Final Assay Results From Doriri Nickel-Palladium-Platinum Prospect

TORONTO - PNG Copper Inc. reported 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. Highlights: 1) 14.10 m of 0.72% Ni, 0.53 g/t PGM in DOD008 from 13.35 m. 2) 10.70 m of 1.78% Ni, 0.67 g/t PGM in DOD003 from 2.80 m (best intersection). 3) All eight holes intersected significant nickel and platinum-palladium. 4) Airborne and ground magnetics suggests 650 m continuation to the east. 5) Preliminary metallurgy study planned to test for recovery of Ni, Pt, Pd.

David Lindley, Interim CEO, said, "The results from DOD008 continue to indicate the presence of encouraging nickel-palladium-platinum-cobalt mineralization at Doriri. The mineralization in DOD008 is associated with a long interval of brecciation and rhythmically interlayered nickel-chlorite and magnetite, textures typically found in low temperature epithermal systems and consistent with Doriri being a truly unique accumulation of metals. Nickel, palladium, platinum and cobalt are all metals of the 'new economy', belonging to either of the battery, magnet, speciality or critical material categories."

Drillhole DOD008 intersected a 14.10 m (13.35 m-27.45 m) width of nickel-palladium-platinum mineralization 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.