Polymet Mining Corp (PLM)

[Robert H]

PolyMet Acquires Control of Wetlands

Wednesday, February 29 2012

St Paul, Minnesota, February 29, 2012 - PolyMet Mining Corp. (TSX: POM; NYSE-A:PLM) ("PolyMet" or the "Company") today announced that, through its wholly owned US subsidiary, it has acquired control of land that it plans to restore to wetlands.

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.

PolyMet has entered into an agreement with AG for Waterfowl, LLP ("AG") whereby PolyMet will pay AG US$2.0 million cash and issue 2,788,902 of its common shares and a warrant to purchase 1,083,333 of its common shares at US$1.50 per share at any time until December 31, 2015 in exchange for a mortgage over land currently in agricultural use that AG will restore to wetlands.

The transaction will close upon approval by appropriate securities regulatory authorities, which is anticipated in early March.