Northern Dynasty Minerals Ltd.

Northern Dynasty Minerals Ltd.

March 15, 2005 10:00 ET

Northern Dynasty to Acquire 20% Remaining Carried Interest in Pebble Project


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NORTHERN DYNASTY MINERALS LTD.

TSX VENTURE SYMBOL: NDM
AMEX SYMBOL: NAK

MARCH 15, 2005 - 10:00 ET

Northern Dynasty to Acquire 20% Remaining Carried
Interest in Pebble Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - The board
of directors of Northern Dynasty Minerals Ltd. (TSX
VENTURE:NDM)(AMEX:NAK) is pleased to announce that Northern Dynasty has
reached an agreement with Hunter Dickinson Group Inc., a related party,
to acquire the 20% remaining carried interest in the Resources Property
and the Exploration Property portions of the Pebble porphyry
gold-copper-molybdenum deposit in southwestern Alaska (the "Carried
Interest"). The Carried Interest will be acquired by Northern Dynasty
for a purchase price consisting of 14,002,268 Northern Dynasty common
shares (the "Consideration Shares"), which represents approximately 20%
of the adjusted market capitalization of Northern Dynasty.

The acquisition of the Carried Interest was considered by a special
committee (the "Special Committee") of independent directors of the
Company, consisting of Messrs. Gordon Fretwell, Ian Watson, Brian
Mountford and Walter Segsworth. The Special Committee engaged
B.Ainsworth, P.Eng BC (with assistance from Westwind Partners Inc.,
D.M.Jenkins, P.Geo BC, and J.A.Currie P.Eng BC) (the "Independent
Valuator") to prepare a report on the independently appraised value of
the Carried Interest. The Special Committee also engaged Westwind
Partners Inc. to provide an opinion to the board of directors as to the
fairness and reasonableness, from a financial point of view, of the
acquisition of the Carried Interest to shareholders of Northern Dynasty.
Based on the respective opinions of the Independent Valuator and
Westwind, the Special Committee recommended to the board of directors of
Northern Dynasty that the Carried Interest be acquired for 14,002,268
Northern Dynasty common shares. The reports of the Independent Valuator
and Westwind will, once finalized, be filed on SEDAR (www.sedar.com).
The board of directors of Northern Dynasty voted to accept the
recommendation of the Special Committee, with all directors who are
related parties by virtue of their interests in the Carried Interest
abstaining from such vote.

No bonuses, commissions or finders fees are payable in respect of the
acquisition of the Carried Interest or the issue of the Consideration
Shares.

In November 2004, Northern Dynasty purchased all of Teck Cominco
American Incorporated's interest in the Resource Lands portion of the
Pebble property (see Northern Dynasty news release dated November 26,
2004) and Northern Dynasty recently purchased Teck Cominco's residual
50% working interest in the Exploration Lands portion of the Pebble
property through the issuance of US$4 million in Northern Dynasty shares
(see Northern Dynasty news release dated February 23, 2005).

As a result of the acquisition of the Carried Interest, Northern Dynasty
will have acquired a 100% working interest in the entire Pebble property
(subject only to the Teck Cominco net profits interest in the
Exploration Lands portion of the property).

Review Northern Dynasty's 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 and CEO

This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address estimated resource
quantities, grades and contained metals, possible future mining,
exploration and development activities, are forward-looking statements.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements should not be in any way construed as guarantees of future
performance and actual results or developments may differ materially
from those in the forward-looking statements. For more information on
the Company, Investors should review the Company's annual Form 20-F
filing with the United States Securities Commission and its home
jurisdiction filings that are available at www.sedar.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Northern Dynasty Minerals Ltd.
    Shawn Wallace
    Investor Services
    (604) 684-6365 or Toll Free: 1-800-667-2114
    (604) 684-8092 (FAX)
    www.northerndynasty.com
    Neither the TSX Venture Exchange nor any other regulatory authority
    accepts responsibility for the adequacy or accuracy of this release.