Northern Dynasty re-acquires 100% ownership of southwest Alaska's Pebble
VANCOUVER, Dec. 13, 2013
Anglo American completes withdrawal from the Pebble Limited Partnership
VANCOUVER, Dec. 13, 2013 /PRNewswire/ - Northern Dynasty Minerals Ltd. (TSX:
NDM; NYSE MKT: NAK) ("Northern Dynasty" or the "Company") announces that it
has exercised its right to acquire Anglo American (US) Pebble LLC's ("Anglo
American") interest in the Pebble Limited Partnership ("Pebble Partnership" or
"PLP"). Northern Dynasty has now re-acquired 100% ownership and control of the
Pebble Partnership. All Anglo American representatives have resigned from the
Pebble Mines Corporation Board of Directors.
"During the course of the last six years and at a cost of US$556 million (as
of September 30, 2013), substantial progress has been made toward our goal of
permitting, constructing and operating a world-class, modern and
environmentally responsible mine at Pebble that will co-exist with the
fisheries resources of southwest Alaska," said Northern Dynasty President &
CEO Ronald Thiessen.
Thiessen said Pebble's engineering design, environmental science and
regulatory planning are now sufficiently advanced that PLP will be in a
position to trigger federal and state permitting under the National
Environmental Policy Act (NEPA) in the first quarter of 2014. He added that
Northern Dynasty's current focus is to consolidate all of the technical data,
engineering work and permitting documentation related to Pebble into a data
room, with the goal of qualifying and securing a new partner in 2014. A final
decision on permit filing will be made in 2014, by the Northern Dynasty Board.
"Our primary focus is to select the right partner for Northern Dynasty and the
right investor for Alaska, a company with sufficient financial resources and
technical capabilities, working experience in the United States and a shared
commitment to environmentally sound and socially responsible development. We
have little doubt that Pebble will attract major mining company interest in
the months ahead."
Northern Dynasty has launched a new website to present current information
related to Pebble Project developments at www.northerndynastyminerals.com.
About the Pebble Project
The Pebble Project is an initiative to responsibly develop a globally
significant copper, gold and molybdenum deposit in southwest Alaska into a
modern, long-life mine, which will benefit not only Northern Dynasty, but the
people, culture and industries of the State of Alaska, as well as suppliers,
consultants and industries in the Lower 48 United States of America.
A recent study authored by IHS Global Insight, entitled The Economic and
Employment Contributions of a Conceptual Pebble Mine to the Alaska and United
States Economies found the Pebble Project has the potential to support 15,000
American jobs and contribute more than $2.5 billion annually to US GDP over
decades of production. A copy the study is available at
The Pebble Project is located 200 miles southwest of Anchorage on state land
designated for mineral exploration and development. It is situated in a region
of rolling tundra approximately 1,000 feet above sea-level, 65 miles from
tidewater on Cook Inlet and presents favourable conditions for successful mine
site and infrastructure development.
About Northern Dynasty Minerals Ltd.
Northern Dynasty is a Vancouver, Canada-based company whose principal asset is
the Pebble Project, an advanced-stage initiative to develop one of the world's
most important mineral resources.
Ronald W. Thiessen
President & CEO
Forward Looking Information and other Cautionary Factors
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of
historical facts, especially those that address estimated resource quantities,
grades and contained metals, are forward-looking statements because they are
generally made on the basis of estimation and extrapolation from a limited
number of drill holes and metallurgical studies. Although diamond drill hole
core provides valuable information about the size, shape and geology of an
exploration project, there will always remain a significant degree of
uncertainty in connection with these valuation factors until a deposit has
been extensively drilled on closely spaced centers, which has occurred only in
specific areas on the Pebble Project. Although the Company believes the
expectations expressed in its forward-looking statements are based on
reasonable assumptions, such statements should not be in any way construed as
guarantees of the ultimate size, quality or commercial feasibility of the
Pebble Project or of the Company's future performance. The likelihood of
future mining at the Pebble Project is subject to a large number of risks and
will require achievement of a number of technical, economic and legal
objectives, including obtaining necessary mining and construction permits,
completion of pre-feasibility and final feasibility studies, preparation of
all necessary engineering for underground workings and processing facilities
as well as receipt of significant additional financing to fund these
objectives as well as funding mine construction, and the ability to secure the
right partner to assist with the advancement of the Pebble Project from a
financial and technical perspective, and otherwise. Such funding may not be
available to the Company on acceptable terms or on any terms at all. There is
no known ore at the Pebble Project and there is no assurance that the
mineralization at the Pebble Project will ever be classified as ore. The need
for compliance with extensive environmental and socio-economic rules and
practices and the requirement for the Company to obtain government permitting
can cause a delay or even abandonment of a mineral project. The Company is
also subject to the specific risks inherent in the mining business as well as
general economic and business conditions. For more information on the Company,
Investors should review the Company's annual Form 40-F filing with the United
States Securities and Exchange Commission and its home jurisdiction filings
that are available at www.sedar.com.
SOURCE Northern Dynasty Minerals Ltd.
For further details on Northern Dynasty please visit the Company's website
atwww.northerndynasty.com or contact Investor services at (604) 684-6365 or
within North America at 1-800-667-2114. Review Canadian public filings
atwww.sedar.com and US public filings atwww.sec.gov.
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