HOYT LAKES, MINNESOTA--(Marketwire - March 18,
2009) - PolyMet Mining Corp. (TSX:POM)(NYSE Alternext US:PLM)
("PolyMet" or the "Company") reported that the
Minnesota Department of Natural Resources ("MDNR") continues
to progress toward publication of the draft Environmental Impact
Statement ("EIS"), which is expected to be ready for public
review in the second quarter of 2009.
Publication of the draft EIS will be a major milestone in the
advancement of PolyMet's copper-nickel-precious metals project located
in northeastern Minnesota. Throughout the environmental review process,
PolyMet has supported the MDNR's approach that the EIS should provide
the local community and other interested parties with a thorough
analysis of the expected impacts of the project.
During the past several years, PolyMet and its environmental
contractors have completed extensive test work and analysis resulting
in more than 100 technical studies that form the basis of the draft
EIS.
In 2006, the MDNR and the U.S. Army Corps. of Engineers (USACE)
selected a contractor (the "EIS Contractor") to prepare the
EIS. On December 22, 2008, the MDNR provided a preliminary version of
the draft EIS to PolyMet and various government agencies. These groups
completed their reviews and submitted extensive comments to the MDNR.
The MDNR is working with the EIS contractor to incorporate comments and
analysis to ensure that the draft EIS meets the MDNR's standard of
thoroughness and accuracy. Significant progress has been made, with
final revisions completed on a number of chapters. The MDNR now
anticipates that the draft EIS will be ready for public review in the
second quarter of 2009.
Joe Scipioni, president and
CEO of PolyMet, said, "PolyMet has spent more than four years and
nearly $20 million to support a complete analysis of the PolyMet
project. It is absolutely essential that the draft EIS properly
incorporates all of this important information. We are committed to
ensuring that the public has current and accurate information on this
project."
Mr. Scipioni continued, "All of the testing and analysis that
support the EIS confirms that our project will protect the environment
by complying with Minnesota's rigorous environmental standards.
Furthermore, the existing regulations already provide for financial
assurance to protect the State's taxpayers from the cost of project
closure. This project, bringing hundreds of much needed, long-term,
high-paying jobs to northeastern Minnesota, will provide a critical,
domestic source of valuable minerals and generate a new source of taxes
for the State and local communities."
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 leases 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
1.5 million man hours of construction labor and create at least 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
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," and similar expressions,
or statements that events, conditions or results "will,"
"may," "could," or "should" occur or be
achieved. These forward-looking statements may include statements
regarding exploration results and budgets, reserve estimates, mineral
resource estimates, work programs, capital expenditures, timelines
including timelines for third-party studies and issuance of permits to
operate by various government agencies, strategic plans, the market
price of metals, costs, or other statements that are not a statement of
fact. Forward-looking statements address future events and conditions
and therefore involve inherent risks and uncertainties. Actual results
may differ materially from those currently anticipated in such
statements due to a variety of risks, uncertainties and other factors.
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 Form 20-F/Annual
Information Form on file with the SEC and Canadian securities
authorities for a discussion of some of the risk factors and other
considerations underlying forward-looking statements.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
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