Northern Dynasty Acknowledges Completion of EPA's Flawed Bristol Bay Watershed Assessment
VANCOUVER, Jan. 15, 2014 /PRNewswire/ - Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) ("Northern Dynasty" or the "Company") acknowledges that the US Environmental Protection Agency (EPA) today released the final version of its Bristol Bay Watershed Assessment (BBWA), an initiative launched in February 2011 to assess the effects of current and potential future development on the natural resources of Bristol Bay.
EPA released drafts of the watershed assessment in May 2012 and April 2013 to widespread criticism about the report's flawed methodology and findings, including from the State of Alaska, Alaska Native groups and expert Peer Reviewers commissioned by the federal agency. Throughout the process of completing the BBWA, EPA has repeatedly failed to meet its own guidelines and policies for watershed assessments, risk assessment and peer review, and violated the US Information Quality Act.
"Publication of the final watershed assessment is really the final chapter in a very sad story," said Northern Dynasty President & CEO Ron Thiessen. "We believe EPA set out to do a flawed analysis of the Pebble Project, and they certainly succeeded with both their first and second drafts of the BBWA. We have every expectation that the final report released today is more of the same."
Thiessen said the final BBWA report does not include any recommendations or regulatory actions that will affect future development of the Pebble Project.
"We look forward to defining a proposed development plan for Pebble and to having it reviewed by federal and state regulatory agencies under the National Environmental Policy Act (NEPA) in the months and years ahead," Thiessen said. "We have every expectation that the Environmental Impact Statement (EIS) process required by NEPA, to be administered by the US Army Corps of Engineers, will ultimately provide a much more rigorous, fair and transparent review of the science surrounding this important project."
About the Pebble Project
The Pebble Project is an initiative of the Pebble Partnership 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 the owner, 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. The IHS Global Insight study is available at www.northerndynasty.com.
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 mineral exploration and development company based in Vancouver, Canada, which holds indirect interests in over 500 sq. miles of mineral claims in southwest Alaska, USA. Northern Dynasty's 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. 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.