Vancouver, British Columbia - PolyMet Mining Corp. (TSX-V: POM; AMEX: PLM) (“PolyMet”)announced today that it has closed a transaction with Cleveland-Cliffs Inc (NYSE: CLF) (“Cliffs”)whereby PolyMet has acquired extensive additional infrastructure associated with its NorthMet advanced copper-nickel-precious metal project located in the established Mesabi Range of northeastern Minnesota.

As previously announced on September 14, 2006, PolyMet’s wholly-owned US subsidiary PolyMet Mining, Inc. has acquired property and associated rights from Cliffs Erie L.L.C., a wholly-owned subsidiary of Cliffs. The transaction provides PolyMet with a railroad connection linking the mine development site and the existing crushing and grinding plant that it acquired from Cliffs in 2005 as well as a 120-railcar fleet, locomotive fueling and maintenance facilities, water rights and pipelines, large administrative offices on site and approximately 6,000 acres to the east and west of and contiguous to PolyMet’s existing tailing facilities.

The purchase price totaling 2 million shares and US$15 million in cash is in four tranches:

· 2 million shares of PolyMet at a deemed price of US$4 per share paid at closing;

· US$1 million in cash paid at closing;

· US$7 million in cash payable in quarterly installments of US$250,000 commencing December 31, 2006 with the balance payable upon receipt of commercial finance.

Interest will be payable quarterly from December 31, 2006 at the Wall Street Journal Prime Rate; and,

· US$7 million payable in quarterly installments of US$250,000 commencing on December 31, 2009. There will be no interest accrued until December 31, 2009 after which it will be payable quarterly at the Wall Street Journal Prime Rate.

PolyMet also assumes certain liabilities associated with the property. Cliffs now owns 9.2

million shares of PolyMet’s common stock, representing approximately 7.7 percent of PolyMet’s issued shares. Cliffs has the right to participate in up to 7.7 percent of any future financing and PolyMet has the first right to acquire or place Cliffs’ shares should it choose to sell.

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