OTC Bulletin Board : POMGF


October 14, 2005 16:09 ET

Exchange Approves PolyMet Asset Acquisition

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 14, 2005) - PolyMet Mining Corp. ("PolyMet") (TSX VENTURE:POM)(OTCBB:POMGF) is pleased to announce further to the Company's news release on September 14, 2005, it has received approval from the TSX Venture Exchange on terms for the early exercise of PolyMet's option to acquire 100% ownership of large portions of the former LTV Steel Mining Company ore processing plant in northeastern Minnesota from Cliffs Erie, LLC ("Cliffs"), a subsidiary of Cleveland Cliffs, Inc. (NYSE:CLF).

The previously announced asset acquisition agreement provides that PolyMet will pay Cleveland Cliffs, Inc. a total of U.S. $8 million through a combination of cash of US$3,400,000 and the issuance of 6,200,547 common shares of PolyMet. PolyMet will also assume from Cliffs, certain ongoing site-related environmental and reclamation obligations.

Upon closing of the asset sale, Cliffs will hold 7.2 million common shares in the capital of PolyMet, representing approximately 8% of the issued shares in PolyMet Mining Corp. based on the currently outstanding 84.4 million shares. Cliffs will have the right to participate on a pro-rata basis in future cash equity financings.

PolyMet Mining Corp. (www.polymetmining.com) is a publicly-traded Canadian mine development company whose principal asset is the NorthMet polymetallic deposit in northeastern Minnesota. NorthMet is considered one of the world's largest undeveloped non-ferrous resources containing copper, nickel, cobalt, platinum group metals and gold.


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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