28m tradeable shares m/c $3.6m

hi guys..

these are approx figures..

28million tradeable shares (not including options and escrowed shares).

market cap $3.6million

cash in bank $3.1million..



could this be ripe for picking in 2005..

comments welcomed

PRINCIPAL ACTIVITY
Cougar Metals NL (CGM) is a Western Australian based minerals exploration
company. Cougar operates primarily in the Murchison Region of WA, focusing on
gold, nickel and base metals targets.

CUE GOLDFIELD (VARIOUS INTERESTS): The Cue Goldfield project is located close to
the Cue township in the Murchison region of Western Australia. Resources as at
October 2003, contained within the Cue One deposit, were estimated at 170,000t @
4g/t Au for 22,000oz Au.

Cue Joint Venture (80%): Previous drilling at the Light of Asia prospect has
intersected mineralisation including 23m @ 5.4g/t and 1m @ 67.6g/t.

TOOMEY HILL (70%): The Toomey project is located in the Northeast Goldfields,
approximately 60km east of Leonora, and in close proximity to the Murrin Murrin
nickel plant. Resources as at June 2004 were estimated at 4.22Mt @ 1.08% Ni and
0.078% Co for 46,000t Ni and 3,300t Co, using a 0.8% nickel cut-off.

NORTH CUDDINGWARRA (OPTION TO ACQUIRE 100%): The North Cuddingwarra project is
located approximately 30km north of Cue. Previous drilling has intersected 3m @
7.5% Zn, 0.42% Cu, 3m @ 8.4g/t Au and 1m @ 17g/t Au. CGM has the option to
acquire 100% of the project for a total of $380,000 plus a 2.5% gross revenue
royalty.

THE ISLAND: The Island project is located about 20km south of Cue in WA and is
prospective for gold. Previous drilling has returned 3m @ 9.99g/t Au and 6m @
5.25g/t Au.

PORLELL: The Porlell project is located about 45km SE of Meekatharra in WA and
is prospective for small, high grade gold deposits. Previous drilling has
included 1.5m @ 398g/t Au and 5m @ 7.1g/t Au. Soil and rock chip sampling of the
Sabminco Gossan returned up to 37.6g/t Au, 15.5g/t Ag, 1,150ppm Cu, 500ppm Zn
and 140ppm Pb.

OTHER PROJECTS: Weld Range: Located approximately 70km NW of Cue. Previous
drilling has returned 8m @ 1.25g/t Au and 4m @ 1.18g/t Au.

Mt Remarkable: Located 70km SE of Leonora and prospective for nickel laterites.
Previous drilling has intersected 4m @ 1.36% Ni and 0.17% Co and 20m @ 0.9% Co.

Pyke Hill: Option to acquire nickel laterite rights located about 40km SE of the
Murrin Murrin Nickel Operation.

Waite Kauri North: Option to acquire nickel laterite rights located about 20km
north of the Murrin Murrin Nickel Operation.