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 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 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.