Northern Dynasty Mnl (NASDAQ:NDMLF)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Northern Dynasty Mnl Charts. Click Here for more Northern Dynasty Mnl Charts.](/p.php?pid=staticchart&s=N%5ENDMLF&p=8&t=15)
Northern Dynasty completes $22 million financing
Engineering and permitting programs commence for a major mine development at
Pebble, Alaska
VANCOUVER, March 17 /PRNewswire-FirstCall/ -- Ronald W. Thiessen, President and
CEO of Northern Dynasty Minerals Ltd. (TSX Venture: NDM; OTCBB: NDMLF) is
pleased to announce that Northern Dynasty has completed the $22 million,
non-brokered, private placement financing that was announced on February 11,
2004. The financing was for 2.75 million units at Cdn$8.00 per unit with each
unit consisting of a share and one half warrant. Each whole warrant is
exercisable within one year to acquire one further common share at Cdn$9.00.
Proceeds of the financing will be used to rapidly advance the Pebble Project,
located in southwestern Alaska, USA towards a major mine development. Northern
Dynasty is committed to engineer, permit, construct and operate a long life,
large-scale, open pit, gold-copper-molybdenum mine at the site. A recent
independent resource estimateby Norwest Corporation established the Pebble
deposit as the largest gold deposit, and at the same time, the second largest
copper deposit in North America. Pebble contains 26.5 million ounces of gold,
16.5 billion pounds of copper and 900 million pounds of molybdenum within an
Inferred Mineral Resource of 2.74 billion tonnes grading 0.55% copper-equivalent
(0.30 grams gold per tonne, 0.27% copper and 0.015% molybdenum above a cut-off
grade of 0.30% copper-equivalent). Furthermore, substantial near surface,
higher-grade starter resources have been identified within the deposit that can
be mined with almost no waste removal. Higher-grade resources facilitate rapid
recovery of capital costs during the early years of a large scale mining
operation. Current evaluations of the optimum milling capacity for the Pebble
Project range from 90,000 to 200,000 tonnes per day.
Northern Dynasty has commenced collecting the engineering and environmental data
for completion of a Bankable Feasibility Study as well as the submission of an
Environmental Impact Statement (EIS) for permits to construct and operate a mine
and related infrastructure. Field engineering data collection and multi-rig core
drilling to establish measured and indicated resources as well asholes for
geotechnical, metallurgical and hydrological design will commence this month.
Currently, the most immediate areas of necessary expertise for project
development are well covered by a spectrum of in-house engineers and scientists
in conjunction with top level consultants.
With regard to infrastructure development, the State of Alaska has accelerated
its program for the construction of "Roads to Resources" relative to the Pebble
Project. An existing Alaskan Department of Transport study to investigate
alternative road and port sites has recently been amended to provide the
necessary facilities in line with Northern Dynasty's proposed development
schedule. The exhaustive alternative analysis underway will lead to detailed
engineering studies of the best port site and road corridor selection. All
engineering work will be completed with sufficient accuracy for input into the
EIS document and permit application for the Pebble Project.
In addition, under the direction of Governor Frank Murkowski, a working group
has been convened to evaluate the demand for and the benefits of a regional
energy system (i.e. fuel supplies, power stations and transmission lines). The
terms of technical reference, funding protocol and timetable under which the
power needs of Southwest Alaska and the Pebble Project can be quantified, will
be defined by this working group in the coming weeks. Included in the
evaluations will be potential improvements and benefits to the Railbelt power
system.
For further details on Northern Dynasty Minerals Ltd. please visit Northern
Dynasty's website at http://www.northerndynasty.com/ or contact Investor
Services at 604-684-6365 or within North America at 1-800-667-2114.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed)
Ronald W. Thiessen
President and CEO
For more information on the Pebble Project please contact the following persons
at 604-684-6365 or 1-800-667-2114:
Brian Mountford, P.Eng. - Project Director - Engineering
Bruce Jenkins - Director of Environment, Permitting and
Socio-Economic Planning
No regulatory authority has approved or disapproved the information
contained in this news release.
This release includes certain statementsthat may be deemed "forward- looking
statements". All statements in this release, other than statements of historical
facts, that address future production, reserve potential, exploration drilling,
exploitation activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, Investors
should review the Company's home jurisdiction filings that are available at
http://www.sedar.com/.
DATASOURCE: Northern Dynasty Minerals Ltd.
CONTACT: the following persons at (604) 684-6365 or 1-800-667-2114:
Brian Mountford, P.Eng. - Project Director - Engineering; Bruce Jenkins -
Director of Environment, Permitting and Socio-Economic Planning