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
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