PolyMet Strengthens Minnesota Focus
February 05 2008 - 8:00AM
Marketwired
HOYT LAKES, MINNESOTA (AMEX: PLM) ("PolyMet" or the "Company")
announced today that it has re-allocated responsibilities amongst
its senior management team and is relocating its headquarters to
Hoyt Lakes, Minnesota.
Reflecting this focus on the polymetallic resources of
Minnesota's Duluth Complex, PolyMet announced that William Murray,
formerly President and CEO has been appointed Executive Chairman,
and Joe Scipioni has assumed Mr. Murray's former role as President
and CEO. Ian Forrest, the former Chairman, remains an independent
Board director.
Mr. Murray has been instrumental in defining the strategic
development of PolyMet. He has served as President, CEO and a
Director since March 2003. He will continue to operate out of the
Chairman's office in Vancouver.
Mr. Scipioni joined PolyMet in July 2006 and was appointed Chief
Operating Officer in March 2007, having previously served for 30
years at US Steel Corp. where he held increasingly senior positions
at the Minntac and Keewatin Taconite facilities in Minnesota. In
the interim, Mr. Scipioni will continue as General Manager of the
project until a suitable replacement is hired.
In announcing these changes, Mr. Forrest stated, "As we approach
publication of the draft Environmental Impact Statement and
anticipate the start of construction, the Board has concluded that
it is appropriate to relocate our headquarters to the operating
site in Hoyt Lakes where we already own a large office facility.
Joe Scipioni has demonstrated strong leadership in preparing us for
operations and has shown great ability in building a very talented
Minnesota team."
Mr. Murray stated, "The senior management team remains the same.
Douglas Newby, Chief Financial Officer, remains responsible for all
financial reporting and leads our financing and investor relations
activities. Phillip Brodie-Hall, Executive Vice-President, Project
Construction, who has over 30 years experience successfully
bringing large construction projects into operation, is responsible
for engineering, procurement and construction management of the
project. LaTisha Gietzen, VP Public, Government and Environmental
Affairs will continue to lead our permitting work as well as our
government and public relations programs."
Mr. Scipioni said, "We have spent a lot of effort on getting
this project right. As we move toward construction and commercial
operations, it is appropriate that we focus our activities here in
Minnesota. This project represents a tremendous opportunity to
expand and diversify the economy of northeastern Minnesota through
the reutilization of the Erie Plant."
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
mining 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 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.
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.
Contacts: PolyMet Mining Corp. William Murray Chairman (604)
669-4701 (604) 669-4705 (FAX) Email: wmurray@polymetmining.com
PolyMet Mining Corp. Douglas Newby Chief Financial Officer (646)
879-5970 Email: dnewby@polymetmining.com PolyMet Mining Corp. Joe
Scipioni President & Chief Executive Officer (218) 225-4417
Email: jscipioni@polymetmining.com PolyMet Mining Corp. LaTisha
Gietzen VP Public, Governmental and Environmental Affairs (218)
225-4417 Email: lgietzen@polymetmining.com Website:
www.polymetmining.com
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