PolyMet Completes Final Drilling Campaign on NorthMet Deposit
Friday January 27, 9:30 am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 27, 2006--PolyMet Mining Corp. ("PolyMet") (TSX VENTURE:POM - News; OTCBB:POMGF - News) is pleased to report that it has completed the diamond drill program on its NorthMet Project. This completes resource definition drilling which will be incorporated in PolyMet's soon to be completed feasibility study. NorthMet is a large, polymetallic deposit adjacent to the historic Mesabi Iron Range near the city of Babbitt in northeastern Minnesota.
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The purpose of the recently completed drilling campaign was to complete "in-fill" drilling to take the NorthMet resource definition to feasibility study levels of confidence. The drilling campaign was also designed to improve geological understanding of the deposit and to provide geotechnical data for pit slope design.
"The final drilling program was an unqualified success that will add a higher level of definition to our already large NorthMet resource database. Assays are now being compiled and analyzed and this information will become an integral part of our final project feasibility study," said William Murray, President and Chief Executive Officer.
"PolyMet will essentially have completed its Definitive Feasibility Study (DFS) into technical and commercial viability of the NorthMet Project by mid-2006. Data derived from this program will be used in the Environmental Impact Statement (EIS), as well as for on going design work by Bateman Engineering," Murray said.
PolyMet retained local drilling company, IDEA International of Virginia, Minnesota for the recent 95,000 feet in-fill diamond drilling. The effort was closely supervised by PolyMet in collaboration with resource consultant Hellman and Schofield resulting in an efficient and cost-effective drilling campaign, despite adverse weather and often difficult site access.
PolyMet targeted low strip ratio areas of the eastern and central parts of the 4000-acre deposit that would be mined during the first ten years of commercial production.
"Assay results returned to date confirm the grade values in surrounding holes, as well as values within the resource block model," said Richard Patelke, PolyMet's Project Geologist, a NI 43-101 Qualified Person regarding NorthMet geology.
"Core logging, cutting and sampling will be completed by mid-February 2006," Patelke said.
Total drilling to date on the NorthMet deposit exceeds 261,000 feet providing more than 30,000 samples.
PolyMet is rapidly advancing development of Minnesota's first major non-ferrous mining enterprise through its recent acquisition of a former taconite processing plant near the NorthMet deposit. The deposit contains copper, nickel, cobalt, platinum, palladium and gold.
PolyMet Mining Corp. (www.polymetmining.com) is a publicly-traded mine development company that is seeking environmental and operating permits to commercially develop the NorthMet Project by mid-2008.
POLYMET MINING CORP.
William Murray, President and CEO
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
The TSX Venture Exchange has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release. |
