Polymet Mining Corp (PLM)

[Paullee]

U.S. Forest Service Issues Final Record of Decision Authorizing PolyMet Land Exchange


Business WireJanuary 9, 2017






ST. PAUL, Minn.--(BUSINESS WIRE)--
PolyMet Mining Corp. (“PolyMet” or the “Company”) TSX: POM; NYSE MKT: PLM – today reports that the U.S. Forest Service issued its Final Record of Decision authorizing the land exchange for PolyMet’s NorthMet copper-nickel-precious metals project located in the established Mesabi Iron Range mining district in northeastern Minnesota.
PolyMet is receiving approximately 6,650 acres of surface land above and around the NorthMet ore body. Upon completion of title transfer, PolyMet’s total contiguous surface rights will be approximately 19,000 acres (30 square miles) including the existing Erie Plant, tailings basin, areas to the north, east and west of the tailings basin, the transportation corridor between the mine site and the plant, as well as land above and surrounding the ore body.
“The Forest Service decision further validates both the Final Environmental Impact Statement and the comprehensive process supporting this Final Record of Decision. This is an incredibly important milestone for PolyMet as we consolidate the surface land and mineral ownership in and around the NorthMet ore body and Erie Plant site,” said Jon Cherry, president and CEO.
In exchange, PolyMet will transfer to the Forest Service four parcels of land totaling 6,690 acres currently owned or controlled by PolyMet. The Forest Service cites several benefits of the exchange, including:
There is a 40-acre overall increase in the National Forest lands, a 505-acre increase in wetlands under federal ownership, and a 94-acre increase in public lakes with water frontage available for public and tribal use
Lands that have no public overland access and are adjacent to existing ferrous mining areas are being exchanged for lands with public access located within the Superior National Forest
Cost savings from a 33-mile reduction in boundaries and elimination of two easements currently managed by the Forest Service
A more detailed description of the exchange lands can be found at: http://www.polymetmining.com/northmet-project/land-exchange/.
“We are pleased that this land exchange will benefit the Superior National Forest and enhance public use of these lands for recreational activities as well as benefitting PolyMet. This is truly a win-win solution where all parties benefit,” Cherry said.
“We acknowledge our technical and legal advisors and the PolyMet team for their professionalism, diligence and hard work in achieving this significant milestone and their continued work on the permits,” Cherry added. “We also thank our local communities, our political representatives, the business and labor communities, and PolyMet’s shareholders for their continued support and encouragement. The Iron Range has a rich mining heritage and we are very honored to be part of the next chapter of mining in Minnesota.”