PolyMet Acquires Control of Wetlands
February 29 2012 - 8:30AM
Marketwired
PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the
"Company") today announced that, through its wholly owned US
subsidiary, it has acquired control of land that it plans to
restore to wetlands. 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.
PolyMet has entered into an agreement with AG for Waterfowl, LLP
("AG") whereby PolyMet will pay AG US$2.0 million cash and issue
2,788,902 of its common shares and a warrant to purchase 1,083,333
of its common shares at US$1.50 per share at any time until
December 31, 2015 in exchange for a mortgage over land currently in
agricultural use that AG will restore to wetlands.
The transaction will close upon approval by appropriate
securities regulatory authorities, which is anticipated in early
March.
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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