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Gold/Mining/Energy : ARIMETCO INT'L (ARX ON TSE) -- Ignore unavailable to you. Want to Upgrade?

To: elcasmirb who wrote (72)	2/9/1999 6:56:00 PM
From: kidl	Read Replies (1) \| Respond to of 80

Not sure if this makes any difference but here it is: Polymet to continue to acquire Arimetco leases Polymet Mining Corp POM Shares issued 15,293,395 Feb 8 close $2.25 Tue 9 Feb 99 News Release Mr. Donald Gentry reports The United States Bankruptcy Court for the District of Arizona has denied a motion by Arimetco Inc. seeking approval of PolyMet's acquisition of Arimetco's entire interest in four Minnesota metallic minerals leases. PolyMet intends to support continued efforts to complete the acquisition. The leases encompass approximately 3,344 total acres and cover a portion of the Babbitt polymetallic mineral deposit approximately six miles southwest of Babbitt, Minn. The most western lease is adjacent to PolyMet's NorthMet project (formerly known as the Dunka Road project). The leases are part of Arimetco's Chapter 11 bankruptcy estate. PolyMet was to acquire Arimetco's interest in the leases for certain cash instalment payments over 10 years and PolyMet's agreement to cure certain arrears under the leases created by Arimetco. The transaction was subject, among other things, to Arimetco's receipt of an order from the bankruptcy court approving the sale. Arimetco has 10 days from the Feb. 5, 1999 decision to appeal or to file a motion for reconsideration. PolyMet has been advised by Arimetco that Arimetco intends to file a new motion requesting approval of the transaction prior to the deadline, and PolyMet will support the motion. PolyMet wishes to emphasize that this recent court decision in no way impacts the planned timely development of its NorthMet project in Northern Minnesota. © Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com