POLYMET MINING CORP.
TSX VENTURE : POM
OTC Bulletin Board : POMGF

POLYMET MINING CORP.

September 09, 2005 16:54 ET

PolyMet Mining Corp. Closes $8.35 Million Brokered Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 9, 2005) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS

Polymet Mining Corporation (TSX VENTURE:POM)(OTCBB:POMGF), (the "Company") announces that it has closed a previously announced offering of 9,277,777 units at $0.90 per unit. Gross proceeds of the offering were $8,350,000 and net proceeds were $7,690,500. The offering was made through Research Capital Corporation as Agent.

In accordance with securities legislation currently in effect, the securities issued pursuant to the Offering will have a restricted "hold" period of four months plus one day from the date of closing of the Offering.

The Company has paid to the Agent a commission of 7% of the gross proceeds of the Offering. In addition, the Agent has received options exercisable at any time up to 24 months following the closing of the Offering. The options entitle the Agent to purchase up to 927,777 common shares at an exercise price of $1.25 per share. The Agent's options are subject to the same accelerated expiry provisions as the share purchase warrants issued to investors.

The gross proceeds of the offering will be used for working capital purposes and to finance a definitive feasibility study. This will include the completion of the continuous pilot plant at SGS Lakefield Laboratories which was commenced in August 2005 under the guidance of the feasibility consultant Bateman Engineering. The closing of the offering is subject to certain conditions, including completion of satisfactory due diligence by the Agent and regulatory approval.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

PolyMet Mining Corp. is a Canadian junior mining company whose principal asset is the NorthMet copper nickel deposit in Northern Minnesota. The Company is currently developing this large polymetalic deposit which contains copper, nickel, cobalt, platinum, palladium and gold.

POLYMET MINING CORP.

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.

Contact Information