Papuan Precious Metals Corp.

Papuan Precious Metals Corp.

November 10, 2011 09:26 ET

Drilling Commences at Urua Creek Copper-Gold Prospect

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2011) - PAPUAN PRECIOUS METALS CORP ("PPM or the "Company") (TSX VENTURE:PAU)(OTCQX:PAUFF) announces that drilling commenced at the Urua Creek gold-copper prospect in EL 1424-Mt Suckling (PPM: 100%) on 7 November 2011. A ground-breaking ceremony was staged at Urua Creek by the landowning Ba'u clan, who number only 400 in total. Hole URD001 is targeting an intense 200m diameter chargeability anomaly with chargeabilities in excess of 50ms (see news release of 28 September 2011). The first hole is likely to be completed in 4-5 weeks.

Kuliuta copper-gold prospect update

Drilling of Hole KUD011 was terminated at 480.40m due to rig depth constraints. The hole was the fifth to be drilled on La'mau'sing Mountain copper zone. Native copper and haematite alteration were present in the last intervals of this longest of Kuliuta drill holes. The drill rig has been stood-down and is being demobilized off New Hanover. The company is of the opinion that while all drillholes completed at La'mau'sing have intersected copper, it is important that issues relating to the analysis of native copper are resolved before additional drilling is completed.

Accredited laboratory ALS-Chemex of Brisbane, Australia, has been selected to re-analyse native copper-bearing quarter-core from hole KUD007 at the Kuliuta copper-gold prospect in EL 1566-New Hanover (PPM: 100%). Drill core was logged and quarter-split by saw on site and is presently in transit Port Moresby en-route to the laboratory. Results are expected in four weeks.

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, 34 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.


David Lindley, President and COO

Contact Information