HOYT LAKES, MINNESOTA--(Marketwire
- Dec. 31, 2010) - PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM)
("PolyMet" or the
"Company") announced today changes to its Board to take
effect today. Mr. William Murray is stepping down as Executive Chairman
of the Board, but will continue to serve as an active, non-management
director. Separately, Mr. George Molyviatis
is resigning from the Board for personal reasons. Mr. Murray was
appointed President and CEO in March 2003, and was appointed Executive
Chairman in February 2008. Mr. Molyviatis has
been an independent director since March 2003.
Messrs. Ian Forrest and Frank Sims will become independent co-Chairmen.
Mr. Forrest was independent Chairman of the Company from 2004 to
February 2008 and has been the Company's lead independent director
since then. He is a businessman with extensive experience in the mining
and oil and gas industries, a chartered accountant, and serves as Chair
of the Company's Audit committee. Mr. Sims,
appointed to the Board in February 2008, recently retired as a
Corporate Vice President with Minnesota based Cargill, Incorporated
where he was involved with Transportation, Logistics and Risk
Management. Mr. Sims is a past Chairman of the Minneapolis Federal
Reserve Bank. He serves as Chair of PolyMet's
Corporate Governance committee.
Mr. Forrest said, "I would like to thank Willi
Murray for his contribution and leadership during the past eight years,
a period during which PolyMet has been
transformed from an exploration company into an advance-stage
development company. During his tenure, PolyMet
acquired the Erie Plant, completed the Definitive Feasibility Study,
forged the relationship with Glencore, has
advanced to the late stages of environmental review, and has built a
strong local management team.
"The Company welcomes Mr. Murray's continued advice and guidance
as a member of the board as we complete the permitting process and move
toward production. I would also like to thank George Molyviatis for his many years of commitment to the
project, and regret that personal circumstances require him to step off
Mr. Murray commented, "When Ian Forrest and I negotiated the
acquisition of the Erie Plant facilities in 2003, that asset, together
with the well defined NorthMet mining project,
made PolyMet the most complete project I have
encountered. By virtue of having this infrastructure in place we will
be able to start this large project with relatively low capital costs
compared to our peers. In addition, the team has advanced engineering
about as far as it can pending receipt of permits, while minimizing
technical risk and incorporating substantial environmental safeguards.
None of this could have been achieved without the contributions of a
talented and dedicated team of employees, broad community and
government support, and the guidance of our board of directors. I look
forward to continuing to work with these groups as a director of the
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, 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
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.