Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : PolyMet Mining Corp POM.V (was Fleck Resources) -- Ignore unavailable to you. Want to Upgrade?

To: Use Solar NRG who wrote (692)	10/20/1999 3:06:00 PM
From: GWalker	Respond to of 708

PolyMet Briefs Minnesota Iron Range Leadership About NorthMet Project GOLDEN, Colo., Oct. 20 /PRNewswire/ -- POLYMET MINING CORP. (Vancouver: POM - news) held a public briefing today in Eveleth, Minnesota, in the heart of the Iron Range, to introduce the Company's proposed precious and base metal mining project to local and state officials and the news media. The public briefing focused on the NorthMet Project, its economic potential and effect on the Iron Range, the environmental aspects of the Project, the metallurgical technology that PolyMet developed and selected for the Project and the schedule for the next two years. ``The NorthMet Project is in the pre-feasibility stage right now, with the pre-feasibility study scheduled to be completed in spring of 2000. If the pre-feasibility study is favorable, PolyMet will likely start the final feasibility study and environmental permitting shortly thereafter,' says Don Gentry, President and Chief Executive Officer. ``PolyMet estimates that a mine and mill at NorthMet would employ about 425-450 people and each PolyMet job would indirectly support another five to seven jobs in the Iron Range. The result would be that up to 3600 jobs would be created in the Iron Range, which has a workforce skilled in mining and related jobs. If a mine were to be built at NorthMet, it would be a capital investment on the order of US$500 million and have a mine life of between 20 and 40 years, depending upon production rates,' Gentry said. ``We think this mine could be operated in an environmentally acceptable and responsible manner,' he said. Environmental studies related to development of the NorthMet Project will focus on surface water, groundwater, wetlands, air quality, wildlife and vegetation. In addition, the chemistry of the rock, that is the coarse rock (overburden), the finely ground rock (tailings) and the walls of the mine, will be evaluated. The previously logged NorthMet property is flanked by two active taconite operations and a private railroad owned by an iron mining company. PolyMet has reclaimed the drill sites from its 1998 drill program, and will continue to reclaim drill sites from its current ore reserve drill program. The NorthMet Project operating as a mine would recycle processing waters, and would ensure that its air and water discharges meet state and federal guidelines. PolyMet has focused on the NorthMet Project since mid-1998. Most recently, PolyMet selected pressure oxidation as the method to be used for recovering metals. This water-based metallurgical process will produce platinum, palladium, gold, copper, nickel and cobalt from bulk concentrates at the mine site. This will increase the value of the products produced in Minnesota by eliminating the need to ship lower value concentrates to an out-of-state smelter. A tenet of PolyMet's vision statement is that the Company will seek to maximize the potential of the NorthMet Project by: operating in a safe and environmentally responsible manner, providing a work environment that attracts, develops and retains dedicated and talented people. PolyMet will strive to achieve superior growth in value for shareholders.