Vancouver, British Columbia – July 29, 2013 – Peruvian Precious Metals Corp. (the "Company"), announces that it has closed a non-brokered private placement offering of 931,667 units at a price of $0.18 per Unit to raise gross proceeds of $167,700.

Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder, on exercise thereof, to purchase one additional Common Share at a price of $0.25 for a period of 24 months from the completion of the private placement, provided that if the daily volume weighted average price for twenty (20) consecutive days of trading of the Company's shares on the TSX Venture Exchange (or such other stock exchange on which shares of the Company are listed) exceeds $0.45 per share, the expiry date of the Warrants may be accelerated to the day which is thirty (30) calendar days after notice of acceleration has been sent by the Company to Warrant holders.

Certain insiders of the Company acquired securities under the private placement. Such participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101. The directors determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61101 as neither the fair market value of any shares issued to or the consideration paid by such insiders exceeded 25% of the Company's market capitalization.

The private placement is subject to the approval of the TSX Venture Exchange. Securities issued pursuant to the private placement will be subject to a hold period expiring on November 27, 2013 in accordance with applicable Canadian securities laws. The Company intends to use the proceeds from the private placement for general working capital purposes.

The Company also announces that, further to its news release dated June 6, 2013, the Company has closed its brokered private placement previously announced on April 9 and May 27, 2013. No additional tranches of the brokered private placement were completed.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act

On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer 

FOR FURTHER INFORMATION, PLEASE CONTACT:
Peruvian Precious Metals Corp.
Kimberly Ann Arntson, Vice President - Corporate Development
Phone: 1-530-414-4400
Email: kimberly.ann@peruvianpmc.com
Website: www.peruvianpmc.com