POLYMET MINING CORP.
TSX VENTURE : POM
AMEX : PLM

POLYMET MINING CORP.

January 05, 2007 15:00 ET

PolyMet Grants Options to Officers & Consultants

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 5, 2007) - PolyMet Mining Corp. (TSX VENTURE:POM)(AMEX:PLM) ("PolyMet") announced today that it has granted stock options to purchase 575,000 shares of its common stock at a price of $3.30 per share at any time prior to January 5, 2012 (the "Options") and subject to vesting periods of between twelve and eighteen months. The Options have been granted to various Officers and Consultants of the Company in accordance with the policies of the TSX Venture Exchange. Under the terms of the TSX Venture Exchange's Director and Employee Stock Option Policy the Options herein described are subject to a four month hold period.

The Stock Options have been granted in accordance with the terms of the Company's 10% Rolling Stock Option Plan approved on June 21, 2006.

PolyMet Mining Corp. (www.polymetmining.com) is a publicly-traded mine development company that owns 100% of the NorthMet copper-nickel-precious metals ore body and 100% of the Erie Plant, a large processing facility located approximately six miles from the ore body in the established mining district of the Mesabi Range in northeastern Minnesota. PolyMet has completed its Definitive Feasibility Study and is seeking environmental and operating permits in order to commence commercial production anticipated in the second half of 2008.

POLYMET MINING CORP.

William Murray, President

This news release contains certain forward-looking statements concerning anticipated developments in PolyMet's operations in the future. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions or results "will", "may", "could", or "should" occur or be achieved. These forward-looking statements may include statements regarding exploration results and budgets, reserve estimates, mineral resource estimates, work programs, capital expenditures, timelines including timelines for third-party studies and issuance of permits to operate by various government agencies, strategic plans, the market price of metals, costs, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements due to a variety of risks, uncertainties and other factors. PolyMet's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statement if circumstances or management's beliefs, expectations and opinions should change.

Specific reference is made to PolyMet's most recent Form 20-F/Annual Information Form on file with the SEC and Canadian securities authorities for a discussion of some of the risk factors and other considerations underlying forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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