PAU

PAPUAN PRECIOUS METALS CORP. (TSX VENTURE:PAU)(OTCQX:PAUFF) ("PPM or the
"Company") announces that significant gold and copper results from outcrop
samples at Metewoi River have opened up exploration potential for
high-sulphidation epithermal gold and porphyry copper-gold mineralization
(http://www.ppmpng.com/projects/fig-21-metewoi). The Metewoi prospect is 3-4 km
southeast of the Kuliuta copper-gold prospect. Significant rock results from
Metewoi are presented in Table 1.




Table 1: Gold, Copper, Silver, Molybdenum Results From the Metewoi Prospect 
----------------------------------------------------------------------------
                            Au       Cu       Ag       Mo       Sb       As
Sample     Type           (g/t)      (%)    (g/t)    (ppm)    (ppm)    (ppm)
----------------------------------------------------------------------------
38072      Outcrop        3.67     0.03      5.5        8      378     1095
----------------------------------------------------------------------------
38071      Outcrop        1.43     0.03      5.2        1       28      370
----------------------------------------------------------------------------
38069      Outcrop        0.92     0.02     12.7        1        3       50
----------------------------------------------------------------------------
38070      Outcrop        0.62     0.07      1.6        0       12     1075
----------------------------------------------------------------------------
38169      Outcrop        0.03     0.78      0.7       86       33     2355
----------------------------------------------------------------------------
38144      Outcrop        0.01     0.64      1.3        8        0     2604
----------------------------------------------------------------------------
38042      Outcrop           0     0.25        0        7        0       36
----------------------------------------------------------------------------
38101      Outcrop           0     0.19        0        8        6       92
----------------------------------------------------------------------------
38098      Outcrop        0.01     0.17        0        6        4      128
----------------------------------------------------------------------------
38099      Outcrop           0     0.11        0        4        4     1279
----------------------------------------------------------------------------
Cutoffs: Au - 0.1 g/t; Cu - 0.1 %; Ag - 1 g/t                               



Extensive outcrop of quartz-alunite breccia covers a 6 km2 area at Metewoi
(http://www.ppmpng.com/projects/woi-1/;
http://www.ppmpng.com/projects/woi-2-soil-anomaly/) and has been the target of
detailed mapping and grid soil sampling by PPM geologists during the second half
of 2011. Chalcocite, covellite and chalcopyrite have been observed in quartz
veins within the quartz-alunite breccias. The coincidence of high arsenic and
copper rock values and widespread quartz-alunite alteration at Metewoi is not
unlike high sulphidation alteration and mineralization in the upper parts of
major porphyry copper-gold deposits in New Guinea at Wafi-Golpu and Frieda-Nena
and elsewhere in the Indonesian and Philippines archipelagoes. 


New Hanover porphyry copper potential

It is important to understand that the porphyry copper potential of New Hanover
was unrecognized by previous explorers. Over a short time period, PPM's
exploration throughout EL 1566 (PPM 100%) and drilling at Kuliuta Prospect has
confirmed New Hanover's porphyry potential. The Company's drilling at Kuliuta
has attracted mineral industry interest for its unusual intersection of a native
and sulphide copper-bearing sub-volcanic hosted porphyry to depths of approx.
500m below La'mau'sing Mountain (see news releases of 2 August 2011; 17 August
2011; 23 September 2011; 10 November 2011). Previous PPM field reconnaissance
had located 9.67% copper in an outcrop in Metemana Creek, 5 km southwest of
Kuliuta, and detailed fieldwork during 2011 at Elang (see news release 28 June
2011) and now Metewoi has expanded to four the number of porphyry copper plays
in the New Hanover project. Grid soil sampling and detailed mapping covering
extensive (approx. 6 km2) areas at both Elang and Metewoi is nearing completion
and results will be presented when they become available. The Company intends to
advance both prospects to drill targets by mid-2012.


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, 35 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. 


ON BEHALF OF THE BOARD 

David Lindley, President and COO

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