SOURCE: NYMET Holdings Inc.

NYMET Holdings Inc.

November 05, 2009 11:43 ET

NYMET Holdings Inc. (NYMH) Announces Coast Guard Approval of Stockton Project

NEW YORK, NY--(Marketwire - November 5, 2009) - NYMET Holdings Inc. (PINKSHEETS: NYMH), an innovative metals and mining company headquartered in Port Jefferson, N.Y., today announced that the United States Coast Guard has approved the raising and salvage of the M/V San Leandro and the M/V Fresno in the San Joaquin River, which is located approximately 2 miles from NYMET's port facility.

The approval was obtained with the assistance of Mr. Mark Hicks, CFO of B'NEATH THE WAVES, Inc. Mr. Hicks is the key point contractor for the Project and will be on site daily to oversee operations, which are set to commence on November 9th, 2009. Subsequently, equipment is currently being mobilized for use in the raising and salvage of the M/V San Leandro and the M/V Fresno in the San Joaquin River.

This Project is the first of many salvage operations that will utilize NYMET's Stockton Port facility. Primary uses of the facility will be to load and to transport scrap metal to NYMET clients overseas and/or for local US-based steel facilities.

About the Stockton, CA Port Facility

The facility is located on the waterfront of the San Joaquin River, in Stockton, CA. This location provides NYMET with the ability to process plate material from ferry barges. Further, the facility also acts as a staging and loading area, giving NYMET the ability to transport material to the Oakland Port as well as local steel mills.

The Stockton Port is one of the last waterfront properties in California that is allowed to operate as a storage and marine salvage facility. Furthermore, the property's proximity to the Oakland Port enables NYMET to cost effectively export material to Asia. Further, the facility's riparian rights permit NYMET to have barges docked at the facility, providing a logistic advantage.


The results described herein cannot be guaranteed. 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 NYMET Holdings Inc.'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 NYMET Holdings Inc. 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. NYMET Holdings Inc. undertakes no duty to update any forward-looking statement(s) and/or to conform the statement(s) to actual results or changes in NYMET Holdings Inc.'s expectations.

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