PAPUAN PRECIOUS METALS CORP. ("PPM or the "Company") (TSX
VENTURE:PAU)(OTCQX:PAUFF) announces that assay results have been received from
the first two holes of the recently completed four hole drill program at PPM's
Doriri Creek Nickel-Platinum Group Metals (Ni-PGM) prospect, Mt. Suckling, with
discovery hole DOD001 intersecting a significant 12.20m (17.60m-29.80m)
intersection of near surface Ni-PGM mineralization grading 1.08% Ni, 0.52g/t PGM
in the 520m+ long Doriri Creek Lode. Hole DOD002 intersected 4.00m grading 0.86%
Ni, 0.41g/t PGM, and 4.00m grading 1.28% Ni, 0.53g/t PGM, including 1.00m of
0.65% Ni and 1.19g/t PGM. Both holes were drilled under Costean (surface trench)
IV which returned 7.00m grading 0.66% Ni, 1.33g/t PGM, and represent the first
successful exploration drill hole intersections in the Doriri Creek Lode. True
width of the Doriri Creek Lode is determined to be approximately 10m as derived
from both surface and drill hole data
(http://www.ppmpng.com/projects/dod001-dod002/ and
http://www.ppmpng.com/projects/doriri-creek-lode-south/). 


Both mineralized intersections within the Doriri Creek Lode were below the base
of total oxidation and contained significant amounts of stockwork sulphide
minerals hosted in massive magnetite-mica rock
(http://www.ppmpng.com/projects/dod001-drill-core-20-40m/). Sulphides logged in
drill core include pyrrhotite
(http://www.ppmpng.com/projects/dod001-drill-core-26-60m-jpg/), pentlandite and
pyrite. PGM are dominated by palladium and platinum in the ratio greater than
4:1, respectively. In addition, it is significant to note that apatite, a
phosphate mineral, is also present (up to 3%) in magnetite-rich sections of the
drill core, suggesting potential for the presence of Rare Earth Elements (REE).
Both holes were assayed for phosphorous as a proxy for REE, with Hole DOD002
returning 1.00m grading 1.02% P. As a result of this PPM will continue to test
for potential REE enrichment. 


Drill results for holes DOD001 and DOD002 are summarized in Table 2 below.

Table 1: Drill Hole Statistics for DOD001 and DOD002



----------------------------------------------------------------------------
Drill Hole  Collar Location              Azimuth            Dip  Total Depth
----------------------------------------------------------------------------
DOD001      Costean IV                                                      
            691726mE/8911025mN     227 degrees M    -50 degrees       34.00m
----------------------------------------------------------------------------
DOD002      Costean IV                                                      
            691726mE/8911025mN     227 degrees M    -70 degrees       69.20m
----------------------------------------------------------------------------



Table 2: Drill Hole Results for DOD001 and DOD002 



----------------------------------------------------------------------------
                Mineralization                                              
Drill Hole          From-To (m)          Width       Grade Ni      Grade PGM
----------------------------------------------------------------------------
DOD001           17.60 - 29.80m         12.20m       1.08% Ni    0.52g/t PGM
              --------------------------------------------------------------
                                   Incl. 4.60m       1.69% Ni    0.53g/t PGM
----------------------------------------------------------------------------
DOD002           25.00 - 29.00m          4.00m       0.86% Ni    0.41g/t PGM
              --------------------------------------------------------------
                 33.00 - 37.00m          4.00m       1.28% Ni    0.53g/t PGM
                               ---------------------------------------------
                                   Incl. 1.00m       0.65% Ni    1.19g/t PGM
----------------------------------------------------------------------------
Cutoffs: Ni - 0.5%; PGM (Pd + Pt) - 0.1g/t                                  



The remaining two drill holes, DOD003 and DOD004, (assays pending) were
completed under Costean I (approximately 45m SE of Costean IV) which returned
15.00m grading 1.39% Ni, 1.22g/t PGM at surface. Drill hole DOD003 was completed
to a depth of 20.00m and intersected a 10.70m width of the Doriri Creek lode.
Drill hole DOD004 was completed to a depth of 27.00m and intersected a 16.90m
width of the Doriri Creek lode. Mineralized intersections within the Doriri
Creek Lode widths will be determined from the pending assay results, which will
be announced when available. Further exploration plans will be determined once
all data from this program has been obtained and analyzed.


Samples were sent to Genalysis Laboratory in Lae, PNG, for sample preparation
prior to pulps being sent to Townsville, Australia for analysis. Gold, platinum
and palladium analyses were completed by standard 25g lead collection Fire Assay
followed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry.
Nickel, copper, phosphorous and silver analyses involved multi-acid digest
including hydrofluoric, nitric, perchloric and hydrochloric acids in Teflon
tubes. Analyses were completed by Inductively Coupled Plasma Optical (Atomic)
Emission Spectrometry. 


Doriri Creek hydrothermal Ni-PGM prospect

Doriri Creek is a low temperature hydrothermal accumulation of nickel, platinum
and palladium. There is no other documented mineral occurrence similar to Doriri
Creek. Detailed examination of the Doriri Creek mica-magnetite mineralization by
the CSIRO (PPM news release of November 21, 2011) suggested temperatures of
formation for mica in the range 100-220 degrees C. The study also indicated an
enrichment of REE (in the mineral apatite) in mineralized rock up to 50 times
compared with normalized primitive mantle values. The Doriri Creek lode has an
average width of 10-15m and a mapped strike length of 520m.


Further details of the prospects identified to date at the Mt Suckling project
are available at (http://www.ppmpng.com/projects/mt-suckling/). 


The technical information in this news release has been prepared in accordance
with the Canadian regulatory requirements set out in National Instrument 43-101
and reviewed on behalf of the company by Ian David Lindley, President & Chief
Operating Officer of Papuan Precious Metals Corp, a Qualified Person. Dr.
Lindley has First Class Honours and Ph.D. degrees in Geology, 35 years mining
industry experience, and is a Fellow of the Australian Institute of
Geoscientists. 


This press release contains "forward-looking information" Forward-looking
information is subject to known and unknown risks, uncertainties and other
factors that may cause PPM's actual results, level of activity, performance or
achievements to be materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not limited to:
uncertainties related exploration and development; the ability to raise
sufficient capital to fund exploration and development; changes in economic
conditions or financial markets; increases in input costs; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; technological or operational difficulties or inability
to obtain permits encountered in connection with exploration activities; and
labour relations matters. This list is not exhaustive of the factors that may
affect our forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on such
forward-looking information. PPM disclaims any intention or obligation to update
or revise forward-looking information, whether as a result of new information,
future events or otherwise, except as required by law. 


ON BEHALF OF THE BOARD 

David Lindley, President and COO
(TSXV:PAU)
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