Northern Dynasty Minerals Ltd.
AMEX : NAK
TSX VENTURE : NDM

Northern Dynasty Minerals Ltd.

February 01, 2007 10:00 ET

Northern Dynasty Team Wins Thayer Lindsley International Discovery Award

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2007) - Northern Dynasty Minerals Ltd. ("Northern Dynasty" or the "Company") (TSX VENTURE:NDM)(AMEX:NAK) announces that it has been selected to receive the Thayer Lindsley International Discovery Award from the Prospector's and Developer's Association of Canada. The Thayer Lindsley Award is presented annually to recognize an individual or a team of explorationists credited with a recent significant mineral discovery anywhere in the world. Representatives of the Company's exploration and management team will receive the award for the discovery of the Pebble East deposit.

Northern Dynasty, through its US affiliates, owns the Pebble Project in southwestern Alaska, USA. The Pebble Project consists of the open pit style Pebble West deposit and the deeper but higher grade underground style Pebble East deposit. The copper, gold and molybdenum resources of the Pebble West and Pebble East deposits rank with the most important metal accumulations in the world and are of strategic importance to the United States of America.

The Pebble East deposit was discovered by drilling in late 2005. Northern Dynasty's highly successful 2006 drill program substantially expanded the Pebble East deposit beyond the boundaries of the previously announced 1.8 billion tonne inferred mineral resource grading 1.05% copper equivalent (0.60% copper, 0.37% gold and 0.038% molybdenum) at a 0.60% copper equivalent cut-off, containing 24 billion pounds of copper, 22 million ounces of gold, and 1.5 billion pounds of molybdenum(1). Internationally recognized consultants, Scott Wilson Roscoe Postle Associates Inc., are currently completing an audit of a new resource estimate for Pebble East, which is scheduled for release in the next few weeks. The 2007 drilling program at Pebble East is also set to recommence by mid February. A high probability exists to further expand the copper-gold-molybdenum resources.

Chairman Robert Dickinson said: "It is an honour for the Northern Dynasty team to receive the Thayer Lindsley Award for the discovery of the Pebble East copper-gold-molybdenum deposit. This important discovery was the result of the hard work and commitment of the on-the ground team of project managers, geologists, technicians, and support staff as well as the engineering, environmental and community development specialists that are continuing to execute the comprehensive studies necessary to develop a long-life, state of the art mine. In particular, we'd like to acknowledge the important contribution that local communities and the State of Alaska are making to the Pebble Project. Alaska has a global reputation for responsible resource development, and some of the most progressive environmental regulations and permitting processes in the world. By working together we will ensure that Pebble is developed in an environmentally and socially responsible way and it will be through our continued combined efforts that the full benefits of the Project will be realized."

For further details on Northern Dynasty and the Pebble Project please visit the Company's website at www.northerndynasty.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114. Review Canadian public filings at www.sedar.com and US public filings at www.sec.gov.

On behalf of the Board of Directors

Ronald W. Thiessen, President & CEO

Comments on Forward-Looking Information, Estimates 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. Subsequent results and developments may differ materially from those postulated in the estimates and forward-looking statements. Other factors that could cause the Company's actual results and performance to differ materially from those in forward-looking statements include adverse market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of resources, mining rates and metal recovery rates and the fact that necessary capital may not be available to the Company on terms acceptable to it or at all. 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 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 20-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.

Information Concerning Estimates of Inferred Resources

This news release also uses the term "inferred resources". Northern Dynasty Minerals Ltd. advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

(1) Prepared by the technical staff of Northern Dynasty and audited by independent consultants at Roscoe Postle Associates Inc., as described in Northern Dynasty's news release on January 24, 2006.
Copper equivalent calculations use metal prices of US$1.00/lb for copper, US$400/oz for gold and US$6.00/lb for molybdenum.
CuEQ equals Cu % + (Au g/t x 12.86/22.05) + (Mo % x 132.28/22.05).

Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Northern Dynasty Minerals Ltd.
    Shawn Wallace
    Investor Services
    (604) 684-6365 or Toll Free: 1-800-667-2114
    (604) 684-8092 (FAX)
    Website: www.northerndynasty.com