January 29, 2013 17:00 ET
KELOWNA, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2013) - PAPUAN PRECIOUS METALS CORP. (TSX VENTURE:PAU)(OTCQX:PAUFF) ("PPM or the "Company") has completed, subject to certain filing requirements in Papua New Guinea, the sale of a 90% interest in its Mount Suckling project in Papua New Guinea. The Company will maintain a 10% carried interest and retain a 2% net smelter royalty. The purchaser, Suckling Minerals Limited, was formed by David Lindley, the former Chief Operating Officer of the Company, and Tony Kelly, a former director. They have agreed to deliver 5,344,791 PPM shares to the Company for cancellation. Suckling Minerals Limited may purchase the 2% net smelter royalty at any time with a cash payment of C$2 million and may purchase the 10% carried interest for a payment of $4.7 million subject to maintaining the property in good standing.
About Papuan Precious Metals Corp.
PPM is engaged in the acquisition, exploration and development of mineral properties with a focus on Copper-Gold porphyries in Papua New Guinea.
ON BEHALF OF THE BOARD
Dev Randhawa, Chairman and CEO
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.
Papuan Precious Metals Corp.Greg Downey1.firstname.lastname@example.org
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