Updated Mineral Resource For The Pebble Project

 

VANCOUVER, BC - Northern Dynasty Minerals Ltd. reported that the Pebble Limited Partnership has provided an updated mineral resource estimate for southwest Alaska's Pebble Project, confirming it as one of the world's most significant undeveloped copper-gold-molybdenum porphyry deposits and North America's most important mineral development opportunity.

Additional core drilling conducted at the Pebble Project site has verified the grade and distribution of mineralization in the high-grade eastern portion of the deposit, while substantially increasing the amount of contained metal and upgrading the confidence classification. The new drill results, in concert with revised economic parameters, have resulted in an improved mineral resource estimate for the Pebble deposit.

The new Pebble resource estimate is based on 509 core holes, including 37 new holes drilled since mid-2008, and updates the estimate released on December 4, 2008. The new estimate represents a 17% increase in resources within higher confidence measured and indicated categories, and a 12%, 14% and 16% increase in contained copper, gold and molybdenum, respectively.

"The quantity, grade and continuity of mineralization at Pebble, as well as the fact that more than 55% of the resource is now classified in measured and indicated categories, demonstrate the project's potential to be one of the great metal producers of the 21st century," said Northern Dynasty President & CEO Ron Thiessen.

At a 0.30% copper equivalent cut-off, the Pebble Deposit Mineral Resources comprise:

- 5.94 billion tonnes of Measured and Indicated Mineral Resources grading 0.78% CuE, containing 55 billion pounds of copper, 67 million ounces of gold, and 3.3 billion pounds of molybdenum; and - 4.84 billion tonnes of Inferred Mineral Resources grading 0.53% CuE, containing 25.6 billion pounds of copper, 40.4 million ounces of gold, and 2.3 billion pounds of molybdenum.

The Pebble Project is located in southwest Alaska on state land designated for mineral exploration and development. It is situated 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. The Pebble Partnership is working to advance a Prefeasibility Study for the Pebble Project and preparing to initiate project permitting under the National Environmental Policy Act (NEPA) in 2011, a process estimated to take 2 - 3 years to complete.

The Pebble Partnership was established in July 2007 as a 50:50 partnership between a wholly-owned affiliate of Northern Dynasty and a wholly-owned subsidiary of Anglo American plc. To retain a 50% interest, Anglo American is required to invest US$1.425 to $1.5 billion to advance the Pebble Project toward permitting and operations.

The company’s address is 1020 - 800 West Pender Street, Vancouver, BC V6C 2V6, (604) 684-6365, fax: (604) 684-8092.