terms of the December 2018 financing, 638,000 warrants were issued at $1.00 with an expiry date of December 31, 2020. The Company will now proceed to reprice these warrants to $0.20.

Under the terms of the September 2019 financing, 4,366,450 warrants were issued at $0.50 with an expiry date of September 27, 2023. The Company will now proceed to reprice these warrants to $0.20.

Under the terms of the December 2019 financing, 1,342,500 warrants were issued at $0.35 expiring in December 2021. The Company will now proceed to reprice these warrants to $0.20.

GRANT OF OPTIONS
Puma, pursuant to its Stock Option Plan and subject to regulatory acceptance, has granted an aggregate total of 1,000,000 incentive stock options to certain directors, officers and consultants of the Company, vesting immediately. These options will be exercisable at a price of $0.15 per common share and will expire on August 4, 2025.

TRIPLE FAULT GOLD AREA

Puma is currently focusing its field work on its flagship TRIPLE FAULT GOLD PROJECT in New Brunswick. The initial phase of the program incorporates large detailed prospecting, mapping, trenching, and stripping focused over the entire Williams Brook Gold property of the Triple Fault Gold Project. The Williams Brook Gold property includes selected drill results of 11.2 g/t over 2.8m, 1.0 g/t over 23 m, gold occurrences grading up to 50.8 g/t Au in bedrock, numerous gold soil anomalies and extremely anomalous till samples with up to 508 gold grains that occur over an area approximately 12 by 3 kilometres.

The Triple Fault Gold Project includes four (4) properties named Williams Brook Gold, Jonpol Gold, Rocky Brook, and Portage Lake and controls more than 25,000ha of favorable gold exploration. There are many gold occurrences up to 50.8 g/t Au, 40 g/t Au, 28 g/t Au, 17 g/t Au with previous holes intersected 11.2 g/t over 2.8m, 8.02 g/t Au over 1.0m, 1.0 g/t over 23.0m, 3.46 g/t Au over 2.0m. There has been very limited drilling and exploration in the area with excellent access by the paved Route 180 close to the mining camp infrastructure. The Dunnage Zone hosts major gold deposits and gold occurrences in siluro-devonian host rocks with the emergence of many companies in Eastern Canada for gold exploration and development.