Shareholders Approve Merger of Jalna Minerals and Papuan Precious Metals

Papuan Precious Metals Corp. (the "Company") (formerly Jalna Minerals Ltd.) (TSX
VENTURE:PAU) is pleased to announce that the merger (as previously disclosed on
June 1, 2010) between Jalna Minerals Ltd. and Papuan Precious Metals Corp.
("PPM") is now complete and the common shares of the amalgamated company will
begin trading on the TSX Venture Exchange under the symbol PAU on October 1,
2010. 


The Company, through its wholly-owned subsidiary, owns a 100% interest in the
Mt. Suckling project (the "Property") located approximately 200 km east of Port
Moresby, Papua New Guinea and other properties located in Papua New Guinea.


Under the terms of the merger, Jalna shareholders were issued, on a 1 for 4
basis, 6,128,775 shares and PPM shareholders were issued 21,934,023 shares one a
1 for 1 basis.


Description of the Property

The Mt. Suckling project is situated at the eastern end of New Guinea's Central
Range, one of the world's premier porphyry copper belts. This belt includes
several giant porphyries including Grasberg/Ertsberg (Freeport/Rio Tinto), Ok
Tedi (PNG Government/Inmet), Frieda (Xstrata), Porgera (Barrick) and Wafi/Golpu
(Harmony/Newcrest). The Mt. Suckling region has been by-passed by modern
porphyry exploration. However, PPM's fieldwork has identified three prospective
porphyry prospects in a linear belt some 19 km long and localised within the
wide trace of the Keveri Fault Zone, part of the once active plate boundary
between the Australian and Pacific plates.


Lead prospect is the Urua Creek gold-copper prospect, hosted in a very young
possible diatreme, a breccia filled volcanic vent that has had a direct
connection to the surface. The breccia has dimensions in excess of 1,700 x 900
m. Soil gold-copper-molybdenum anomalism is coincident with the breccia,
suggestive of a porphyry copper system. The breccia contains areas of both
low-grade propylitic zone and high-grade phyllic zone gold-copper
mineralisation. Gold-copper mineralisation in the propylitic zone in surface
trenches ranges up to 33 m @ 0.17% Cu, 0.27 g/t Au and in the phyllic zone up to
36 m @ 0.72% Cu, 0.97 g/t Au (incl. 12 m @ 1.13% Cu, 2.03 g/t Au). Obvious drill
targets are available.


Ioleu Creek copper-gold prospect is located 19 km east of Urua Creek prospect.
The prospect is localised within the Keveri Fault Zone and is noteworthy for a
float train of large 50-60 cm diameter boulders of metabasalt containing veins
of chalcopyrite. These boulders have been tracked to landslides presumably
associated with fractures of the Keveri Fault Zone. Their angularity indicates
that they are sourced locally. A widespread area of pannable gold is coincident
with the train of copper boulders. Detrital gold is fine-grained (less than  0.5
mm size) and angular, again suggestive of limited transport and a local source.
A 3 km(2)area of intense pervasively argillised gabbro with localised
development of haematite stockwork is associated with an 880 m x 1,200 m
copper-platinum-palladium soil anomaly and appears to be offset to the west from
the area shedding chalcopyrite-bearing boulders.


The recently identified Araboro Creek prospect is distinctive for its cluster of
nested circular features. It is located in the linear belt that incudes the Urua
Creek and Ioleu Creek porphyry prospects and appears to be another intrusive
centre localised along the Keveri Fault Zone. Historical sampling located a
quartz-sulphide sample carrying 1.3% Cu 0.14 g/t Au, apparently sourced from the
circular feature.


Financing

In addition to the first tranche of the financing announced in its news release
dated June 1, 2010, which raised gross proceeds of $6,735,601 through the
issuance of subscription receipts for the purchase of 22,452,003 Units, the
Company will complete a second tranche of the financing in an amount of
$1,000,000 by issuing an additional 3,333,333 Units at $.30 per Unit. Each Unit
consists of a post (four for one) consolidated share and warrant to purchase an
additional post consolidated share for 3 years at $0.40 per share. The Units
will be subject to a standard four month hold period. A cash finder's fee of 7%
and compensation warrants of 7% will be paid to finders in accordance with
Exchange policies.


Change in Board

In addition to the current board consisting of three directors, the board of the
Company upon completion of the Acquisition will be increased to 6 and the
following directors of PPM will be added to the board of the Company.


Dr. David Lindley:

Dr. Lindley has spent over 25 years predominantly in Papua New Guinea (PNG)
working with some of PNG's largest mining companies. His experience ranges from
initial discoveries through definition of resources and reserves, feasibility
and statutory permitting to the granting of mining leases. He brings with him an
extensive knowledge of the geology, mineralization, government liaisons and the
indigenous culture of PNG. Dr. Lindley has BSc (Hons) and PhD degrees from the
University of New South Wales, Australia, and is a Member of the Australian
Institute of Geoscientists.


Christopher Cornelius:

Dr. Chris Cornelius has spent over 20 years as a senior executive working
throughout the international natural resource sector and in the E & P sector,
and has more recently advised major financial institutions and blue-chip
executive teams on global growth strategies. He holds a B.Sc from Manchester
University and PhD from Aston University in Geology and is an Adjunct Professor
at the University of British Columbia. He is currently the Chief Executive of
Cuadrilla Resources Holdings Ltd, Europe's leading independent Shale Gas
exploration company.


Anthony Kelly:

Mr. Kelly is a former investment banker with over 30 years of banking, corporate
strategy, capital markets, mergers and acquisitions and corporate finance
experience in Australia, Europe and international markets. Mr. Kelly holds a B.
Juris and LLB from the University of New South Wales, and an MBA from Columbia
University Graduate School of Business.


A National Instrument 43-101 technical report on the Property has been prepared
for the Company and PPM by Peter T. Goldner (BSc.(Hons) Geology, FAusIMM, FAIG,
CPGeo). Mr. Goldner is a qualified person and independent of the Company and
PPM, in accordance with National Instrument 43-101. A copy of the technical
report has been filed on SEDAR. Mr. Goldner is also responsible for the
technical matters pertaining to the Property as set out in this news release.


Haywood Securities Inc. acted as the Company's sponsor for the transaction, for
which it received a sponsorship fee of $25,000. Additional details regarding the
transaction are provided in the Company's Information Circular dated August 19,
2010 available on Sedar.


ON BEHALF OF THE BOARD

Devinder Randhawa, President