Polymet Mining Corp (PLM)

[tdbowieknife]

Polymet clarification

PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the "Company") today clarified the status of the environmental review of its NorthMet project following a misleading newspaper report on Friday. 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.

On February 10, 2012, the Minneapolis Star Tribune published an article about the schedule for completion of the PolyMet environmental review that misrepresented the timeline of comments from the US Environmental Protection Agency ("EPA") and incorrectly stated that the supplemental draft Environmental Impact Statement ("EIS") had been delayed while PolyMet collected additional groundwater sampling data.

On the evening of February 10, 2012 the Star Tribune published an on-line revised version of the article, including a clarification that the EPA comments were received by state regulators on September 1, 2011. The revised article did not address the fact that gathering additional groundwater sampling data has not contributed to delays in completion of the supplemental draft EIS. The clarification has not appeared in print.

The Facts

In September 2011, the EPA evaluated the software package being used for environmental modeling. As part of that evaluation, the EPA stated that it "...is pleased that (PolyMet) and the co-lead agencies are pursuing collection of additional groundwater sampling data..." (Emphasis added by PolyMet.)

The EPA continued that, in its opinion, "the collection of additional baseline data is essential to providing relevant input to the modeling efforts..." The EPA also observed that proper QA/QC (quality assurance/quality control) procedures needed to be incorporated into the model.

PolyMet is pleased to report that additional groundwater sampling is underway and initial results are in line with the results of previous sampling. Review of all aspects of the environmental modeling by the co-lead agencies is well advanced, and co-lead agency review of the QA/QC procedures is nearing completion. The supplemental draft EIS is being prepared under protocols agreed by the co-lead agencies, the EPA and others.

It had been the co-lead agencies' intent to incorporate the results of the additional groundwater sampling into the final EIS. The current timeline for completion of the supplemental draft EIS will enable these results to be incorporated into that document.

Brad Moore, PolyMet's Executive Vice President of Environmental and Governmental Affairs stated, "We are very pleased with the way that the co-lead Agencies and the EPA are working closely together and addressing issues as they occur."

http://ih.advfn.com/p.php?pid=nmona&article=51157270&symbol=PLM