PAU

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

PAPUAN PRECIOUS METALS CORP. (the "Company") (TSX VENTURE:PAU). Further to the
Company's news release dated April 29, 2014, the Company has signed a binding
Letter Agreement to finance the acquisition of a Medical Marijuana dispensary
(the "Dispensary") in the state of Colorado. The acquisition is an arm's length
transaction and the consideration for the acquisition is all cash. Closing of
the acquisition is subject to the completion of formal documentation and various
regulatory approvals at the state and local level.


DISPENSARY

The Dispensary currently occupies approximately 6,000 square feet of warehouse
type space and the assets consist of grow equipment, security systems and other
lease-hold improvements. The Dispensary has been in operation for approximately
four years and intends to expand its operation with the financial assistance to
be provided by the Company.


SPIN-OUT

The Company will retain its mineral resource prospects in Papuan New Guinea and
is planning to obtain shareholder approval in September to a plan of arrangement
to spin- out the Company's assets into two separate entities. The acquisition
spin-out will be subject to the policies of the TSX Venture Exchange and will
require sponsorship or a waiver of sponsorship in accordance with policy 5.2.


RISK FACTORS

The Company's news release of April 29, 2014 lists numerous risk factors
including the requirement for regulatory review in the State of Colorado. In
addition, the spin-out acquisition requires shareholder and Exchange approval.


ON BEHALF OF THE BOARD

Dev Randhawa, Chairman and CEO

Completion of the transaction is subject to a number of conditions, including
Exchange acceptance and disinterested Shareholder approval. The transaction
cannot close until the required Shareholder approval is obtained. There can be
no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information
Circular to be prepared in connection with the transaction, any information
released or received with respect to the acquisition may not be accurate or
complete and should not be relied upon. Trading in the securities of Papuan
Precious Metals Corp. should be considered highly speculative.


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release.


Cautionary Statement: Certain information contained in this press release
constitutes "forward-looking information", within the meaning of Canadian
legislation. Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur", "be achieved" or
"has the potential to". Forward looking statements contained in this press
release may include statements regarding the potential spin-out and acquisition
which involve known and unknown risks and uncertainties which may not prove to
be accurate. Actual results and outcomes may differ materially from what is
expressed or forecasted in these forward-looking statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties surrounding
future expectations.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States of America. The
securities have not been and will not be registered under the United States
Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S. Persons (as
defined in the U.S. Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws, or an exemption from such registration
is available.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Papuan Precious Metals Corp.
Greg Downey
1.866.979.7022
info@ppmpng.com

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