POLYMET MINING CORP.
TSX VENTURE : POM
OTC Bulletin Board : POMGF

POLYMET MINING CORP.

May 12, 2006 15:46 ET

PolyMet Announces Exercise of 9.7 Million Warrants

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 12, 2006) - PolyMet Mining Corp. (TSX VENTURE:POM)(OTCBB:POMGF) ("PolyMet") announced today that approximately 9.7 million warrants have been exercised at between C$1.25 and C$2.00 per share in response to the Company's decision to trigger the early exercise announced on April 10, 2006. There are no remaining warrants.

As a result, the Company has approximately 115 million shares in issue, 124 million shares fully diluted, and has cash of approximately US$20 million.

POLYMET MINING CORP.

William Murray, President

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 responsibility for the adequacy or accuracy of this release.

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