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WG: POLYMET UPDATES STATUS OF ENVIRONMENTAL REVIEW
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Februar 2012 14:41
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Betreff: PolyMet Updates Status of Environmental Review
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PolyMet Mining Corp.
TSX:
POM
NYSE Amex:
PLM
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February 1, 2012
PolyMet Updates Status of Environmental Review
ST.
PAUL, MINNESOTA--(Marketwire - Feb.
1, 2012) - PolyMet Mining Corp.
(TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the "Company") today reported
continued progress toward completion of 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 ("DNR") and the U.S.
Army
Corps of Engineers ("USACE") published a draft Environmental Impact
Statement ("EIS") on the project in November 2009.
Since then, several
critical tasks have been completed, including:
-- Evaluation of all comments on the draft EIS, including extensive
comments by the US Environmental Protection Agency ("EPA")
-- Incorporation of the proposed land exchange with the US Forest Service
("USFS") into the project EIS process, with the USFS joining the DNR and
USACE as a Co-Lead Agency.
-- EPA participation in the review process as a Cooperating Agency
-- Changes to the project to reduce its impact on the environment and
enhance the economics
A supplemental draft EIS ("SDEIS") will describe in detail the project that
PolyMet plans to build, analyze the environmental impacts, and demonstrate
that the project complies with all current, relevant state and federal
environmental standards.
"The agencies are guiding an extremely rigorous environmental review
process, and we are committed to working with them to provide the hard data
they need to make decisions both for the EIS and for subsequent permitting,"
said Brad Moore, PolyMets Executive Vice President of Governmental and
Environmental Affairs.
Mr.
Moore continued, "We believe the level of detailed engineering being
incorporated into the SDEIS will provide a clear and thorough analysis of
the project and its potential impact on the environment, as well as
supporting completion of project permitting."
EIS Status Update
ERM, the Lead Agencies environmental consultant, has completed a
significant amount of work on the SDEIS, which will comprise nine chapters.
The first four chapters, comprising over 400 pages and including more than
100 figures, have been drafted and are being reviewed by the Lead Agencies.
Other important milestones already achieved include:
-- Approval of air emission estimates.
-- Approval of cumulative visibility, acid deposition, and fiber impact
evaluation reports.
-- Completion of geotechnical stability modeling with results now under
review.
-- Completion of direct wetland impact evaluation and wetland mitigation
plans, which are now under review.
-- Completion of hazardous materials assessment; threatened, endangered and
sensitive species analysis; assessments of wildlife and heritage
resources; and wetland/floodplain analysis reports for the lands
involved in the land exchange, which have been delivered to the USFS for
review.
-- Delivery by PolyMet of updated project documents including the detailed
project description, mine plan, reclamation and waste disposal plans,
and extensive data packages.
As SDEIS preparation moves into the final stages, the Lead Agencies have
completed a detailed assessment of tasks outstanding and the timeline.
The
key task is completion of detailed environmental modeling, including quality
assurance plans as well as generation, verification, review, and
documentation of modeling data.
The Lead Agencies expect that all aspects of modeling will be completed in
the spring of 2012, with the preliminary SDEIS available for review by the
Cooperating Agencies during the summer, and public review and comment in the
fall of 2012.
Frank Sims, Co-Chairman of the Board of PolyMet observed, "Completion of the
environmental review is a complex process.
While the timeline has been
challenging, we are encouraged by the commitment of the Agencies to produce
a strong EIS and have growing confidence about the path to completion."
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 PolyMets 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.
PolyMets 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 managements beliefs,
expectations and opinions should change.
Specific reference is made to PolyMets 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.
PolyMets 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.
CONTACT INFORMATION:
PolyMet Mining Corp.
- Corporate
Douglas Newby
Chief Financial Officer
+1 (651) 389-4105
or
PolyMet Mining Corp.
- Media
LaTisha Gietzen
VP Public, Govt & Environmental Affairs
+1 (218) 471-2157
or
PolyMet Mining Corp.
- Investors
Crystal Agresti
+1 (651) 389-4104
or
PolyMet Mining Corp.
- Investors
Alex Macdougall
+1 (226) 663-3000
www.polymetmining.com
INDUSTRY: Manufacturing and Production - Mining and Metals
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