Message #11 From:
Stock News Bot Date: December 21, 2006 07:55:00 AM
PLM News Standard & Poor's Initiates Factual Stock Report Coverage on PolyMet Mining Corporation
NEW YORK--(BUSINESS WIRE)--Standard & Poor’s announced today that it
has commenced Factual Stock Report coverage on PolyMet Mining Corp.
PolyMet Mining Corp. (ASE:PLM) engages in the exploration and
development of natural resource properties. The company's primary
mineral property is the NorthMet Project, a polymetallic project in
northeastern Minnesota. The NorthMet Project is located immediately
south of the Mesabi Iron Range. Its land position covers a total of
10,560 acres, or 16.5 square miles, comprising two areas: the NorthMet
mine and PLM's Erie plant site. The property is located in St. Louis
County in the Mesabi Range District approximately 60 miles north of
Duluth, MN.
The company was incorporated in 1981 under the name Fleck Resources,
Ltd. and changed its name to PolyMet Mining Corp. in 1998. PLM has two
wholly owned subsidiaries: Fleck Minerals Inc., incorporated in Ontario,
Canada, and Poly Met Mining Inc., incorporated in Minnesota.
Pursuant to an agreement, the company leases certain lands in covering
4,162 acres, or 6.5 square miles, located in St. Louis County, MN, known
as the NorthMet Project from RGGS Land & Minerals Ltd., L.P. During FY
05 (Jan.), U.S. Steel assigned the lease to RGGS Land & Minerals Ltd.,
L.P. The term of the renewable lease is 20 years.
In 2004, PLM obtained an option to acquire certain property, plant, and
equipment from Cleveland-Cliffs, Inc. (Cliffs) of Cleveland, OH, located
near its NorthMet Project. In November 2005, the company exercised its
option to acquire 100% ownership the portions of the former LTV Steel
Mining Company ore processing plant in northeastern Minnesota. The
property, plant, and equipment assets that the company owns include
land, crushing, milling, and flotation capacity, complete spare parts,
plant site buildings, real estate, tailings impoundments and mine work
shops, as well as access to mining infrastructure. In September 2006 PLM
reached agreement with Cliffs to acquire additional land and
infrastructure.
In September 2006, PLM also announced that it had received the results
of its Definitive Feasibility Study (DFS) that confirmed the technical
and economic viability of the project. PolyMet has, for the first time,
established proven and probable reserve. The DFS also established proven
and probable reserves of 181.7 million tons grading 0.31% copper, 0.09%
nickel, and 0.01 opt of precious metals. These reserves, which represent
only 43% of the measured and indicated mineral resources, are based on
copper at $1.25/lb, nickel at $5.60 per pound, and precious metal prices
of $210, $800, and $400 per ounce respectively for palladium, platinum
and gold.
This report will also be accessible on an ongoing basis to the
investment community ---- scores of buy-side institutions and sell-side
firms that utilize S&P research and information platforms daily.
Millions of self-directed investors also have access to the report via
their e-brokerage accounts.
About Standard & Poor's Factual Stock Reports
This Standard & Poor’s service provides
factual research coverage enabling information about PolyMet Mining Corp
and other securities to reach a wide investor audience of Buy and
Sell-side investors, helping them understand a company’s
fundamentals and business prospects. Currently profiling over 1,000
issuers, S&P Factual Stock Reports increase market awareness for issuers
in the investment community with insightful commentary and key
statistics/information. Updated weekly with the latest pricing, trading
volume, and other data, the reports include recent developments, a
financial review, key operating information, Industry and peer
comparisons, institutional holdings analysis, Street Consensus and
opinions, performance charts, business summary, fundamental data, and
news. Because coverage of these reports is sponsored by the issuer, S&P
does not offer investment opinions concerning the advisability of
investing in these stocks.
Standard & Poor’s Factual Stock Reports
are produced separately from any other analytic activity of Standard &
Poor’s. Standard & Poor’s
Factual Report research has no access to non-public information received
by other units of Standard & Poor’s.
Standard & Poor’s does not trade on its
own account.
Note:All U.S. and Canadian Companies listed on a National
Exchange (not covered by S&P’s STARS
research) are eligible to obtain this coverage.
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