ST. PAUL, MINNESOTA–(Marketwired – June 15, 2016) – PolyMet Mining Corp. (TSX:POM)(NYSE MKT:PLM) – today reported that it has filed its financial results for the three months ended April 30, 2016. PolyMet controls 100 percent 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.
The financial statements have been filed at www.polymetmining.com and on SEDAR and EDGAR and have been prepared in accordance with International Financial Reporting Standards. All amounts are in U.S. funds. Copies can be obtained free of charge by contacting the Corporate Secretary at First Canadian Place, 100 King Street West, Suite 5700, Toronto, Ontario M5X 1C7 or by e-mail at firstname.lastname@example.org.
“Since completion of the state’s adequacy determination on the NorthMet Final Environmental Impact Statement in March, PolyMet is transforming from the extensive environmental review process into completion of permitting, financing, construction and operation of the Project,” stated PolyMet president and CEO Jon Cherry.
“We are working diligently to prepare permit applications to ensure that they include additional information beyond what is required in the Final EIS and are complete, accurate and consistent with the Final EIS. We plan to submit these permit applications in the coming weeks,” Cherry concluded.
Highlights of Fiscal 2017 to-date
The DNR laid out the process for the permit to mine, comprising: pre-application consultation; submission of formal applications that will be posted on the project website (http://polymet.mn.gov); formal regulatory review; publication of draft permit with an opportunity for public comment; and issuance of permits.
The pre-application consultation is underway and is intended to ensure permit applications are in order to expedite the review process. The DNR stated that the timeline for completion will be better defined once it has received the formal applications.
Goals and Objectives for Remainder of Fiscal 2017
The environmental review and permitting process is managed by the regulatory agencies and, therefore, timelines are not within PolyMet’s control. Given these circumstances, PolyMet’s objectives include:
|(in ‘000 US dollars, except per share amounts)|
|Balance Sheet||April 30, 2016||January 31, 2016|
|Cash & equivalents||$||1,879||$||10,256|
|Working capital (deficit)||(88,939)||2,162|
|Three months ended April 30,|
|General & administrative expense excluding non-cash share-based compensation||$||
|Non-cash share-based compensation||$||
|Finance & Other||$||512||$||363|
|Non-cash loss on disposal of Intangibles||$||–||$||1,852|
|Loss before tax||$||2,352||$||3,558|
|Other Comprehensive (Income)||$||(56)||$||(16)|
|Loss per share||$||0.01||$||0.01|
|Weighted average shares outstanding||277,679,075||276,470,266|
PolyMet 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 operating permits to construct and operate the mine. 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 MINING CORP.
Jon Cherry, CEO
This 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, 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 months ended April 30, 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.