PolyMet Mining Corp. (TSX:POM)(NYSE MKT:PLM) ("PolyMet" or the
"Company") today reported that it has strengthened its
Minnesota-based executive management team. 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.
Jon Cherry has joined the Company as President, Chief Executive
Officer, and a Director. Mr. Cherry has nearly 25 years experience
in the mining industry, mainly within Rio Tinto plc, one of the
world's largest mining companies, where he held positions of
increasing responsibility. Among his achievements at Rio Tinto, he
was General Manager responsible for permitting and initial
development of the Eagle nickel-copper project in Michigan's Upper
Peninsula.
Joe Scipioni stepped down as a Director of the Company and
continues as Chief Operating Officer focused on operational matters
at the NorthMet Project near Hoyt Lakes Minnesota. Mr. Scipioni
joined the Company in 2006 and has more than 35 years experience in
the Minnesota mining industry.
Douglas Newby continues as Chief Financial Officer. Mr. Newby
joined PolyMet in 2005 and has 30 years experience in mine
evaluation and finance, including increasingly senior positions in
investment banking in London and New York, before becoming a
corporate executive.
Brad Moore continues as Executive Vice President - Environmental
and Government Relations. Mr. Moore joined the Company in early
2011. He has 25 years experience in Minnesota regulatory
environment, including serving as Commissioner of the Minnesota
Pollution Control Agency from 2006 to 2008. In addition, Mr. Moore
has more than 17 years of experience at the Minnesota Department of
Natural Resources.
Ryan Vogt CPA, Corporate Controller, joined the Company in April
2012. Mr. Vogt started his career as an audit manager with a Big
Four accounting firm before serving as Assistant Controller of an
electronics service company based in Minneapolis for eight
years.
Jenny Knudson, Vice-President - Investor Relations joined the
Company in July 2012. Ms. Knudson began working for Northwestern
Mutual in 2005 where she received her securities license. Prior to
joining PolyMet, she has spent the last five years with a wealth
management firm in the Minneapolis area.
Following the recent Annual Shareholders' Meeting, the Board
elected Ian Forrest as Chairman. In addition to Mr. Forrest and Mr.
Cherry, the Board comprises six non-management directors: David
Dreisinger, Al Hodnik, William Murray, Stephen Rowland, Frank Sims,
and Michael Sill.
In welcoming Mr. Cherry to PolyMet, Mr. Forrest observed that
the Company is well placed to advance the NorthMet Project.
"I am excited to have joined the PolyMet team," Mr. Cherry said.
"The team is making excellent progress working with State and
Federal regulators. In the coming weeks and months, we expect to
report successful achievement of significant milestones on the path
to completion of the NorthMet environmental review and subsequent
permitting."
He continued, "We have the key members of the team in place to
be able to complete the permitting process and then build and
operate Minnesota's first copper-nickel-precious metals mine. The
continued support of Glencore, our strategic partner, financially,
technically and as marketer of our product is an important part of
the PolyMet project."
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 at the plant site and an additional
three-quarters of a million hours of construction labor preparing
the mine site, creating approximately 360 long-term jobs, a level
of activity that will have a significant multiplier effect in the
local economy.
POLYMET MINING CORP.
Jon Cherry, 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 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, ability to receive environmental and operating permits, job
creation, or other statements that are not a statement of fact.
Forward-looking statements address future events and conditions and
therefore involve inherent known and unknown 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.
In connection with the forward-looking information contained in
this news release, PolyMet has made numerous assumptions,
regarding, among other things: the geological, metallurgical,
engineering, financial and economic advice that PolyMet has
received is reliable, and is based upon practices and methodologies
which are consistent with industry standards. While PolyMet
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and
contingencies.
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
U.S. Securities and Exchange Commission, including our Report on
Form 6-K providing information with respect to our operations for
the three months ended April 30, 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) 225-4417lgietzen@polymetmining.com
PolyMet Mining Corp. - Investors Jenny Knudson VP - Investor
Relations +1 (651) 389-4110jknudson@polymetmining.com PolyMet
Mining Corp. - Investors Alex Macdougall IR Consultant +1 (226)
663-3000amacdougall@polymetmining.com www.polymetmining.com
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