Hydromet Environmental Recovery Ltd. Announces Preparation For Completion Of New Convertible Debenture

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FOR IMMEDIATE RELEASE

Hydromet Environmental Recovery Ltd. Announces Preparation For Completion Of New Convertible Debenture

CANADA, ONTARIO, HAMILTON, Jan. 17 -/E-Wire/-- HYDROMET ENVIRONMENTAL RECOVERY LTD. ("Company") (TSX Venture Exchange: YHM.A) wishes to announce that it is now ready to finalize arrangements to complete the proposed new convertible debenture financing announced in its October 25th 2002 press release. To the present time Hydromet has received advances of $455,840 from four debenture holders; two unrelated private individuals and two unrelated companies. The Company willimmediately seek regulatory approval for a convertible debenture issuance as a private placement. These new funds will enable the company to commence commercial operations at its facility in Newman, Illinois.

The forbearance agreement, as described in our October 25th 2002 pressrelease, has been extended by the debenture holders for sixty days to March 15th 2003. The Company is optimistic that all necessary approval will be received before that time. A special general meeting of shareholders is being called for March 10th to approve a consolidation of the share capital on a 6:1basis and approve the debenture issue which is subject to regulatory approval.

All matters relating to the ten year extension of the EPA RCRA B permit have been resolved as reported earlier. The first shipment of selenium will be received at the Newnan facility for processing this week and tin wastes fromthe steel plants are scheduled for later this month.

HYDROMET ENVIRONMENTAL RECOVERY LTD

Manager, Investor Relations,

Phone: (519) 884-8109,

http://www.hydromet.ca

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