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

POLYMET MINING CORP.

April 10, 2006 17:25 ET

PolyMet Triggers Early Expiry of Warrants; Anticipates Proceeds of Approximately C$13.5 Million

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 10, 2006) - PolyMet Mining Corp. (TSX VENTURE:POM)(OTCBB:POMGF) (the "Company") has announced today that it has triggered the accelerated expiry of approximately 9.7 million warrants, exerciseable at between C$1.25 and C$2.00 per share, to the close of business on May 8, 2006. If all of the warrants are exercised, the Company will receive proceeds of approximately CDN $13.5 million and will have approximately 115.5 million shares in issue. Funds raised by the early expiry of the warrants will be used to advance the development of the NorthMet Project as well as to provide general working capital to the Company. The details of the warrant exercises are set out below.

Further to the Company's news releases of August 25, 2005 and September 1, 2005 wherein PolyMet completed a non-brokered private placement for 6,672,219 units at CDN $0.90 (each unit consisted of one share (a "Share") and one half of a non-transferable common share purchase warrant (the "Warrants") at a price of CDN $1.25), the Warrants had a term of eighteen months from the date of closing; provided that if for a period of 20 consecutive trading days, the closing price of the common shares of PolyMet as traded on the TSX Venture Exchange was over CDN $2.50 per share, PolyMet would have the right to accelerate the expiry date of the Warrants by giving notice to the holders that the Warrants will expire 30 days thereafter. Effective April 10, 2006, the accelerated expiry of the Warrants has been triggered and 6,672,219 Warrants will effectively expire on the close of business May 10, 2006 ("Warrant Expiry Date"). Any Warrants that have not been exercised on or before the Warrant Expiry Date will have been deemed cancelled.

Further to the Company's news releases of August 25, 2005 and September 9, 2005 wherein PolyMet completed a brokered private placement for 9,277,777 units at CDN $0.90 (each unit consisted of one share (a "Share") and one half of a common share purchase warrant (the "Warrants") at a price of CDN $1.25), the Warrants had a term of thirty months from the date of closing; provided that if for a period of 20 consecutive trading days, the closing price of the common shares of PolyMet as traded on the TSX Venture Exchange was over CDN $2.50 per share, PolyMet would have the right to accelerate the expiry date of the Warrants by giving notice to the holders that the Warrants will expire 30 days thereafter. Effective April 10, 2006, the accelerated expiry of the Warrants has been triggered and 9,277,777 Warrants will effectively expire on the close of business May 10, 2006 ("Warrant Expiry Date"). Any Warrants that have not been exercised on or before the Warrant Expiry Date will have been deemed cancelled.

Further to the Company's news releases of September 21, 2005 and November 7, 2005 wherein PolyMet completed a non-brokered private placement for 3,544,657 units at CDN $1.40 (each unit consisted of one share (a "Share") and one half of a non-transferable common share purchase warrant (the "Warrants") at a price of CDN $2.00), the Warrants had a term of eighteen months from the date of closing; provided that if for a period of 20 consecutive trading days, the closing price of the common shares of PolyMet as traded on the TSX Venture Exchange was over CDN $2.50 per share, PolyMet would have the right to accelerate the expiry date of the Warrants by giving notice to the holders that the Warrants will expire 30 days thereafter. Effective April 10, 2006, the accelerated expiry of the Warrants has been triggered and 3,544,657 Warrants will effectively expire on the close of business May 10, 2006 ("Warrant Expiry Date"). Any Warrants that have not been exercised on or before the Warrant Expiry Date will have been deemed cancelled.

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.

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