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HOYT LAKES, MINNESOTA--(Marketwire -
May 5, 2009) - PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM)
("PolyMet" or the "Company") reported that the
government agencies responsible for writing the Environmental Impact
Statement ("EIS") for PolyMet's project have largely
completed their editorial work on the draft EIS and are completing a
final review of options designed to mitigate the environmental impact.
In other developments, anti-mining legislation in the State legislature
has not advanced beyond introduction, and a University of Minnesota
Duluth ("UMD") study details the effect of
mining on the economy of northeastern Minnesota.
Draft EIS
In completing the draft EIS, the Minnesota Department of Natural
Resources ("MDNR") and the U.S. Army Corps. of Engineers ("USACE") (jointly the
"Lead Agencies"), working with other government agencies and
PolyMet, are completing a review of final options to minimize the
potential environmental impacts of the proposed project. As part of
this final review PolyMet will undertake some additional confirmatory
analysis. This review will lead to final determinations on mitigation
measures to be proposed in the draft EIS.
The Lead Agencies, supported by the independent EIS contractor hired to
prepare the EIS, are working to expedite this review. Publication of
the draft EIS is now expected in the third quarter of 2009.
State Mining Bill Does Not Advance
Earlier this year, legislation was introduced in the Minnesota Senate
and House that, if enacted, would have had a significant impact on
non-ferrous and taconite mining and, if applied to other industries,
could have had a very negative effect on business activity throughout
the State. Organizations across the State voiced their opposition to
the legislation, sending a strong message that the legislation was not
needed and would harm the economy of Minnesota. The bills did not advance
beyond introduction in either chamber.
Opposition to the proposed legislation was broad-based, including the
Governor of Minnesota, state legislators from the Iron Range
and beyond, the Minnesota AFL-CIO, the Minnesota Chamber of Commerce,
local mayors and other officials, local Chambers of Commerce, local
businesses and suppliers, and local labor groups.
University Study Reveals Economic Impact of Mining in Minnesota
The UMD recently published a report on the economic importance of
mining to the State of Minnesota
that concluded, among other things, that in 2007 the mining industry
contributed more than $3 billion to the state economy and supported
more than 10,000 jobs directly and indirectly. Non-ferrous mine
exploration and development directly and indirectly contributed $399
million to the state economy in 2007. The report predicted that, if all
of the ferrous and non-ferrous mining projects being contemplated were
to go ahead, the economic impact would increase to nearly $9 billion in
five years, creating an additional 10,000 construction jobs as well as
10,000 long-term jobs. The non-ferrous contribution alone is projected
to be nearly $4 billion by 2013.
Joe Scipioni, president and CEO of PolyMet, said, "We are
encouraged by the extensive editing work that has been completed on the
EIS. PolyMet and the Lead Agencies are committed to completing this
final mitigation determination in a timely fashion, and to ensuring the
information provided to the public for review is thorough, accurate and
encompasses the facts needed to move forward with permitting."
He continued, "We would like to thank all of the diverse groups
that came out against the 'anti-mining' legislation that was introduced
in the state legislature earlier this year. Minnesota already has rigorous
environmental standards and clear policies for financial assurance to
protect the State's taxpayers from the cost of project closure. Support
for the non-ferrous mining industry came from both sides of the
political aisle, as well as from both labor unions and chambers of
commerce.
"The study by the UMD sets out just how important the mining
industry is and should continue to be," Mr. Scipioni continued. "With
the state and the country facing such tough economic times, projects
like PolyMet that create direct and indirect long-term, well-paying
jobs in a sustainable and environmentally responsible manner are keys
to the economic future of northeastern Minnesota and the entire
state."
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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