March 01, 2012 09:56 ET

eResearch Issues Initiating Report on Papuan Precious Metals Corp.

TORONTO, ONTARIO--(Marketwire - March 1, 2012) - Papuan Precious Metals Corp. (TSX VENTURE:PAU) is a mineral exploration company with four copper-gold, gold, nickel, and PGE properties in Papua New Guinea.

Papua New Guinea does not get a lot of press but, for the mining industry, it is already a discovered "gem". The country's distinctive geology hosts very large gold and copper deposits. This has attracted several major mining companies, including Rio Tinto plc, Barrick Gold Corporation, Freeport-McMoRan Copper and Gold, Xstrata, Harmony Gold, Allied Gold, and Inmet Mining. Little-known Papuan Precious Metals Corp., with a market cap of only $11 million, owns vast tracts in the country. Flush with cash, the Company has an ambitious exploration program planned for the next 18 months.

The most compelling part of Papuan's story is its drill program: drilling is conducted on its projects located in areas that have received little exploration activity in the past, but which exhibit the same geology as that of Papua New Guinea's existing prolific gold and copper belts. Success in delineation of mineralization would inevitably lead to a higher corporate valuation.

We are initiating coverage of Papuan Precious Metals Corp. with a Speculative Buy rating, and a Target Price of $0.30.

This Press Release was prepared by eResearch and was not vetted by Papuan Precious Metals Corp. Further, the Recommendation and Target Prices contained in this Press Release and in the Initiating Report are strictly those of eResearch and, due to securities laws, are not endorsed by Papuan Precious Metals Corp.

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