PNG Copper Inc. announced that assay results have been received from the final drillhole of the recently completed four-hole drill program at the Doriri nickel-palladium-platinum prospect, Mt
Suckling, Papua New Guinea. 14.10 m of 0.72% Ni, 0.53 g/t PGM in DOD008 from 13.35 m 10.70 m of 1.78% Ni, 0.67 g/t PGM in DOD003 from 2.80 m (best intersection) All eight holes intersected significant nickel and platinum-palladium Airborne and ground magnetics suggests 650 m continuation to the east Preliminary metallurgy study planned to test for recovery of Ni, Pt, Pd Drillhole DOD008 intersected a 14.10 m (13.35 m-27.45 m) width of nickel-palladium-platinum mineralisation grading 0.72 % Ni, 455 ppb Pd and 77 ppb Pt, including a 4.30 m interval grading 1.17 % Ni, 800 ppb Pd and 146 ppb Pt. DOD008 on Section 10000N was designed as a deeper test beneath the previously completed Costean I, which assayed 11 m @ 1.31 % Ni, 944 ppb Pd and 81 ppb Pt, and two previously completed cored drillholes (DOD003 and DOD004). Placement of the drill rig was constrained by very steep slopes and proximity to streams prone to flash-flooding. The dip of the drillhole was steepened to 75o to accommodate the drillhole as best as possible with respect to previously completed holes. Core samples from the drillhole were dispatched to Australian Laboratory Services for analysis. Gold, palladium and platinum analyses were completed by standard 50 gm lead collection Fire Assay followed by Inductively Coupled Plasma analysis. Nickel assaying (including copper, silver, cobalt and iron) involved a four-acid digest including hydrofluoric, nitric, perchloric and hydrochloric acids in Teflon tubes. Analyses were completed by Inductively Coupled Plasma-Optical (Atomic) Emission Spectrometry. Doriri was included in a November-December 2010 helicopter-borne detailed low-level airborne geophysical survey completed by contractor Fugro Airborne Surveys Pty Ltd. and commissioned by Papuan Precious Metals Ltd. The survey acquired magnetic and radiometric data along north-south flight lines with a 200 m spacing and a nominal 60 m mean terrain clearance. Only two flight lines passed over the 425 m long lode. Manipulations of the Doriri data sets have produced various images including reduced-to-pole, which is standard in low-latitudes, and analytic signal versions. Iron content in the Doriri mineralisation varies from 14% to in excess of 50%. Interpretation indicates a possible 650 m strike extension of the Doriri zone in an east-southeast direction. In the field work completed to-date, utilisation of data from a previously completed ground magnetic survey along with trenching, mapping of alteration and geochemistry has defined the Doriri mineralisation zone. Doriri is a very low temperature accumulation of nickel, palladium and platinum located in the mafic and ultramafic rocks of the Mt Suckling massif in southeastern Papua New Guinea. It is a shear zone-hosted oxide-rich deposit and there is no other documented mineral occurrence with a similar geology. Temperatures of formation of nickel-rich chlorite, rhythmically interlayered with magnetite in the deposit, are in the range 100-220oC, classifying it as an epithermal deposit. The mineralisation has an average width of 10 m-15 m and has been previously mapped over a strike length of 520 m. It remains open ended in both directions. Mineralisation crops out at the surface and remains open at depth. 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, Interim Chief Executive Officer of PNG Copper Inc, a Qualified Person. Dr. Lindley has First Class Honours and Ph.D. degrees in Geology, 44 years mining industry experience, and is a Fellow of the Australian Institute of Geoscientists.