OTC Bulletin Board : POMGF


July 21, 2005 13:57 ET

PolyMet Completes NorthMet Assays, Ships Bulk Sample

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 21, 2005) - PolyMet Mining Corp. (TSX VENTURE:POM)(OTCBBB:POMGF) has completed geologic logging and assay sampling of 22 large diameter (4 and 3.3 inch) diamond drill holes that were drilled during February and March for the purpose of collecting material for metallurgical testwork.

A bulk sample of approximately 42 tons of this drill core from the planned NorthMet mine site in northeastern Minnesota has been delivered to SGS Lakefield Research Laboratories near Toronto for pilot-scale metallurgical testing, which is scheduled for later this summer. In addition to simulating the full-scale project the testwork will also yield important information on environmental performance that will be integrated into the on-going environmental review and permitting process.

The 22 metallurgical holes were drilled from 11 sites spread across the strike of the deposit and targeted the envelope representing the first 10 years of planned mining. Metallurgical drill holes were selected close to existing exploration holes to increase the certainty of recovering ore grade material for the testwork program. All material sent to Lakefield has been logged and assayed to give a high level of confidence to the grade, chemistry, and mineralogy of the bulk sample.

A total of 2,680 individual samples (each representing about 40 pounds of material available for the bulk sample) were assayed of which about 2,100 intervals were selected to provide 3 composites representing the 10 year mining envelope. Each sample was assayed for copper, nickel, cobalt, platinum, palladium and gold, as well as a full element scan. Assaying focused on continuous intervals with visible sulfide mineralization, and not all visibly barren portions of the core were assayed. Systematically selected samples were also analyzed for waste rock characterization and geochemical parameters. A slice from each core was retained for archive purposes.

The following table presents the average grade of the sum of all the sample intervals in each hole which exceed a 0.1% copper cut-off. For simplicity the platinum, palladium and gold grades are presented as the sum of their average values expressed in parts per billion (ppb). The drill holes presented are only those holes from which metallurgical samples were taken, all of which are within the preliminary, projected 10 year mining pit envelope.

Total hole Hole length
Drill hole length greater than Cu Ni Pt+Pd+Au Co
number (feet) 0.1% Cu (feet) % % ppb ppm
05-401M 349 276 0.40 0.13 463 107
05-402M 229 186 0.44 0.13 406 111
05-403M 504 266 0.62 0.16 682 97
05-404M 349 211 0.40 0.11 436 105
05-407M 354 204 0.39 0.10 395 82
05-408M 303 177 0.35 0.09 402 81
05-411M 639 453 0.46 0.11 472 84
05-412M 699 398 0.41 0.10 400 84
05-415M 439 219 0.47 0.12 537 88
05-416M 449 287 0.53 0.14 752 90
05-417M 349 159 0.39 0.10 388 82
05-418M 359 205 0.43 0.11 455 90
05-421C 320 130 0.44 0.10 688 66
05-422C 702 355 0.40 0.10 475 79
05-425M 784 449 0.40 0.12 457 89
05-426M 439 240 0.52 0.17 531 120
05-433M 729 352 0.45 0.12 640 76
05-437C 659 385 0.37 0.12 353 133
05-438C 617 379 0.33 0.11 382 111
05-444C 528 327 0.36 0.10 536 70
05-445C 478 298 0.32 0.10 355 80
05-448C 528 312 0.35 0.11 465 73

PolyMet's project geologist, Richard Patelke advised the grade and geology of the metallurgical holes were as anticipated based on the adjacent drill holes and the grade model and confirmed the composites were prepared using copper grade as a reliable surrogate for the other metals. Comparisons of 'copper grade thickness' (copper grade multiplied by footage) between the original drill holes at these sites and the metallurgical drill holes are nearly equal, which provides a measure of confidence in the short range continuity and consistency of mineralization as well as confidence in the copper grade block model.

Patelke further confirmed the separation distances varied from about 10 to 120 feet between the new holes and old, copper grade thickness values in the new holes ranged from 68% up to 122% of the original hole copper grade thickness values. The average for the data set gives a 98% agreement, and the greatest variation comes from hole pairs with the greatest separation distances. These results continue to confirm the grade continuity that was seen in earlier drilling.

The drilling and sampling program is being carried out under the supervision of Richard Patelke, PolyMet's Project Geologist, who is the NI 43-101 Qualified Person in regard to geological matters for the NorthMet Project. Mr. Patelke is advised by Dr. Phillip Hellman, Principal of Hellman and Schofield, Australia and Lynda Bloom, Principal of Analytical Solutions, Toronto, Canada.

PolyMet Mining Corp. (www.polymetmining.com) is a publicly-traded Canadian mine development company whose principal asset, the NorthMet deposit, is located in northeastern Minnesota and is considered one of the world's largest undeveloped non-ferrous deposits. The company is rapidly advancing development of the state's first non-ferrous mine through the reactivation of an idled taconite plant and use of modern, environmentally friendly processing technology.

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 fro the adequacy or accuracy of this release.

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