PolyMet Files October 31 Quarterly Financials
December 13 2007 - 11:25AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (AMEX: PLM) ("PolyMet" or the
"Company") reported today that it has filed its third quarter
financial statements and Management Discussion and Analysis for its
fiscal quarter ended October 31, 2007. The filings are available at
www.sedar.com, www.sec.gov and the Company's website
www.polymetmining.com.
During the three months ended 31 October 2007, the Company
incurred a loss of $0.4 million ($0.00 loss per share) compared to
a loss of $3.9 million ($0.03 loss per share) in the prior year
third quarter. The decrease in the net loss for the period was
primarily attributable the capitalizing costs directly related to
the NorthMet project upon completion of the DFS in late September
2006 (prior to this those costs had been expensed), and an increase
in interest income owing primarily to higher cash balances as a
result of the completion of a private placement late in April
2007.
General and Administrative expenses in the three months ended 31
October 2007, excluding non-cash stock based compensation expenses
related to incentive stock options, was $0.9 million compared with
$1.9 million for the three months ended 31 October 2006 as higher
office and corporate wage expenses in the current period as a
result of additional personnel were more than offset by reduced
non-cash bonuses awarded in the prior year period.
During the first nine months of the current fiscal year, the
Company invested approximately $13.7 million, primarily relating to
environmental work, permitting activities, and pre-construction
engineering at its NorthMet project. As of October 31, 2007 the
Company had cash and equivalents of $28.6 million. The Company's
cash is primarily held in deposits and bearer deposits of a major
Canadian bank and does not include any exposure to asset- or
mortgage-backed securities.
PolyMet's 100%-owned project comprises the 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.
PolyMet Mining Corp. (www.polymetmining.com) is a
publicly-traded mine development company that owns 100% of the
NorthMet copper-nickel-precious metals ore body 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 in order to commence production in mid-2009. The
NorthMet project is expected to require approximately one 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.
Contacts: PolyMet Mining Corp. William Murray President and CEO
(604) 669-4701 Email: wmurray@polymetmining.com PolyMet Mining
Corp. Douglas Newby Chief Financial Officer (646) 879-5970 Email:
dnewby@polymetmining.com Website: www.polymetmining.com
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