May 31 2013
PolyMet Mining Corp. (“PolyMet” or the “Company”) is pleased to report very positive community response to its open house as well as continued progress on both the environmental review and the previously announced Rights Offering.
PolyMet controls 100% of the NorthMet copper-nickel-platinum group metals project, which comprises the NorthMet ore body and the Erie Plant, located in the established mining district of the Mesabi Iron Range in northeastern Minnesota.
Community Relations
More than 1,000 people attended the PolyMet open house at the Arena in Hoyt Lakes, MN on May 29, 2013. Booths described the environmental review and permitting process, mining and processing, plans to protect the environment, technology to monitor and maintain air and water quality, as well as job opportunities and the economic benefit of the project.
PolyMet staff gave presentations on job training, construction needs, investor relations, and also addressed general questions about nonferrous mining. More than 400 visitors toured the project site including the Erie Plant facility, about six miles north of Hoyt Lakes.
St. Louis County Commissioner Mike Forsman, one of several elected officials in attendance, said, “The event was great. I like that PolyMet was really educating people on each aspect of the project, whether water controls or economic benefits. Minnesota has the toughest environmental standards and PolyMet can prove that they’ll meet every single one of them.”
“Person after person came up to me to say how excited they are that we’re bringing the Erie Plant back to life,” said PolyMet President and CEO Jon Cherry. “They want to see people get long-term, well-paid jobs and they understand that we will be able to operate safely and also protect the environment. I really appreciate the local community’s enthusiastic support and deep interest. This was a great day.”
Environmental Review
On May 13, 2013 PolyMet reported that ERM, the independent EIS Contractor, had completed drafting the NorthMet preliminary supplemental draft Environmental Impact Statement (“EIS”).
The Company has subsequently been notified that the Co-Lead Agencies (the Minnesota Department of Natural Resources, the US Army Corps of Engineers, and the US Forest Service) have completed their review and have released the preliminary supplemental draft EIS to the Cooperating Agencies (the U.S. Environmental Protection Agency and the Bois Forte, Fond du Lac, and Grand Portage Tribal Governments).
Once the Cooperating Agencies have completed their review, the NorthMet supplemental draft EIS will be published for public review, expected later this summer.
Congressman Rick Nolan, who represents Minnesota District 8, which includes the NorthMet Project, met with EPA Region V Administrator Dr. Susan Hedman on May 29th to discuss many important issues for northern Minnesota including PolyMet. Congressman Nolan indicated in a separate release that “In meetings with both PolyMet and the EPA, it’s clear that all parties are confident that the process is moving forward in a timely manner, and that PolyMet has been cooperative in agreeing to virtually all that has been asked of them. We have reason to feel confident that the process will produce positive results for the region,”. The entire release from Congressman Nolan can be found on his website at http://nolan.house.gov.
Rights Offering
The NYSE MKT has informed the Company that the Rights to be issued in the previously announced Rights Offering were listed for trading today, May 30, 2013, ticker PLM.R.
The Rights will be listed for trading on the TSX on May 31, 2013, ticker POM.RT.
The Rights Offering will commence with mailing of Rights certificates to all shareholders of Record on June 4, 2013. Every shareholder will receive one Right for every share owned. Two Rights enable the holder to purchase one new PolyMet common share at US$0.66 at any time until July 3, 2013.
PolyMet common stock will start trading “ex-Rights” on both the TSX and NYSE MKT on Friday, May 31, 2013.
Mr. Cherry added, “Completion of the $60.5 million Rights Offering will mean that PolyMet is well financed to complete the environmental review process, obtain permits needed to build and operate the NorthMet Project, and prepare for rapid construction once we have the permits.”