HOYT LAKES, MINNESOTA- PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM) ("PolyMet"
or the "Company") announced today that it has simplified the
proposed metallurgical process at its NorthMet
copper-nickel-precious metals project located in the established Mesabi
mining district in northeastern Minnesota.
PolyMet now plans to build the project in two
phases:
-- Phase I: produce and market concentrates containing copper, nickel, cobalt and precious metals -- Phase II: process the nickel concentrate through a single autoclave, resulting in production and sale of high grade copper concentrate, value added nickel-cobalt hydroxide, and precious metals precipitate products.
Previous plans included a second autoclave and
a copper solvent extraction/electro-wining ("SX-EW") circuit
to produce copper metal along with value added nickel-cobalt hydroxide
and precious metals precipitate products.
The changes reflect continued metallurgical process and other project
improvements as well as improved environmental controls that are being
incorporated into the Supplemental Draft Environmental Impact Statement
("SDEIS"). The analysis is based on likely metal market
conditions. The advantages, compared with the earlier plan, include a
better return on capital investment, reduced financial risk, lower
energy consumption, and reduced waste disposal and emissions at site.
PolyMet's last formal update of project scope
and costs was in May 2008 - when total project costs for the two-autoclave
plus SX-EW circuit were estimated to be $602 million. Of that total,
approximately $127 million was attributed to the second autoclave and
the copper circuit.
PolyMet plans to provide a detailed project
update when the project development plans now being analyzed in the
SDEIS are finalized. This detailed project update will include revised
mine plans, process and project improvements, and will incorporate the
latest environmental controls.
"The changes to the project improve the overall economics of the
project while reducing environmental impacts. The SDEIS will
incorporate these changes and is anticipated to be competed
this summer," stated PolyMet's President
and CEO Joe Scipioni. "The project will
create approximately 360 long-term, well paid
jobs compared to the project's original estimate of 400 workers," Scipioni added.
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 more than
one-and-a-quarter million hours of construction labor and create
approximately 360 long-term jobs, a level of activity that will have a
significant multiplier effect in the local economy.
POLYMET MINING CORP.
Joe Scipioni, 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 expected proceeds and closing of the registered direct
offering, exploration results and budgets, reserve estimates, mineral
resource estimates, work programs, capital expenditures, actions by
government authorities, including changes in government regulation, the
market price of natural resources, 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 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,
2010 and in our other filings with Canadian securities authorities and
the Securities and Exchange Commission, including our Report on Form
6-K providing information with respect to our operations for the nine
months ended October 31, 2010 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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