Standard & Poor's Initiates Factual Stock Report Coverage on PolyMet Mining Corporation

NEW YORK--()--Standard & Poors announced today that it has commenced Factual Stock Report coverage on PolyMet Mining Corp.

PolyMet Mining Corp. (ASE:PLM) engages in the exploration and development of natural resource properties. The company's primary mineral property is the NorthMet Project, a polymetallic project in northeastern Minnesota. The NorthMet Project is located immediately south of the Mesabi Iron Range. Its land position covers a total of 10,560 acres, or 16.5 square miles, comprising two areas: the NorthMet mine and PLM's Erie plant site. The property is located in St. Louis County in the Mesabi Range District approximately 60 miles north of Duluth, MN.

The company was incorporated in 1981 under the name Fleck Resources, Ltd. and changed its name to PolyMet Mining Corp. in 1998. PLM has two wholly owned subsidiaries: Fleck Minerals Inc., incorporated in Ontario, Canada, and Poly Met Mining Inc., incorporated in Minnesota.

Pursuant to an agreement, the company leases certain lands in covering 4,162 acres, or 6.5 square miles, located in St. Louis County, MN, known as the NorthMet Project from RGGS Land & Minerals Ltd., L.P. During FY 05 (Jan.), U.S. Steel assigned the lease to RGGS Land & Minerals Ltd., L.P. The term of the renewable lease is 20 years.

In 2004, PLM obtained an option to acquire certain property, plant, and equipment from Cleveland-Cliffs, Inc. (Cliffs) of Cleveland, OH, located near its NorthMet Project. In November 2005, the company exercised its option to acquire 100% ownership the portions of the former LTV Steel Mining Company ore processing plant in northeastern Minnesota. The property, plant, and equipment assets that the company owns include land, crushing, milling, and flotation capacity, complete spare parts, plant site buildings, real estate, tailings impoundments and mine work shops, as well as access to mining infrastructure. In September 2006 PLM reached agreement with Cliffs to acquire additional land and infrastructure.

In September 2006, PLM also announced that it had received the results of its Definitive Feasibility Study (DFS) that confirmed the technical and economic viability of the project. PolyMet has, for the first time, established proven and probable reserve. The DFS also established proven and probable reserves of 181.7 million tons grading 0.31% copper, 0.09% nickel, and 0.01 opt of precious metals. These reserves, which represent only 43% of the measured and indicated mineral resources, are based on copper at $1.25/lb, nickel at $5.60 per pound, and precious metal prices of $210, $800, and $400 per ounce respectively for palladium, platinum and gold.

This report will also be accessible on an ongoing basis to the investment community ---- scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts.

About Standard & Poor's Factual Stock Reports

This Standard & Poors service provides factual research coverage enabling information about PolyMet Mining Corp and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a companys fundamentals and business prospects. Currently profiling over 1,000 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.

Standard & Poors Factual Stock Reports are produced separately from any other analytic activity of Standard & Poors. Standard & Poors Factual Report research has no access to non-public information received by other units of Standard & Poors. Standard & Poors does not trade on its own account.

Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&Ps STARS research) are eligible to obtain this coverage.

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Contacts

PolyMet Mining Corporation
Douglas Newby, 646-879-5970
dnewby@polymetmining.com
or
Standard & Poor's
Customer:
Maria Cruz, 212-438-3671
maria_cruz@standardandpoors.com
or
Media Relations:
Michael Privitera, 212-438-6679
michael_privitera@standardandpoors.com

Contacts

PolyMet Mining Corporation
Douglas Newby, 646-879-5970
dnewby@polymetmining.com
or
Standard & Poor's
Customer:
Maria Cruz, 212-438-3671
maria_cruz@standardandpoors.com
or
Media Relations:
Michael Privitera, 212-438-6679
michael_privitera@standardandpoors.com