PolyMet Mining Corp. (TSX:POM)(TSX:POM.RT)(NYSE MKT:PLM)(NYSE
MKT:PLM.R) ("PolyMet" or the "Company") is pleased to report very
positive community response to its open house as well as continued
progress on both the environmental review and the previously
announced Rights Offering.
PolyMet controls 100% of the NorthMet copper-nickel-platinum
group metals project, which comprises the NorthMet ore body and the
Erie Plant, located in the established mining district of the
Mesabi Iron Range in northeastern Minnesota.
Community Relations
More than 1,000 people attended the PolyMet open house at the
Arena in Hoyt Lakes, MN on May 29, 2013. Booths described the
environmental review and permitting process, mining and processing,
plans to protect the environment, technology to monitor and
maintain air and water quality, as well as job opportunities and
the economic benefit of the project.
PolyMet staff gave presentations on job training, construction
needs, investor relations, and also addressed general questions
about nonferrous mining. More than 400 visitors toured the project
site including the Erie Plant facility, about six miles north of
Hoyt Lakes.
St. Louis County Commissioner Mike Forsman, one of several
elected officials in attendance, said, "The event was great. I like
that PolyMet was really educating people on each aspect of the
project, whether water controls or economic benefits. Minnesota has
the toughest environmental standards and PolyMet can prove that
they'll meet every single one of them."
"Person after person came up to me to say how excited they are
that we're bringing the Erie Plant back to life," said PolyMet
President and CEO Jon Cherry. "They want to see people get
long-term, well-paid jobs and they understand that we will be able
to operate safely and also protect the environment. I really
appreciate the local community's enthusiastic support and deep
interest. This was a great day."
Environmental Review
On May 13, 2013 PolyMet reported that ERM, the independent EIS
Contractor, had completed drafting the NorthMet preliminary
supplemental draft Environmental Impact Statement ("EIS").
The Company has subsequently been notified that the Co-Lead
Agencies (the Minnesota Department of Natural Resources, the US
Army Corps of Engineers, and the US Forest Service) have completed
their review and have released the preliminary supplemental draft
EIS to the Cooperating Agencies (the U.S. Environmental Protection
Agency and the Bois Forte, Fond du Lac, and Grand Portage Tribal
Governments).
Once the Cooperating Agencies have completed their review, the
NorthMet supplemental draft EIS will be published for public
review, expected later this summer.
Congressman Rick Nolan, who represents Minnesota District 8,
which includes the NorthMet Project, met with EPA Region V
Administrator Dr. Susan Hedman on May 29th to discuss many
important issues for northern Minnesota including PolyMet.
Congressman Nolan indicated in a separate release that "In meetings
with both PolyMet and the EPA, it's clear that all parties are
confident that the process is moving forward in a timely manner,
and that PolyMet has been cooperative in agreeing to virtually all
that has been asked of them. We have reason to feel confident that
the process will produce positive results for the region." The
entire release from Congressman Nolan can be found on his website
at http://nolan.house.gov.
Rights Offering
The NYSE MKT has informed the Company that the Rights to be
issued in the previously announced Rights Offering were listed for
trading today, May 30, 2013, ticker PLM.R.
The Rights will be listed for trading on the TSX on May 31,
2013, ticker POM.RT.
The Rights Offering will commence with mailing of Rights
certificates to all shareholders of Record on June 4, 2013. Every
shareholder will receive one Right for every share owned. Two
Rights enable the holder to purchase one new PolyMet common share
at US$0.66 at any time until July 3, 2013.
PolyMet common stock will start trading "ex-Rights" on both the
TSX and NYSE MKT on Friday, May 31, 2013.
Mr. Cherry added, "Completion of the $60.5 million Rights
Offering will mean that PolyMet is well financed to complete the
environmental review process, obtain permits needed to build and
operate the NorthMet Project, and prepare for rapid construction
once we have the permits."
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is a
publicly-traded mine development company that owns 100% of Poly Met
Mining, Inc., a Minnesota corporation that controls 100% of the
NorthMet copper-nickel-precious metals ore body through a long-term
lease and owns 100% of the Erie Plant, a large processing facility
located approximately six miles from the ore body in the
established mining district of the Mesabi Range in northeastern
Minnesota. Poly Met Mining, Inc. has completed its Definitive
Feasibility Study and is seeking environmental and operating
permits to enable it to commence production. The NorthMet project
is expected to require approximately two million hours of
construction labor, creating approximately 360 long-term jobs, a
level of activity that will have a significant multiplier effect in
the local economy.
POLYMET MINING CORP.
Jon Cherry, CEO
This news release contains certain forward-looking statements
concerning anticipated developments in PolyMet's operations in the
future. Forward-looking statements are frequently, but not always,
identified by words such as "expects," "anticipates," "believes,"
"intends," "estimates," "potential," "possible," "projects,"
"plans," and similar expressions, or statements that events,
conditions or results "will," "may," "could," or "should" occur or
be achieved or their negatives or other comparable words. These
forward-looking statements may include statements regarding our
beliefs related to the timing of the listing of the Rights on the
NYSE MKT and TSX, ability to receive environmental and operating
permits, job creation, or other statements that are not a statement
of fact. Forward-looking statements address future events and
conditions and therefore involve inherent known and unknown risks
and uncertainties. Actual results may differ materially from those
in the forward-looking statements due to risks facing PolyMet or
due to actual facts differing from the assumptions underlying its
predictions.
PolyMet's forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements
are made, and PolyMet does not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations and opinions should change.
Specific reference is made to PolyMet's most recent Annual
Report on Form 20-F for the fiscal year ended January 31, 2013 and
in our other filings with Canadian securities authorities and the
U.S. Securities and Exchange Commission for a discussion of some of
the risk factors and other considerations underlying
forward-looking statements.
PolyMet has filed a registration statement (including a
prospectus) with the U.S. Securities and Exchange Commission, for
the offering to which this communication relates. Before investing,
prospective investors should read the prospectus in that
registration statement and other documents the issuer has filed
with the U.S. Securities and Exchange Commission, for more complete
information about PolyMet and this offering. The documents are
available free of charge by visiting EDGAR on the U.S. Securities
and Exchange Commission website at www.sec.gov. Alternatively,
PolyMet will arrange to send you the prospectus if you request it
by calling 1-416 915-4149.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: Corporate Douglas Newby Chief Financial Officer +1
(651) 389-4105dnewby@polymetmining.com Media LaTisha Gietzen VP -
Public, Gov't & Environmental Affairs +1 (218)
225-4417lgietzen@polymetmining.com PolyMet - Investor Relations
Jenny Knudson VP - Investor Relations +1 (651)
389-4110jknudson@polymetmining.com www.polymetmining.com MZ North
America Pascal Nigen Senior Vice-President +1 (212)
301-7149pnigen@mzgroup.us www.mzgroup.us
Polymet Mining (TSX:POM.RT)
Historical Stock Chart
From Oct 2024 to Nov 2024
Polymet Mining (TSX:POM.RT)
Historical Stock Chart
From Nov 2023 to Nov 2024
