U.S. Forest Service Issues Final Record of Decision Authorizing PolyMet Land Exchange
January 09 2017 - 11:18AM
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.”
About PolyMetPolyMet Mining Corp. (www.polymetmining.com)
is a publicly-traded mine development company that owns 100 percent
of Poly Met Mining, Inc., a Minnesota corporation that controls 100
percent of the NorthMet copper-nickel-precious metals ore body
through a long-term lease and owns 100 percent of the Erie Plant, a
large processing facility located approximately six miles from the
ore body in the established mining district of the Mesabi Iron
Range in northeastern Minnesota. Poly Met Mining, Inc. has
completed its Definitive Feasibility Study. The NorthMet Final EIS
was published in November 2015, preparing the way for decisions on
permit applications. NorthMet is expected to require approximately
two million hours of construction labor, creating approximately 360
long-term jobs, a level of activity that will have a significant
multiplier effect in the local economy.
PolyMet DisclosuresThis news release contains certain
forward-looking statements concerning anticipated developments in
PolyMet’s operations in the future. 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 the ability to receive environmental
and operating permits, job creation, and the effect on the local
economy, or other statements that are not a statement of fact.
Forward-looking statements address future events and conditions and
therefore involve inherent known and unknown 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 management’s
beliefs, expectations and opinions should change.
Specific reference is made to PolyMet’s most recent Annual
Report on Form 20-F for the fiscal year ended January 31, 2016 and
in our other filings with Canadian securities authorities and the
U.S. Securities and Exchange Commission, including our Report on
Form 6-K providing information with respect to our operations for
the three and nine months ended October 31, 2016, for a discussion
of some of the risk factors and other considerations underlying
forward-looking statements.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
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PolyMet Mining Corp.MediaBruce Richardson, +1
651-389-4111Corporate
Communicationsbrichardson@polymetmining.comorInvestor
RelationsJenny Knudson, +1 651-389-4110Investor
Relationsjknudson@polymetmining.com
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