December 06, 2012 08:30 ET
KELOWNA, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2012) - PAPUAN PRECIOUS METALS CORP. (TSX VENTURE:PAU)(OTCQX:PAUFF) ("PPM or the "Company") has entered into an agreement to sell 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 and the purchaser, Suckling Minerals Limited, will deliver 5,344,791 PPM shares to the Company with a current value $106,895. Suckling Minerals Limited may purchase the 2% net smelter royalty at any time with a cash payment of C$2 million.
The completion of the transaction is subject to a number of conditions, including but not limited to TSX Venture Exchange approval.
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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