HOYT LAKES, MINNESOTA--(Marketwire - May 1,
2009) - PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM)
("PolyMet" or the "Company") reported today its
financial results for its fiscal year and quarter ended January 31,
2009, which have been filed as part of the Company's financial results
for the year ended January 31, 2009 at www.polymetmining.com
and on SEDAR and EDGAR. All amounts are in U.S. funds.
PolyMet controls 100% of the development-stage NorthMet
copper-nickel-precious metals ore-body and the nearby Erie Plant,
located near Hoyt Lakes in the established mining district of the
Mesabi Iron Range in northeastern Minnesota.
Highlights
- At January 31, 2009 PolyMet had cash and cash equivalents of $7.354
million compared with $20.084 million at January 31, 2008. During the
year ended January 31, 2009 we drew $14.333 million net of expenses of
the $50 million convertible debt financing with Glencore AG, and we
repaid $1.400 million of notes payable to Cleveland Cliffs, Inc.
related to our acquisition of the Erie Plant.
- Fourth quarter net loss for the three months ended January 31, 2009
was $786,000 compared with $1,909,000 in the prior year period. General
and administrative expenses were $779,000 for the quarter compared with
$1,111,000 for the prior year period with the reduction reflecting
primarily lower office and corporate wages expenses as a result of no
bonuses paid out in the current period compared to the prior year
period. Other loss was $7,000 in the period compared with $798,000 in
the prior year period reflecting primarily an other than temporary
investment loss of $93,000 compared with $1,050,000 in the prior year period.
For the full year ended January 31, 2009 we reported a loss of $4.536
million compared with $3.690 million in the prior year. The increase in
the net loss for the period was primarily attributable to an other than
temporary impairment loss of $1,365,000 (prior year period -
$1,050,000); a decrease in interest income to $154,000 (prior year
period - $1,168,000) due to lower cash balances and interest rates, and
foreign exchange translation losses of $156,000 (prior period - gain of
$566,000) as the United States dollar strengthened against the Canadian
dollar in the current period while it weakened in the prior year
period. General and Administrative expense in the year ended 31 January
2009 excluding non-cash stock based compensation expenses was $2,897,000
compared with $3,764,000 for the prior year period with the decrease
being due to lower legal costs, lower investor relations costs and
lower office and corporate wage expenses as a result of no bonuses paid
out in the current year as compared with the prior year period.
Key Statistics Three months ended Years ended PolyMet Mining Corp. January 31, January 31, (in '000 U.S. dollars, ------------------------------------ except per share amounts) 2009 2008 2009 2008 -------------------------------------------------------------------------- Financial Position Cash and equivalents 7,354 20,084 Net current assets 3,582 16,558 Long-term liabilities 26,896 14,116 Shareholders' equity 71,492 69,151 -------------------------------------------------------------------------- Financial Results General and administrative (expense) (779) (1,111) (3,384) (4,399) Other income (loss) (7) (798) (1,152) 709 ------------------------------------ Income (786) (1,909) (4,536) (3,690) Income per share (0.01) (0.01) (0.03) (0.03) -------------------------------------------------------------------------- Investing Activities NorthMet Property 4,506 8,483 22,776 21,161 -------------------------------------------------------------------------- Weighted average shares outstanding 137.3 136.9 137.2 133.7 --------------------------------------------------------------------------
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 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 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, mineral resource and mineral reserve estimates, work programs,
capital expenditures, timelines including timelines for third-party
studies and issuance of permit 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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