OTC Bulletin Board : POMGF


September 01, 2005 17:24 ET

PolyMet Mining Corp. Completes the Non-Brokered Private Placement Financing for 6,672,219 Units

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 1, 2005) - PolyMet Mining Corp. (TSX VENTURE:POM)(OTCBB:POMGF) (the "Company") William Murray, President of PolyMet is pleased to advise the Company received TSX Venture Exchange approval to its previously announced non-brokered private placement financing on August 25, 2005. The placement consists of 6,672,219 units ("Units") at a price of $0.90 per Unit for gross proceeds of $6,004,997. Each Unit consists of one share (a "Share") and one half of a share purchase warrant. One full warrant (a "Warrant") will permit the holder to purchase a further share (a "Warrant Share") for a period of 30 months from issuance at a price of $1.25 per Warrant Share, provided that if the closing price of the Issuer's shares as traded on the Exchange is over $2.50 per share for 20 consecutive trading days, the Company will have the right to accelerate the expiry of the Warrants upon giving 30 days notice to the holders thereof.

Finders' fees of 8% and in some cases 10% were paid on portions of the placement for an aggregate cash and share amount of $114,099 and 216,000 common shares.

The proceeds of the private placement will be used to further the completion of a Definitive Feasibility Study on the NorthMet Project. The proceeds of the exercise of Warrants, if any, will provide additional general working capital.

In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares will be subject to "hold period" of four months plus one day expiring on January 1, 2006.


William Murray, President

Cautionary Statement on Forward-Looking Information

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 news release.

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