PolyMet Receives Minnesota Grant (99-18)
GOLDEN, Colo., June 17 /CNW/ -- PolyMet Mining Corp.
(Vancouver: POM) has learned that Minnesota Technology, Inc., an agency of the
State of Minnesota, has selected PolyMet to receive a grant of $58,000.
Minnesota Technology, Inc. provides grant money to foster projects that will
lead to future job growth in the State. This grant, together with $93,000
from PolyMet, will be used to complete work that is part of the NorthMet
Project pre-feasibility study scheduled for completion in the first quarter of
2000. Minnesota's Natural Resources Research Institute and the Coleraine
Minerals Research Laboratory will participate in four tasks proposed by
PolyMet, as listed below, beginning in July 1999.
1. Analyze approximately 2,000-2,500 previously unassayed samples of
core from holes drilled in the 1970's. This may lead to an
expansion of the ore zones as previously identified and will lead to
a better understanding of metal distribution in the NorthMet
deposit. The work will be done using PolyMet's sampling and
assaying protocol.
2. Take numerous measurements of the specific gravity of ore and waste
rock in order to convert measurements of volume to weight (tonnes).
Once tonnage factors have been determined, they will be used to
calculate reserves, stripping ratios and other parameters associated
with mine planning, equipment selection, etc.
3. Detailed geologic logging of rocks below the ore zones of the
NorthMet deposit in order to characterize the rock types,
mineralogy, alteration, and structure. These data will be used to
support mine planning and environmental permitting.
4. Compile a master computerized database of assay and other pertinent
data. This will facilitate all future work having to do with
reserve calculations, mine and environmental planning.
PolyMet is pleased the State of Minnesota is willing to commit its
financial resources to advancement of the NorthMet Project. There are few
places in the world where governmental agencies are as supportive as is the
State of Minnesota. PolyMet appreciates the State's confidence in the
NorthMet Project confirmed by this support. PolyMet will continue to
demonstrate that such support is justified.
For further information, please contact Leslie Landefeld, Investor
Relations, at the Company headquarters in Golden, Colorado at (877) 233-4831.
You may also visit our web site at www.polymetmining.com.
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