Positive Results at PolyMet's Marathon Palladium Project

Drill Program Results Exceed Expectations;

Preliminary Assessment Completed



Apr 19, 2001, 01:00 ET from PolyMet Mining Corporation

    GOLDEN, Colo., April 19 /PRNewswire/ -- POLYMET MINING CORP.
 (CDNX: POM, OTC Bulletin Board:   POMGF) In conjunction with earning an interest
 in PolyMet's Marathon Palladium Project, Geomaque Explorations Ltd. has
 announced the results from the remaining drill holes in its 15-hole, 3000
 metre exploration and in-fill drilling program at the Marathon Project,
 located 10 kilometers north of Marathon, Ontario.  Also, the results of a
 Preliminary Assessment of the Project's economics under current market
 conditions have been released.
 
     The following table summarizes the significant assay results for drill
 holes not previously reported.
 
 
                       Interval      True    Palladium Platinum  Pd+Pt  Copper
     Hole # Section  From-To (m) Thickness (m)   (g/t)    (g/t)  (g/t)   (%)
      G7      5825        6-12        6          0.98      0.15   1.13    0.1
      G8      5900       17-45       28          1.12      0.30   1.41    0.2
      G9      5900       58-74       16          1.78      0.54   2.32    0.4
      G10     5800       21-33       12          1.01      0.30   1.31   0.28
      G11     5800       65-99       34          1.49      0.35   1.84   0.31
             Incl.       67-87       20          2.40      0.56   2.96   0.49
      G12     5625      92-180       88          0.84      0.27   1.11   0.26
             Incl.      94-114       20          1.61      0.47   2.08   0.43
             Incl.     134-152       18          1.25      0.35   1.60   0.40
      G13     5575        7-13        6          0.44      0.08   0.52   0.06
      G14     5250     192-306      114          0.55      0.14   0.69   0.25
             Incl.     192-200        8          0.98      0.18   1.16   0.26
             Incl.     204-216       12          0.79      0.21   1.00   0.20
             Incl.     264-306       42          0.73      0.18   0.91   0.39
      G15     5350     129-183       54          0.71      0.17   0.88   0.29
             Incl.     133-151       18          0.98      0.22   1.20   0.35
             Incl.     169-183       14          0.92      0.21   1.13   0.45
 
 
     Hole G7 encountered a new zone of near surface mineralization with a true
 thickness of six metres grading 1.13 g/t combined platinum and palladium.
 This new zone will be further evaluated during the summer exploration program.
 Holes G8 and G9 are in-fill holes that intersected higher than expected
 grades.
     Holes G10 and G11 are in-fill holes in a sparsely drilled part of the
 deposit.  Hole G12 is a step-out hole that intersected 88 metres grading
 1.11 g/t combined palladium and platinum outside the boundary of previously
 defined mineralization.  This hole extends by 50 metres along strike the
 70-metre thick zone grading 1.11 g/t combined platinum and palladium
 intersected in hole G5.
     Hole G13 extended by 250 metres to the south the near-surface zone of
 oxide mineralization identified in hole G7.  Holes G14, an in-fill hole, and
 G15, collared outside the known mineralized zone, both returned wider
 intercepts than expected based on previous results.  A drill hole location map
 is available on Geomaque's website at www.geomaque.com, as are all past press
 releases regarding the Marathon Palladium Project.
     "Overall, the results from this round of drilling have been positive,"
 said Phillip Walford, Geomaque's Vice President-Exploration.  "Through this
 work we've greatly increased our understanding of the deposit; knowledge which
 will be a great help with modeling of the deposit and future drilling, both
 exploration and in-fill."
     With completion of this initial drill campaign, Geomaque plans to
 follow-up with a spring exploration program.  Activities will include ground
 geophysics, mapping and prospecting, principally to evaluate areas to the west
 and south along strike where only preliminary work has been done by past
 operators.
 
     Preliminary Assessment:  The results of a Preliminary Assessment ("the
 Study") on the Marathon Project indicate that the Project would generate
 significant cash flow based on recent metal prices; thus Geomaque intends to
 move forward as quickly as possible with a bankable feasibility study.
 
     Economics:  The Study shows that the Marathon Palladium Project has very
 favorable economics.  The project is forecast to generate undiscounted cash
 flow after capital recovery of Cdn$508.2 million, giving it a net present
 value of Cdn$152.3 million at a 10% discount rate.  Payback would be expected
 in the third year of operation, and the Study indicates a pre-tax internal
 rate of return of 24%.
     The economics of the Study are based on the following metal price
 assumptions:  palladium:  US$700/oz.; copper:  US$0.80/lb.; platinum:
 US$600/oz.; gold:  US$265/oz.; and silver:  US$4.50/oz.
     Over the 15-year mine life, the Marathon Palladium Project would be
 expected to produce 949,000 oz. of palladium, 267 million lbs. of copper,
 215,000 oz. of platinum, 146,000 oz. of gold, and 1.7 million oz. of silver.
 The average operating cost per ounce of palladium over the life of the project
 would be US$237, after by-product credits.
     Total capital cost is estimated at Cdn$185.2 million, which includes
 Cdn$120.5 million for mill facilities, Cdn$33.5 million for mining equipment,
 Cdn$8.0 million for a tailings dam, roads, infrastructure and working capital,
 Cdn$16 million as a contingency and Cdn$7.2 million for pre-stripping of the
 deposit.
 
     Resource:  Resource estimates are based on data generated by Lakefield
 Research Inc. from the assay results of 114 diamond drill holes completed by
 past operators Anaconda Canada Explorations Ltd. (Anaconda) and Fleck
 Resources Ltd. (PolyMet).  The geostatistical data review was completed by
 Geostat International Inc.  The Marathon Palladium Deposit is estimated to
 host a mineral resource as follows:
 
 
                             Tonnes       Palladium       Copper     Platinum
      Category               (000s)         (g/t)          (%)         (g/t)
      Measured               24,600         0.698        0.264         0.182
      Indicated              46,500         0.620        0.243         0.168
      Measured & Indicated   71,100         0.647        0.250         0.173
      Inferred               51,600         0.460        0.218         0.130
 
 
     Based on this mineral resource, an open pit design with an overall average
 stripping ratio of 2.9:1 was created containing the following:
 
 
                               Average Grade             Contained Metal
                Tonnes  Palladium Copper  Platinum Palladium  Copper  Platinum
      Category  (000s)    (g/t)     (%)    (g/t)      (oz)  (000 lbs)    (oz)
      Measured   15,300   0.886    0.303  0.222    435,800  102,200  109,200
      Indicated  25,100   0.823    0.286  0.211    664,200  158,200  170,300
      Measured &
       Indicated 40,400   0.847    0.293  0.215  1,100,000  260,400  279,500
      Inferred   11,800   0.726    0.287  0.190    275,400   74,600   72,100
 
 
     The pit design was optimized using a US$600 per ounce palladium price.
 Price assumptions for other metals are the same as those used in the economic
 evaluation.
 
     Operations:  The Study envisions mining the Marathon Palladium Deposit
 through conventional open pit mining methods, using front-end loaders,
 hydraulic shovels and 136-tonne haul trucks.  A 3.5 million tonne-per-year
 flotation mill would produce a bulk concentrate containing palladium, copper,
 platinum, gold and silver.  The approximately 41,000 tonnes of concentrate
 produced annually would be transported offsite for smelting.
     Over the life of the project, metallurgical recoveries are projected as
 follows: palladium: 77%; copper: 84%; platinum: 68%; gold: 60%; and, silver:
 80%.  Metallurgy is based on work completed by Anaconda and PolyMet.  The
 metallurgical data review, process design and mill cost estimate for the Study
 was carried out by SNC Lavalin Engineers and Constructors Inc.
     "This Preliminary Assessment shows just how attractive the Marathon
 Palladium Project is," said John Paterson, President and CEO.  "With
 production costs of US$237/oz, this Study indicates that the Project provides
 the margin we need to push forward with feasibility and development.
 Optimization in future studies will certainly further enhance the economics of
 the Project."
     "We are very excited by the results of this Study; they certainly justify
 the expenditure of additional monies to produce a final bankable feasibility
 study.  The untested potential at Marathon is considerable," said Don Gentry,
 President and CEO of PolyMet.  Geomaque signed an option agreement to earn up
 to a 60% interest in the Marathon Palladium Project with a subsidiary of
 PolyMet Mining Corp. (CDNX: POM, OTC Bulletin Board:   POMGF) in November 2000.
     The economic evaluation is based on the 40.4 million tonnes of measured
 and indicated resources and 11.8 million tonnes of inferred resources, with
 grades as noted in the table above, incorporated in an open pit design.
 National Instrument 43-101 requires that the following disclaimer accompany
 disclosure of a Preliminary Assessment that includes an economic evaluation
 which uses inferred mineral resources:  The Preliminary Assessment is
 preliminary in nature.  It includes inferred mineral resources that are
 considered too speculative geologically to have economic considerations
 applied to them that would enable them to be categorized as mineral reserves,
 and there is no certainty that the Preliminary Assessment will be realized.
 
     PolyMet Mining Corp. is a Golden, Colorado-based exploration and
 development company.  Its primary focus is the NorthMet Project, a large-scale
 polymetallic deposit located in northeastern Minnesota with important copper,
 nickel, platinum, palladium, cobalt, and gold values.
 
     Certain statements contained herein are "forward-looking" statements
 within the meaning of Section 21E of the Securities Exchange Act of 1934, as
 amended, and the Private Securities Litigation Reform Act of 1995.  Because
 such statements include risks and uncertainties, actual results may differ
 materially from those expressed or implied by such forward-looking statements.
 
     This news release was prepared by PolyMet Mining Corp., which is solely
 responsible for its contents.  The Canadian Venture Exchange has not reviewed
 and does not accept responsibility for the adequacy or accuracy of this
 release.  For further information, you may visit PolyMet's web site at
 www.polymetmining.com.
 
 

SOURCE PolyMet Mining Corporation
    GOLDEN, Colo., April 19 /PRNewswire/ -- POLYMET MINING CORP.
 (CDNX: POM, OTC Bulletin Board:   POMGF) In conjunction with earning an interest
 in PolyMet's Marathon Palladium Project, Geomaque Explorations Ltd. has
 announced the results from the remaining drill holes in its 15-hole, 3000
 metre exploration and in-fill drilling program at the Marathon Project,
 located 10 kilometers north of Marathon, Ontario.  Also, the results of a
 Preliminary Assessment of the Project's economics under current market
 conditions have been released.
 
     The following table summarizes the significant assay results for drill
 holes not previously reported.
 
 
                       Interval      True    Palladium Platinum  Pd+Pt  Copper
     Hole # Section  From-To (m) Thickness (m)   (g/t)    (g/t)  (g/t)   (%)
      G7      5825        6-12        6          0.98      0.15   1.13    0.1
      G8      5900       17-45       28          1.12      0.30   1.41    0.2
      G9      5900       58-74       16          1.78      0.54   2.32    0.4
      G10     5800       21-33       12          1.01      0.30   1.31   0.28
      G11     5800       65-99       34          1.49      0.35   1.84   0.31
             Incl.       67-87       20          2.40      0.56   2.96   0.49
      G12     5625      92-180       88          0.84      0.27   1.11   0.26
             Incl.      94-114       20          1.61      0.47   2.08   0.43
             Incl.     134-152       18          1.25      0.35   1.60   0.40
      G13     5575        7-13        6          0.44      0.08   0.52   0.06
      G14     5250     192-306      114          0.55      0.14   0.69   0.25
             Incl.     192-200        8          0.98      0.18   1.16   0.26
             Incl.     204-216       12          0.79      0.21   1.00   0.20
             Incl.     264-306       42          0.73      0.18   0.91   0.39
      G15     5350     129-183       54          0.71      0.17   0.88   0.29
             Incl.     133-151       18          0.98      0.22   1.20   0.35
             Incl.     169-183       14          0.92      0.21   1.13   0.45
 
 
     Hole G7 encountered a new zone of near surface mineralization with a true
 thickness of six metres grading 1.13 g/t combined platinum and palladium.
 This new zone will be further evaluated during the summer exploration program.
 Holes G8 and G9 are in-fill holes that intersected higher than expected
 grades.
     Holes G10 and G11 are in-fill holes in a sparsely drilled part of the
 deposit.  Hole G12 is a step-out hole that intersected 88 metres grading
 1.11 g/t combined palladium and platinum outside the boundary of previously
 defined mineralization.  This hole extends by 50 metres along strike the
 70-metre thick zone grading 1.11 g/t combined platinum and palladium
 intersected in hole G5.
     Hole G13 extended by 250 metres to the south the near-surface zone of
 oxide mineralization identified in hole G7.  Holes G14, an in-fill hole, and
 G15, collared outside the known mineralized zone, both returned wider
 intercepts than expected based on previous results.  A drill hole location map
 is available on Geomaque's website at www.geomaque.com, as are all past press
 releases regarding the Marathon Palladium Project.
     "Overall, the results from this round of drilling have been positive,"
 said Phillip Walford, Geomaque's Vice President-Exploration.  "Through this
 work we've greatly increased our understanding of the deposit; knowledge which
 will be a great help with modeling of the deposit and future drilling, both
 exploration and in-fill."
     With completion of this initial drill campaign, Geomaque plans to
 follow-up with a spring exploration program.  Activities will include ground
 geophysics, mapping and prospecting, principally to evaluate areas to the west
 and south along strike where only preliminary work has been done by past
 operators.
 
     Preliminary Assessment:  The results of a Preliminary Assessment ("the
 Study") on the Marathon Project indicate that the Project would generate
 significant cash flow based on recent metal prices; thus Geomaque intends to
 move forward as quickly as possible with a bankable feasibility study.
 
     Economics:  The Study shows that the Marathon Palladium Project has very
 favorable economics.  The project is forecast to generate undiscounted cash
 flow after capital recovery of Cdn$508.2 million, giving it a net present
 value of Cdn$152.3 million at a 10% discount rate.  Payback would be expected
 in the third year of operation, and the Study indicates a pre-tax internal
 rate of return of 24%.
     The economics of the Study are based on the following metal price
 assumptions:  palladium:  US$700/oz.; copper:  US$0.80/lb.; platinum:
 US$600/oz.; gold:  US$265/oz.; and silver:  US$4.50/oz.
     Over the 15-year mine life, the Marathon Palladium Project would be
 expected to produce 949,000 oz. of palladium, 267 million lbs. of copper,
 215,000 oz. of platinum, 146,000 oz. of gold, and 1.7 million oz. of silver.
 The average operating cost per ounce of palladium over the life of the project
 would be US$237, after by-product credits.
     Total capital cost is estimated at Cdn$185.2 million, which includes
 Cdn$120.5 million for mill facilities, Cdn$33.5 million for mining equipment,
 Cdn$8.0 million for a tailings dam, roads, infrastructure and working capital,
 Cdn$16 million as a contingency and Cdn$7.2 million for pre-stripping of the
 deposit.
 
     Resource:  Resource estimates are based on data generated by Lakefield
 Research Inc. from the assay results of 114 diamond drill holes completed by
 past operators Anaconda Canada Explorations Ltd. (Anaconda) and Fleck
 Resources Ltd. (PolyMet).  The geostatistical data review was completed by
 Geostat International Inc.  The Marathon Palladium Deposit is estimated to
 host a mineral resource as follows:
 
 
                             Tonnes       Palladium       Copper     Platinum
      Category               (000s)         (g/t)          (%)         (g/t)
      Measured               24,600         0.698        0.264         0.182
      Indicated              46,500         0.620        0.243         0.168
      Measured & Indicated   71,100         0.647        0.250         0.173
      Inferred               51,600         0.460        0.218         0.130
 
 
     Based on this mineral resource, an open pit design with an overall average
 stripping ratio of 2.9:1 was created containing the following:
 
 
                               Average Grade             Contained Metal
                Tonnes  Palladium Copper  Platinum Palladium  Copper  Platinum
      Category  (000s)    (g/t)     (%)    (g/t)      (oz)  (000 lbs)    (oz)
      Measured   15,300   0.886    0.303  0.222    435,800  102,200  109,200
      Indicated  25,100   0.823    0.286  0.211    664,200  158,200  170,300
      Measured &
       Indicated 40,400   0.847    0.293  0.215  1,100,000  260,400  279,500
      Inferred   11,800   0.726    0.287  0.190    275,400   74,600   72,100
 
 
     The pit design was optimized using a US$600 per ounce palladium price.
 Price assumptions for other metals are the same as those used in the economic
 evaluation.
 
     Operations:  The Study envisions mining the Marathon Palladium Deposit
 through conventional open pit mining methods, using front-end loaders,
 hydraulic shovels and 136-tonne haul trucks.  A 3.5 million tonne-per-year
 flotation mill would produce a bulk concentrate containing palladium, copper,
 platinum, gold and silver.  The approximately 41,000 tonnes of concentrate
 produced annually would be transported offsite for smelting.
     Over the life of the project, metallurgical recoveries are projected as
 follows: palladium: 77%; copper: 84%; platinum: 68%; gold: 60%; and, silver:
 80%.  Metallurgy is based on work completed by Anaconda and PolyMet.  The
 metallurgical data review, process design and mill cost estimate for the Study
 was carried out by SNC Lavalin Engineers and Constructors Inc.
     "This Preliminary Assessment shows just how attractive the Marathon
 Palladium Project is," said John Paterson, President and CEO.  "With
 production costs of US$237/oz, this Study indicates that the Project provides
 the margin we need to push forward with feasibility and development.
 Optimization in future studies will certainly further enhance the economics of
 the Project."
     "We are very excited by the results of this Study; they certainly justify
 the expenditure of additional monies to produce a final bankable feasibility
 study.  The untested potential at Marathon is considerable," said Don Gentry,
 President and CEO of PolyMet.  Geomaque signed an option agreement to earn up
 to a 60% interest in the Marathon Palladium Project with a subsidiary of
 PolyMet Mining Corp. (CDNX: POM, OTC Bulletin Board:   POMGF) in November 2000.
     The economic evaluation is based on the 40.4 million tonnes of measured
 and indicated resources and 11.8 million tonnes of inferred resources, with
 grades as noted in the table above, incorporated in an open pit design.
 National Instrument 43-101 requires that the following disclaimer accompany
 disclosure of a Preliminary Assessment that includes an economic evaluation
 which uses inferred mineral resources:  The Preliminary Assessment is
 preliminary in nature.  It includes inferred mineral resources that are
 considered too speculative geologically to have economic considerations
 applied to them that would enable them to be categorized as mineral reserves,
 and there is no certainty that the Preliminary Assessment will be realized.
 
     PolyMet Mining Corp. is a Golden, Colorado-based exploration and
 development company.  Its primary focus is the NorthMet Project, a large-scale
 polymetallic deposit located in northeastern Minnesota with important copper,
 nickel, platinum, palladium, cobalt, and gold values.
 
     Certain statements contained herein are "forward-looking" statements
 within the meaning of Section 21E of the Securities Exchange Act of 1934, as
 amended, and the Private Securities Litigation Reform Act of 1995.  Because
 such statements include risks and uncertainties, actual results may differ
 materially from those expressed or implied by such forward-looking statements.
 
     This news release was prepared by PolyMet Mining Corp., which is solely
 responsible for its contents.  The Canadian Venture Exchange has not reviewed
 and does not accept responsibility for the adequacy or accuracy of this
 release.  For further information, you may visit PolyMet's web site at
 www.polymetmining.com.
 
 SOURCE  PolyMet Mining Corporation