PAU

Papuan Precious Metals Corp. (TSX VENTURE:PAU)(OTCQX:PAUFF) ("PPM or the
"Company") announces that assay results have been received from Holes DOD003 and
DOD004, the last two holes of the recently completed four hole drill program at
PPM's Doriri Creek Nickel-Platinum Group Metals (Ni-PGM) prospect, Mt. Suckling.
Hole DOD003 intersected a significant 10.70m (2.80m-13.50m) of near surface
Ni-PGM mineralization grading 1.78% Ni and 0.68g/t PGM, including 1.20m grading
5.71% Ni, 1.03g/t PGM in the 520m+ long Doriri Creek Lode. Hole DOD004
intersected 3.00m grading 1.16% Ni and 1.12g/t PGM, and 3.00m grading 1.15% Ni
and 0.78g/t PGM, including 1.00m grading 1.41% Ni and 1.68g/t PGM. All four
holes intersected well mineralized portions of the Ni-PGM lode.


Holes DOD003 and DOD004 were completed under surface Costean I which returned
15.00m grading 1.39% Ni, 1.22g/t PGM
(http://www.ppmpng.com/projects/dod003-dod004-section-pdf/ and
http://www.ppmpng.com/projects/doriri-creek-lode-south/). Costean I is 45m
southeast of Costean IV, target of holes DOD001 and DOD002 (see PPM news release
of May 6, 2012). Mineralized intersections are below the base of total oxidation
and contained significant amounts of stockwork sulfide minerals hosted in
massive magnetite-mica rock. PGM are dominated by palladium and platinum in the
ratio greater than 4:1, respectively. Apatite, a phosphate mineral, continues to
be obvious in mineralized intersections (up to 3%) in magnetite-rich sections of
the drill core, suggesting potential for the presence of Rare Earth Elements
(REE). Both holes were assayed for phosphorous as a proxy for REE, with Hole
DOD004 returning 1.00m grading 1.12% P. PPM considers that significant REE
enrichment may be expected within the largely untested +520m long lode. 


Drill results for holes DOD003 and DOD004 are summarized in Table 2 below.



Table 1: Drill Hole Statistics for DOD003 and DOD004                        
                                                                            
----------------------------------------------------------------------------
Drill Hole        Collar Location         Azimuth           Dip  Total Depth
----------------------------------------------------------------------------
DOD003                  Costean I   234 degrees M   -50 degrees       20.00m
               691728mE/8910990mN                                           
----------------------------------------------------------------------------
DOD004                  Costean I   234 degrees M   -70 degrees       27.00m
               691728mE/8910990mN                                           
----------------------------------------------------------------------------
                                                                            
                                                                            
Table 2: Drill Hole Results for DOD003 and DOD004                           
                                                                            
----------------------------------------------------------------------------
                 Mineralization                                    Grade PGM
Drill Hole        From - To (m)      Width (m)      Grade Ni%            g/t
----------------------------------------------------------------------------
DOD003            2.80 - 13.50m         10.70m       1.78% Ni    0.68g/t PGM
                               ---------------------------------------------
                                   Incl. 5.20m       2.51% Ni    0.92g/t PGM
                               ---------------------------------------------
                                   Incl. 1.20m       5.71% Ni    1.03g/t PGM
----------------------------------------------------------------------------
DOD004            6.00 - 18.00m         12.00m       0.83% Ni    0.62g/t PGM
                               ---------------------------------------------
                                   Incl. 3.00m       1.16% Ni    1.12g/t PGM
                               ---------------------------------------------
                                     And 3.00m       1.15% Ni    0.78g/t PGM
                               ---------------------------------------------
                                   Incl. 1.00m       1.41% Ni    1.68g/t PGM
----------------------------------------------------------------------------
                                                                            
Cutoffs: Ni - 0.40%; PGM (Pd + Pt) - 0.05g/t                                



Drill results for holes DOD001 and DOD002 (previously announced) are summarized
in Table 3 below:




Table 3: Drill Hole Results for DOD001 and DOD002                           
                                                                            
----------------------------------------------------------------------------
                Mineralization                                     Grade PGM
Drill Hole        From - To (m)      Width (m)     Grade Ni %            g/t
----------------------------------------------------------------------------
DOD001           17.60 - 29.80m         12.20m       1.08% Ni    0.52g/t PGM
                               ---------------------------------------------
                                   Incl. 4.60m       1.69% Ni    0.53g/t PGM
----------------------------------------------------------------------------
DOD002           25.00 - 29.00m          4.00m       0.86% Ni    0.41g/t PGM
                ------------------------------------------------------------
                 33.00 - 37.00m          4.00m       1.28% Ni    0.53g/t PGM
                               ---------------------------------------------
                                   Incl. 1.00m       0.65% Ni    1.19g/t PGM
----------------------------------------------------------------------------
                                                                            
Cutoffs: Ni - 0.40%; PGM (Pd + Pt) - 0.05g/t                                



Mineralized Ni-PGM intercepts from all four Doriri Creek drill holes were
obtained at the southeast end of the lode and are considered encouraging. The
lode remains open-ended and untested for much of its +520m strike length and at
depth. True width of the Doriri Creek Lode is approximately 10m as determined
from both surface and drill hole data. Further exploration plans will be
determined once all data from this program has been analyzed.


Samples were sent to Genalysis Laboratory in Lae, PNG, for sample preparation
prior to pulps being sent to Townsville, Australia for analysis. Gold, platinum
and palladium analyses were completed by standard 25g lead collection Fire Assay
followed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry.
Nickel, copper, phosphorous and silver analyses involved multi-acid digest
including hydrofluoric, nitric, perchloric and hydrochloric acids in Teflon
tubes. Analyses were completed by Inductively Coupled Plasma Optical (Atomic)
Emission Spectrometry. 


Doriri Creek hydrothermal Ni-PGM prospect

Doriri Creek is a low temperature hydrothermal accumulation of nickel, platinum
and palladium. There is no other documented mineral occurrence similar to Doriri
Creek. Detailed examination of the Doriri Creek mica-magnetite mineralization by
the CSIRO (PPM news release of November 21, 2011) suggested temperatures of
formation for mica in the range 100-220 degrees C. The study also indicated an
enrichment of REE (in the mineral apatite) in mineralized rock up to 50 times
compared with normalized primitive mantle values. The Doriri Creek lode has an
average width of 10-15m and a mapped strike length of 520m.


Further details of the prospects identified to date at the Mt Suckling project
are available at http://www.ppmpng.com/projects/mt-suckling/. 


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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