PolyMet Reports Progress on Environmental Review
May 23 2012 - 8:32AM
Marketwired
PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the
"Company") today reported continued progress on the environmental
review of its NorthMet project. 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.
The Minnesota Department of Natural Resources (MDNR), US Forest
Service (USFS), and US Army Corps of Engineers (USACE) are the
"Lead Agencies" responsible for producing a supplemental draft
Environmental Impact Statement ("EIS") that clearly describes the
project and its potential impacts, and provides the basis for
permitting decisions.
PolyMet has been working with the Lead Agencies to complete a
complex set of environmental models that predict water, air and
wetland impacts both during and after operation of the mine. These
models will be used to finalize engineering refinements necessary
to ensure the project will meet all state and federal environmental
standards.
The process to complete the environmental review is:
-- complete rigorous Lead Agency review and quality assurance/quality
control process for the environmental models
-- incorporate engineering refinements into the models to show that the
project will meet all relevant state and federal standards, including
the wild rice sulfate standards
-- incorporate comments from the Cooperating Agencies including the US
Environmental Protection Agency (EPA) into the supplemental draft EIS
which will be released for public review and comment
-- prepare and release the final EIS, which must be done before permitting
decisions can be made.
The project will incorporate many enhancements since the
original draft EIS was published in November 2009, which will
address environmental concerns raised by the EPA and others.
The long-term success of the NorthMet project depends on
completing a thorough environmental review and publishing a
supplemental draft EIS that clearly demonstrates that the project
meets all state and federal standards.
The Lead Agencies are updating the schedule for completion of
the NorthMet EIS and provisionally expect to publish the
supplemental draft EIS in the first quarter of 2013, with a
preliminary supplemental draft EIS available for review by the
Cooperating Agencies two-to-three months before that. The revised
schedule will be finalized in the next several weeks. PolyMet
intends to report achievement of interim milestones leading up to
the publication of the supplemental EIS.
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, 2012 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, 2012 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. - 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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