HOYT LAKES, MINNESOTA--(Marketwire - Aug. 27, 2009) - PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the "Company") announced today that it has filed a universal shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission, and that it has filed notice declaring its intention to be qualified under Canadian National Instrument 44-101 Short Form Prospectus Distributions with the British Columbia Securities Commission, Ontario Securities Commission and Alberta Securities Commission.

After the universal shelf registration statement is declared effective by the Securities and Exchange Commission, the Company will have the option to offer and sell, from time to time in one or more offerings, up to $500 million of its debt securities, common shares, warrants and units. Specific terms of any future offering under this universal registration statement will be established at the time of any such offering, and will be described in a prospectus supplement that the Company will file with the Securities and Exchange Commission. The Company intends to file a preliminary short form prospectus in British Columbia, Ontario and Alberta upon satisfying all applicable qualification criteria. This notice does not evidence the Company's intent to enter into any particular financing or transaction and will remain in effect until withdrawn by the Company.

The Company expects to use the net proceeds from offerings under the universal shelf registration statement for construction finance for the Company's copper, nickel, precious metals development project located in northeastern Minnesota as well as general corporate purposes.

PolyMet's Chief Financial Officer, Douglas Newby stated, "We continue to monitor the range of financing opportunities. The universal shelf registration, once effective, will provide flexibility in structuring the finance package for construction of the NorthMet copper-nickel-precious metals mine, related modifications and refurbishment of the Erie Plant, as well as general corporate purposes."

A registration statement related to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.