PolyMet Announces Board Reorganization
Hoyt Lakes, Minnesota, December 31, 2010 – PolyMet Mining Corp. (TSX: POM; NYSE AMEX: PLM) (PolyMet or the Company) announced today changes to its Board to take effect today. Mr. William Murray is stepping down as Executive Chairman of the Board, but will continue to serve as an active, non-management director. Separately, Mr. George Molyviatis is resigning from the Board for personal reasons. Mr. Murray was appointed President and CEO in March 2003, and was appointed Executive Chairman in February 2008. Mr. Molyviatis has been an independent director since March 2003.
Messrs. Ian Forrest and Frank Sims will become independent co-Chairmen. Mr. Forrest was independent Chairman of the Company from 2004 to February 2008 and has been the Company’s lead independent director since then. He is a businessman with extensive experience in the mining and oil and gas industries, a chartered accountant, and serves as Chair of the Company’s Audit committee. Mr. Sims, appointed to the Board in February 2008, recently retired as a Corporate Vice President with Minnesota based Cargill, Incorporated where he was involved with Transportation, Logistics and Risk Management. Mr. Sims is a past Chairman of the Minneapolis Federal Reserve Bank. He serves as Chair of PolyMet’s Corporate Governance committee.
Mr. Forrest said, “I would like to thank William Murray for his contribution and leadership during the past eight years, a period during which PolyMet has been transformed from an exploration company into an advance-stage development company. During his tenure, PolyMet acquired the Erie Plant, completed the Definitive Feasibility Study, forged the relationship with Glencore, has advanced to the late stages of environmental review, and has built a strong local management team.
“The Company welcomes Mr. Murray’s continued advice and guidance as a member of the board as we complete the permitting process and move toward production. I would also like to thank George Molyviatis for his many years of commitment to the project, and regret that personal circumstances require him to step off the Board.”
Mr. Murray commented, “When Ian Forrest and I negotiated the acquisition of the Erie Plant facilities in 2003, that asset, together with the well defined NorthMet mining project, made PolyMet the most complete project I have encountered. By virtue of having this infrastructure in place we will be able to start this large project with relatively low capital costs compared to our peers. In addition, the team has advanced engineering about as far as it can pending receipt of permits, while minimizing technical risk and incorporating substantial environmental safeguards. None of this could have been achieved without the contributions of a talented and dedicated team of employees, broad community and government support, and the guidance of our board of directors. I look forward to continuing to work with these groups as a director of the Company.”
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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 half million hours of construction labor and create 400 long-term jobs, a level of activity that will have a significant multiplier effect in the local economy.
POLYMET MINING CORP.
Per: Joe Scipioni
Joe Scipioni, President
For further information, please contact:
Douglas Newby LaTisha Gietzen
Chief Financial Officer
Tel: +1 (212) 867-1834
VP Public, Gov’t & Environmental Affairs
Tel: +1 (218) 225-4417
Tel: +1 (845) 742-8153
Tel: +1 (226) 663-3000
This news release contains certain forward-looking statements within the meaning of applicable securities laws. 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 applying to the applicable securities regulatory authorities for a management cease trade order, the expected time for filing the Companys Required Documents and the imposition of a cease trade order by applicable securities regulatory authorities. 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. PolyMet’s 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.
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