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Gold/Mining/Energy : ARIMETCO INT'L (ARX ON TSE)

ARX 16.36

-0.2%

10:17 AM EST

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To: elcasmirb who wrote (78)	4/27/1999 10:50:00 AM
From: kidl	Read Replies (1) of 80

PolyMet to not contest U.S. Bankruptcy Court's decision on Minnesota leases PolyMet Mining Corp POM Shares issued 16,443,395 Apr 26 close $1.76 Mon 26 Apr 99 News Release Mr. Donald Gentry reports PolyMet Mining has determined that an appeal of the Bankruptcy Court's decision is not in the best interest of the company's shareholders. On April 20, 1999, the U.S. Bankruptcy Court for the District of Arizona denied Arimetco's second motion for an order authorizing the assignment of its four State of Minnesota metallic minerals leases to PolyMet. The decision and its timing are fortuitous for PolyMet. Had PolyMet taken assignment of the leases, the company would have assumed the past unfulfilled and future obligations of Arimetco and acquisition cost amounting to some $6-million. Because of the current state of the equities markets, management elected not to request that Arimetco appeal the decision. Instead, PolyMet will focus all of its financial and management resources on the aggressive program slated for the NorthMet project in 1999. No funds will be diverted from NorthMet at this critical time, and work at NorthMet will progress according to plan. The principal Arimetco state lease requires the lessee to obtain a qualified partner (a major company) by June 28, 1999. Both Arimetco and PolyMet argued that the qualified partner requirement was unrealistic and that the deadline should be extended. The state was unwilling to compromise on the qualified partner requirement and the court was unwilling to extend the deadline. As there were no other bidders for these leases in the Bankruptcy Court, the state is left with a bankrupt lessee. Because of the proximity of NorthMet to the Arimetco leases and PolyMet's good metallurgical progress to date, PolyMet will monitor the status of these lands and be prepared to react should those leases be offered for competitive bid in the future. © Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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