PolyMet Updates EIS Publication Schedule & Warrants To be Extended
Hoyt Lakes, Minnesota, October 1, 2009 – PolyMet Mining Corp. (TSX: POM; NYSE AMEX: PLM) (PolyMet or the Company) reported today that the Minnesota Department of Natural Resources (MDNR) will announce the publication schedule for the draft Environmental Impact Statement that reviews PolyMet’s copper-nickel-precious metals project in northeastern Minnesota by the end of this week.
In separate news, the Company will extend the expiration date of 4,010,000 warrants that were originally issued pursuant to a private placement on April 13, 2007. All of the warrant holders are arms length to the Company.
Under the current terms, each warrant entitles the holder to purchase one share of PolyMet common stock at US$3.00 per share at any time until the sooner of 30 calendar days after publication of the draft Environmental Impact Statement by the State of Minnesota in the states Environmental Quality Board Monitor and October 13, 2009.
Under the modified terms, each warrant holder will be entitled to purchase one share of PolyMet common stock at US$3.00 per share at any time until the sooner of 30 calendar days after publication of the draft Environmental Impact Statement by the State of Minnesota in the states Environmental Quality Board Monitor and December 31, 2009.
The modification is subject to appropriate approvals. The intent was always that the warrants would be able to be exercised after the draft EIS was publicly available and notice of availability had been recorded by the State of Minnesota.
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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 million man hours of construction labor and create at least 400 long-term jobs, a level of activity that will have a significant multiplier effect in the local economy.
POLYMET MINING CORP.
Per: Joe Scipioni
Joe Scipioni, President
For further information, please contact:
Chief Financial Officer VP Public
+1 (646) 879-5970
VP Public, Governmental and Environmental Affairs
+1 (218) 225-4417
KCSA Strategic Communications
+1 (212) 896-1273
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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