PAPUAN PRECIOUS METALS CORP (“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
For further information contact:
Greg Downey at 1.866.979.7022
Or email: firstname.lastname@example.org
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