PolyMet Announces Delay in Filing Year-End Financial Statements
May 03 2011 - 12:03AM
Marketwired
PolyMet Mining Corp. (TSX: POM)(NYSE Amex: PLM) ("PolyMet" or the
"Company") announced today that it will delay the filing of its
annual financial statements, its management's discussion and
analysis relating to the financial statements, its Annual
Information Form on Form 20-F, and the CEO and CFO certifications
(collectively, the "Required Documents") for the period ended
January 31, 2011 beyond the prescribed deadline of May 2, 2011. It
is now anticipated that the Required Documents will be filed on or
before May 4, 2011.
The extra time for filing of the Required Documents is needed
due to the lack of timely completion and review of financial
information, which has delayed PricewaterhouseCoopers LLP, the
Company's auditors, completing their audit, and the Company's Audit
Committee and Board of Directors providing their final
approval.
In the interim, the Company will apply to the applicable
Canadian securities regulatory authorities for a management cease
trade order. There is no certainty that such order will be granted.
The applicable Canadian securities regulatory authorities may issue
a general cease trade order against PolyMet for failure to file the
Required Documents within the prescribed time period.
Until the Required Documents are filed, PolyMet intends to
satisfy the provisions of the alternative information guidelines in
accordance with National Policy 12-203 - Cease Trade Orders for
Continuous Disclosure Defaults.
There is no other material information concerning the affairs of
the Company that has not been generally disclosed.
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 approximately 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, President
This news release contains certain forward-looking statements
within the meaning of applicable securities laws. 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
applying to the applicable securities regulatory authorities for a
management cease trade order, the expected time for filing the
Company's Required Documents and the imposition of a cease trade
order by applicable securities regulatory authorities.
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.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: PolyMet Mining Corp. - Corporate Douglas Newby Chief
Financial Officer +1 (212) 867-1834 dnewby@polymetmining.com
PolyMet Mining Corp. - Media LaTisha Gietzen VP Public, Gov't &
Environmental Affairs +1 (218) 225-4417 lgietzen@polymetmining.com
PolyMet Mining Corp. - Investors Crystal Agresti +1 (845) 742-8153
cagresti@polymetmining.com PolyMet Mining Corp. - Investors Alex
Macdougall +1 (226) 663-3000 amacdougall@polymetmining.com
www.polymetmining.com
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