$PUNL .34 Punchline Resources Receives Additional Positive Results From Empress Project -- Adit 3 Underground Sampling Returns High-Grade Gold and Silver Assays

LAS VEGAS, NV, Oct 02, 2012 (MARKETWIRE via COMTEX) -- Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that the Company has received additional positive sample results from exploration recently conducted at the Empress Project, located approximately 26 miles south of Goldfield, Nevada. The additional samples were taken from underground workings previously known as Adit 3 of the historic Empress Mine.

As part of the ongoing exploration program currently being conducted at the Empress Project, geologists collected five underground rock chip channel samples taken across exposed quartz veins at various accessible points along the length of the Empress Mine Adit 3 horizontal tunnel. The samples target an east-west trending, moderately south dipping quartz vein system that was believed to be mined by previous operators of the property. The samples were securely shipped to ALS Chemex in Reno, Nevada for accurate fire assaying.

Each of the five samples returned significant amounts of high-grade gold ranging from 10.35 to 28.8 g/t and returned silver values ranging from 4.5 to 21.7 g/t. The Adit 3 area is one of several high-priority targets at Empress currently being considered for a drilling program in the near future.

Empress Mine Adit 3 Vein Sampling Results

Distance

From      Sample

Sample    Portal      Width   True Width   Gold    Silver    Gold    Silver

Number   (feet)     (feet)     (feet)   (oz/ton) (oz/ton)   (g/t)    (g/t)

PEW-01     150        0.5        0.5      0.841    0.63     28.8     21.7

PEW-02     180        0.5        0.5      0.365    0.13     12.5      4.5

PEW-03     200        0.7        0.7      0.302    0.28     10.35     9.5

PEW-04     280        2.0        2.0      0.583    0.25     19.95     8.7

PEW-05     290        7.0        7.0      0.507    0.33     17.35    11.4

"It appears that we have confirmed another potential high-grade gold and silver drill target at our Empress Project in Nevada," said Ramzan Savji, CEO and President of Punchline. "It is worth noting that a very large percentage of our samples taken so far at Empress have returned high values of both gold and silver. This apparent consistency of the vein mineralization is another factor that leads us to believe that we have a significant opportunity to develop a new mine at Empress."

Further details regarding exploration plans and schedules for the Empress Project will be released as soon as possible.

About Punchline Resources

Punchline Resources Ltd. is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company is currently exploring the Empress Gold and Silver Property, in Nevada, USA. The Company is also evaluating several additional projects for potential acquisition and/or participation.