PolyMet Clarifies Status of Environmental Review Following Misleading Newspaper Report
February 13 2012 - 8:43AM
Marketwired
PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the
"Company") today clarified the status of the environmental review
of its NorthMet project following a misleading newspaper report on
Friday. PolyMet controls 100% of the development-stage 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.
On February 10, 2012, the Minneapolis Star Tribune published an
article about the schedule for completion of the PolyMet
environmental review that misrepresented the timeline of comments
from the US Environmental Protection Agency ("EPA") and incorrectly
stated that the supplemental draft Environmental Impact Statement
("EIS") had been delayed while PolyMet collected additional
groundwater sampling data.
On the evening of February 10, 2012 the Star Tribune published
an on-line revised version of the article, including a
clarification that the EPA comments were received by state
regulators on September 1, 2011. The revised article did not
address the fact that gathering additional groundwater sampling
data has not contributed to delays in completion of the
supplemental draft EIS. The clarification has not appeared in
print.
The Facts
In September 2011, the EPA evaluated the software package being
used for environmental modeling. As part of that evaluation, the
EPA stated that it "...is pleased that (PolyMet) and the co-lead
agencies are pursuing collection of additional groundwater sampling
data..." (Emphasis added by PolyMet.)
The EPA continued that, in its opinion, "the collection of
additional baseline data is essential to providing relevant input
to the modeling efforts..." The EPA also observed that proper QA/QC
(quality assurance/quality control) procedures needed to be
incorporated into the model.
PolyMet is pleased to report that additional groundwater
sampling is underway and initial results are in line with the
results of previous sampling. Review of all aspects of the
environmental modeling by the co-lead agencies is well advanced,
and co-lead agency review of the QA/QC procedures is nearing
completion. The supplemental draft EIS is being prepared under
protocols agreed by the co-lead agencies, the EPA and others.
It had been the co-lead agencies' intent to incorporate the
results of the additional groundwater sampling into the final EIS.
The current timeline for completion of the supplemental draft EIS
will enable these results to be incorporated into that
document.
Brad Moore, PolyMet's Executive Vice President of Environmental
and Governmental Affairs stated, "We are very pleased with the way
that the co-lead Agencies and the EPA are working closely together
and addressing issues as they occur."
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, 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, 2011 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
year ended January 31, 2011 for a discussion of some of the risk
factors and other considerations underlying forward-looking
statements. PolyMet's Quarterly Report for the three months ended
April 30, 2011 included a detailed description of the transition to
IFRS.
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 (651) 389-4105dnewby@polymetmining.com PolyMet
Mining Corp. - Media LaTisha Gietzen VP Public, Gov't &
Environmental Affairs +1 (218) 471-2157lgietzen@polymetmining.com
PolyMet Mining Corp. - Investors Crystal Agresti +1 (651)
389-4104cagresti@polymetmining.com PolyMet Mining Corp. - Investors
Alex Macdougall +1 (226) 663-3000macdougall_consult@yahoo.com
www.polymetmining.com
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