World News: 12:30 GMT Friday 21st April 2017. [PolyMet Mining Corp. via Businesswire via SPi World News]
PolyMet Mining Corp. (“PolyMet” or the “Company”) TSX: POM; NYSE MKT: PLM – today reported that it has filed its financial results for the year ended January 31, 2017. 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.
“PolyMet has made significant progress during the past year including the state’s adequacy decision for the NorthMet Final Environmental Impact Statement, submission of formal permit applications that are being reviewed by the state, and issuance of the United States Forest Service’s Final Record of Decision on the land exchange. We also completed a private placement with institutional investors, and we appreciate that Glencore demonstrated its continued support by exercising its right to maintain its pro rata ownership,” said Jon Cherry, president and CEO. “From our perspective, the permit application review process is proceeding well.”
More detail on the status of permit review can be found at: http://polymet.mn.gov/news.html.
HIGHLIGHTS OF FISCAL 2017 AND FISCAL 2018 TO-DATE
GOALS AND OBJECTIVES FOR THE NEXT TWELVE MONTHS
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||January 31, 2017||January 31, 2016|
|Cash & equivalents||$||18,674||$||10,256|
Year ended January 31,
|General & administrative expense||$||6,594||$||5,508|
|Finance & Other||2,635||1,986|
|Disposal of Intangibles||-||1,852|
|Loss before tax:||9,229||9,346|
|Other Comprehensive (Income)||(213||)||(199||)|
|Loss per share||0.03||0.03|
|Weighted average shares outstanding||288,998,010||276,812,978|
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 decisions on permit applications. NorthMet is expected to require approximately two million hours of construction labor, create approximately 360 long-term jobs directly, and generate a level of activity that will have a significant multiplier effect in the local economy.
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, 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 Information Form for the fiscal year ended January 31, 2017 and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission, including the Company’s Form 40-F, for a discussion of some of the risk factors and other considerations underlying forward-looking statements. The Annual Information Form contains the Company’s mineral resource and other data as required under National Instrument 43-101.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Business Wire: 12:30 GMT Friday 21st April 2017
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