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HOYT LAKES, MINNESOTA--(Marketwire
- Dec. 14, 2010) - PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM)
("PolyMet" or the
"Company") announced today that it will delay the filing of
its interim financial statements, its management's discussion and
analysis relating to the financial statements, and the CEO and CFO
certifications (collectively, the "Required Documents") for
the period ended October 31, 2010 beyond the prescribed deadline of
December 15, 2010. It is now anticipated that the Required Documents
will be filed on or before December 22, 2010.
The extra time for filing of the Required Documents is needed by the
Company due to the difficulties the Company is encountering as it moves
to a new accounting and financial reporting system. More specifically,
internal review has highlighted some errors that are not material but
needed to be corrected before preparing draft financial statements to
be reviewed by the Company's auditors, PricewaterhouseCoopers LLP, and
its Audit Committee prior to approval of those statements by the Board
of Directors.
In the interim, the Company will apply to the applicable Canadian
securities regulatory authorities for a management cease trade order.
There is no certainty that such order will be granted. The applicable
Canadian securities regulatory authorities may issue a general cease
trade order against PolyMet for failure to
file the Required Documents within the prescribed time period.
Until the Required Documents are filed, PolyMet
intends to satisfy the provisions of the alternative information
guidelines in accordance with National Policy 12-203 - Cease Trade
Orders for Continuous Disclosure Defaults.
There is no other material information concerning the affairs of the
Company that has not been generally disclosed.
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is
a publicly-traded mine development company 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. PolyMet Mining Corp. 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 one and a half million hours of construction labor and
create 400 long-term jobs, a level of activity that will have a
significant multiplier effect in the local economy.
POLYMET MINING CORP.
Joe Scipioni, President
This news release contains certain forward-looking statements within
the meaning of applicable securities laws. 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 applying to the applicable
securities regulatory authorities for a management cease trade order,
the expected time for filing the Company's Required Documents and the
imposition of a cease trade order by applicable securities regulatory
authorities. Forward-looking statements address future events and
conditions and therefore involve inherent 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.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
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