Base Metals Outlook: Slow and Steady Demand Growth

1. Vulture’s Nest: March 18, 2009

2. Forward Looking Statements The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this presentation which has been prepared by management. Statements contained in this presentation that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings available on SEDAR. 2

3. Demand Growth: Slow and Steady Many base metals analysts are now calling for a recovery on the demand side of base metals, especially with infrastructure spending of trillions of dollars. “As supply moves back into balance with demand in 2009, while China & the USA stimulate their economies with massive infrastructure funding, the prices for base metal commodities should recover.” Ron Coll, Jennings Capital 3

4. Base Metals: Usage 70% of world’s nickel used in stainless or other steel alloys. It is also used in armor plating and as a protective coating. Nickel is also used in ceramics, magnets, and batteries. By far the most important use of copper is in electrical wiring; it is an excellent conductor of electricity (second only to silver). Also used in alloys, like brass, plumbing and heating applications, and cooking utensils. Zinc is relatively non-reactive in air or water and more than 50% is used in galvanizing other metals. It is also used as an alloy and for making paint, chemicals, agricultural applications, in the rubber industry, in TV screens, fluorescent lights and for dry cell batteries. 4

5. Base Metals – By the Price Chart Zinc price down 77% since peak Copper price is down 69% since peak Nickel price down 84% since peak 5

6. London Metal Exchange Stockpiles Growing But still below 2002-2004 peak inventories Zinc inventories have increased 74%. Copper inventories have increased 176% since June 2008. Nickel inventories have increased 65%. 6

7. Disconnect between Stockpiles and Price 7

8. Outcome: Copper 8

9. Outcome: Zinc 9

10. Outcome: Nickel 10

11. LME Stockpiles in Context Last base metals cycle had many LME stockpiles 70-80% higher than current stockpiles. Copper stockpile is currently around 500,000 metric tons. In 2002, the stockpile was 1 million metric tons. Price to stockpile ratio is skewed compared to previous downturn, although it is early in down cycle and manufacturing sector hurting. Given supply/demand constraints, stockpiles should be monitored for change. Stockpiles are still historically low, but prices are so low that it is becoming difficult to mine at profit. Will stockpiles increase rapidly or will supply constraints act quickly? 11

12. “Supply Destruction” Major base metals miners are closing mines or radically scaling back production, especially the new $2.00 cost per pound heap leach mines. Freeport McMahan, Rio Tinto, BHP Biliton have all announced closures or scale back of operations. 8% of nickel production has already gone offline due to cost to produce. Large zinc mines, including Xstrata’s Bathurst operation, are scheduled to run out of reserves in 2010. Cost structures at others, like Oz Mineral’s Century Mine, are too high in the current market. 65% of zinc producers are operating at a loss. 119 new base metals mining projects with $193 billion of capital costs have been delayed or put on hold. 12

13. Other Impacts on Demand G20 Countries and BRIC governments have rolled out massive spending programs, including: EU:$430-440 billion in tax and spending incentives (with more potential) Japan: $430 billion China: $580 billion US: $875 billion range comprised of a combination of new spending and tax cuts Economists have counselled governments to invest in infrastructure build-out in the packages, potentially encouraging sluggish demand. 13

14. The China Factor China growth still forecast between 5% (IMF) and 8% (Beijing) driving continued use of base metals but at significantly lower prices in mid-term. 60% of Nickel and 20%-35% of all base metals is currently consumed in China China is growing their copper stockpile at these low prices in anticipation of a price increase in short-medium term. Chinese government is tying up African base metals projects at cheap prices: Zambia's top cobalt producer Luanshya Copper Mines, China Non-Ferrous Metals Corporation is opening a copper smelter this month in Chambishi town, China Union signed $2.6 billion contract to develop the Bong iron ore deposit in Liberia. 14

15. Focus: Copper Many producers are still breaking even given that costs are currently estimated to be between $3000-$3500 a ton and input costs have fallen. Most producers seem to be breakeven or better. Estimates are 260,000 tons of production has been cut back over the past few months, (excluding Chinese output). Freeport McMoRan Copper & Gold: reduce 2009 output by about 90,000 tons and 2010 output by 225,000 tons. India's Hindustan Copper announced a production cutback of about 20% Escondida warning in July that output would fall 10-15% in 2009, 10 of the 19 largest mines in Chile are now producing less copper now than they did during the beginning of 2008. The cutbacks announced should cap the size of the surplus expected for 2009, which the International Copper Study Group now estimates to be less than 300,000 tons. 15

16. Focus: Zinc LME stocks 320,000 tons, below the record 800,000 tons reached on the LME in 2004. Zinc producers have taken drastic steps to cut output earlier than others. Approximately 65% of zinc producers are operating at breakeven or more likely at a loss, encouraging further production cuts. Production cut or closures from: Gordonsville mine complex in Tennessee, Lennard Shelf in Australia, and Aljustrel in Portugal. Boliden, Nyrstar, Teck Cominco, Young Poong and Korea Zinc, Xstrata, Chelyabinsk Zinc, Japan Sumitomo Metal Mining. 5% of global output has been closed and the International Lead and Zinc Study Group projects a preliminary 330,000-ton surplus for 2009. 16

17. Focus: Nickel Nickel is expected to be in surplus this year up to 110,000 tons (by the International Nickel Study Group). Surpluses are expected to be with us in 2010 as well, but they are not expected to be as large, allowing a measure of price recovery to set in. Approximately 50% of producers are operating at losses, but new production is ramping up at Goro (Brazil) and Voisey’s Bay. Stainless steel demand is forecast to remain very sluggish, due to low consumer demand. 17

18. Safe Jurisdiction/Proven Camps • Trout Bay (60% PVS/40% Goldcorp)Red Lake • Results include 11.34% zinc, 1.67% copper over 27 metres, exceeding historic resources. • Winter program scheduled to follow up results. • Werner Lake East Properties (60% PVS/40% Benton Resources) • Targets include Cobalt, Nickel, Copper, PGEs. • Belt has three past producing base metals mines and five historic Copper-Cobalt or Nickel-Copper resources. 18

19. Current Share Structure Issued Shares 10,575,000 Warrants 1,861,000 261,000 at $0.10, 750,000 at $0.75, 750,000 at $.30/.40 Options 575,000 (at $0.10 and $0.75) Fully Diluted 13,011,000 19

20. The Puget Team CEO and Director: Michael Dehn, BSC (Geo). Former exploration manager for Goldcorp in Red Lake; Director on boards of Metalore, Trelawney Resources and Columbia Metals. President: Erin Airton Extensive senior management experience, including lead role in strategic planning for three TSX-listed exploration companies. President of Cadence Communications Inc. Senior Geologist: Dave Laudrum, BSC (Geo), P.Geo. Experienced senior consulting geologist. Worked Red Lake district with Wolfden Resources; also worked for Kirkland Lake Gold, Kinross, Placer Dome and Ivanhoe, others. CFO: Chris Couzelis President, C. Couzelis and Company Inc., providing financial consulting to a number of public and private companies including ICO Therapeutics, Bionic Power Corporation, Ability Pharmaceuticals. 20

21. The Puget Team Director: Ray Castelli President of Weatherhaven, former President of NaiKun Wind Development; Quadrem founder; former Director of Acquisitions for Alcan; Director at Working Opportunity Fund and Shelter Industries; former Chief of Staff to Canadian Prime Minister. Director: Wilson Russell President of Northstar Electronics and Northstar Technology (manufacturer of ocean sonar equipment for Lockheed Martin), Director of Zappa Resources. Jim Dawson, PGeo – President of Dawson Geological Consultants Ltd., Director of Minefinders and Kivalliq Energy Corporation. Three decades or experience, participated in discovery of base metals and gold deposits. Darin Wagner, PGeo – President and CEO of West Timmins Mining Inc.; formerly with Noranda. Brings over 20 years of exploration and development experience, including Cominco. 21

22. Location Map of Properties Trout Bay Werner Lake Winnipeg 22

23. Trout Bay in Red Lake Regional Geology

24. Trout Bay Highlights • Joint venture with Goldcorp (Puget earning into 60% interest with 1/5 complete). • Large property of 3423 hectares on the Red Lake greenstone belt in the stable jurisdiction of Ontario. • High grade historic resource: (non-compliant estimate) of 124,760 tons grading 7.86% zinc, 1.50% copper, 0.24% lead, 1.70 opt silver and open for expansion. • Summer drill program exceeded historic numbers. Winter program to further target historic resource area and other copper-zinc targets. • Two principal styles of mineralization - Nickel-PGE and copper-zinc massive sulphide mineralization.

25. Puget Ventures Inc. Suite 1588 - 609 Granville Street Vancouver, BC V7Y 1G5 Tel: 604-688-4219 Fax: 604-608-9342 www.pugetventures.com TSXV: PVS