Tuesday, August 1, 2000
PolyMet Resources Inc. has completed its purchase of the former Temiskaming Testing Laboratory
property located at 1 Presley Street, Cobalt, Ontario. The purchase was finalized with The Ontario Realty Corporation on July 12th, 2000.
The Presley Street facility is a four story concrete structure that was built in 1914 and served as a courthouse, the town hall,
a jail and a dance hall before it was purchased by the Provincial Government in 1942. The building was extensively renovated and updated over the years by the Ministry of Northern Development & Mines as a technically advanced bulk sampling and testing station for minerals and precious metals.
The plant has the capability of crushing, grinding and blending raw materials into a single homogeneous lot. The material is then weighed, measured, analyzed and metallurgically tested in the fire and chemical assay laboratory to identify the exact precious metal content.
The company will acquire and process high grade minerals and metals such as gold, silver, platinum and palladium as well as several base metals including cobalt, copper and nickel. PolyMet will not only process ore from the mining industry but will also extract precious metals from recycled materials such as discarded computer components, electrical connectors and photography & X-Ray film.
The facility is fully serviced with water, hydro and natural gas and has its own loading docks that are connected to the major trucking routes and a spur line of the Ontario Northland Railway.
The building will house the corporate headquarters of; Blackstone Development Inc., Temagami Traprock Limited, Temrex Limited and Rice Development Company.
The building and equipment are appraised at $1,100,000 and with the
additional scheduled renovations and modifications the appraised value will exceed $1,500,000.
The projected annual revenue from sales in full production will be between $2,000,000 and $5,000,000.
PolyMet is expecting to create between 20 and 25 new full time jobs over the next three years of operations.
On Behalf of the Board of Directors,
James C. Taylor
Comptroller, CFO
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