PolyMet Updates Filing of Interim Financial Statements

Press Release Source: PolyMet Mining Corp.

HOYT LAKES, MINNESOTA--(Marketwire - 01/10/11) - PolyMet Mining Corp. (TSX:POM - News)(AMEX:PLM - News) ("PolyMet" or the "Company") announced today that it now expects to file its interim financial statements, its management's discussion and analysis relating to the financial statements, and the CEO and CFO certifications (collectively, the "Required Documents") for the period ended October 31, 2010 on or before January 14, 2011.

On December 14, 2010 the Company reported that it had encountered difficulties transferring to a new accounting and financial reporting system. Since the problems were identified, the Company has undertaken a thorough internal review of the new system and documentation of solutions to the problems.

The management cease trade order requested by the Company and granted by applicable Canadian securities regulatory authorities continues to be in effect. Until the Required Documents are filed, PolyMet intends to satisfy the provisions of the alternative information guidelines in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults.

There is no other material information concerning the affairs of the Company that has not been generally disclosed.

Douglas Newby, Chief Financial Officer, stated, "The problems we have encountered with implementing the new system relate to financial reporting. Our focus has been on completing our filings while complying with Sarbanes Oxley Act - Section 404. We have implemented changes and are in the process of implementing additional safeguards to prevent a repeat of these problems."

About PolyMet

PolyMet Mining Corp. (www.polymetmining.com) is a publicly-traded mine development company that controls 100% of the NorthMet copper-nickel-precious metals ore body through a long-term lease and owns 100% of the Erie Plant, a large processing facility located approximately six miles from the ore body in the established mining district of the Mesabi Range in northeastern Minnesota. PolyMet Mining Corp. has completed its Definitive Feasibility Study and is seeking environmental and operating permits to enable it to commence production. The NorthMet project is expected to require approximately one and a half million hours of construction labor and create 400 long-term jobs, a level of activity that will have a significant multiplier effect in the local economy.

POLYMET MINING CORP.

Joe Scipioni, CEO

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