SOURCE: NYMET Holdings

September 16, 2010 09:03 ET

NYMET Expands Operations of New Iron Ore Production Plant

NEW YORK, NY--(Marketwire - September 16, 2010) -  NYMET Holdings, Inc. (PINKSHEETS: NYMH) ("Nymet" or the "Company"), a metals recycling and mining company headquartered in New York and Chicago with representative offices in Montreal, India, and Chile is pleased to announce the completion and opening of our new production plant for the processing of Iron ore.

The new plant located at the mining facility in Chile is the newest achievement for NYMET's management. Previously production capabilities were approximately 1500 metric tons per day; the new infrastructure will add an additional 5000 metric tons per day. The new state of the art plant will enable NYMET to maximize the current permitted export of Iron ore and significant lower production costs.

The plant comes on line in conjunction with the loading process for our first of several contracted shipment to China.

Executive VP and Chief Development officer Edward R Gulmi stated, "The new plant and the production capabilities will enable NYMET to substantially increase the amount of Iron produced and delivered to the port of loading and export."

First Shipment is due to depart this month and plans for the second shipment are underway. NYMET will look to expand and acquire additional assets in the region to expand both production capabilities as well as export capabilities.

About NYMET
NYMET Holdings, Inc.'s mission is to evolve into the best raw material supplier for the steel production sector using logistics, software, and selective, strategically acquired operating assets. Additional information on the Company may be obtained from its website at www.nymetholdings.com.

DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect the Company's future. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of the Company to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. The Company undertakes no duty to update any forward- looking statement(s) and/or to confirm the statement(s) to actual results or changes in the Company's expectations.

Contact Information

  • Contact:
    NYMET Holdings, Inc.
    Investor Relations
    (631) 923-1400