800 West Pender Street, Suite 1020
Vancouver, British Columbia
Canada V6C 2V6
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
By: /s/ Jeffrey R. Mason
Director and Chief Financial Officer
Date: February 23, 2005
Print the name and title of the signing officer under his signature.
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Northern Dynasty Minerals Ltd.
1020 - 800 W Pender St.
Vancouver BC
Canada V6C 2V6
Tel 604 684-6365
Fax 604 684-8092
Toll Free 1 800 667-2114
http://www.northerndynasty.com
NORTHERN DYNASTY TO ACQUIRE TECK COMINCO'S REMAINING
WORKING INTEREST IN PEBBLE EXPLORATION LANDS
February 23, 2005, Vancouver, BC - Ronald W. Thiessen, President and
CEO of Northern Dynasty Minerals Ltd. (TSX Venture: NDM; AMEX: NAK) announces
that it has notified Teck Cominco American Incorporated that Northern Dynasty
will purchase Teck Cominco's residual 50% working interest in the Pebble
Project's Exploration Lands through the issuance of US$4 million in Northern
Dynasty shares valued at the prevailing market price (approximately 977,795
shares). The purchase of Teck Cominco's working interest is being made
consequent to their election made February 21, 2005 and leaves Teck Cominco
with a maximum 4% pre-payback net profits interest (after debt service) and
5% after-payback net profits interest("NPI") in any mine production
from the Exploration Lands portion of the Pebble property.
Northern Dynasty recently purchased all of Teck Cominco's interest in
the Resource Lands portion of the Pebble property which hosts the 2.74 billion
tonne inferred resource of the Pebble gold-copper-molybdenum deposit (see
Northern Dynasty news release dated November 26, 2004). During 2004 the Company
completed systematic drilling of 173 core holes to upgrade a significant portion
of the Pebble deposit's inferred resource to measured and indicated classifications.
Drilling in the last part of 2004 indicated an eastern extension of the Pebble
deposit into the Exploration Lands which surround the Resource Lands. A new
resource estimate for the Pebble deposit is currently being undertaken by
Roscoe Postle and Associates Inc., and is expected to be announced during
March.
With the acquisition of Teck Cominco's remaining working interest in the
Exploration Lands, Northern Dynasty will own an 80% interest in the Resource
Lands and an 80% interest in the Exploration Lands. Northern Dynasty's
right to acquire the 20% remaining carried interest in the Pebble Project,
which is currently held by a related party, and thereby acquire 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) has been
extended by approximately 20 days to March 14, 2005 in order to permit the
required valuations of that interest to be finalized.
For further details on Northern Dynasty and the Pebble project please visit
the Company's website at www.northerndynasty.com or contact Investor Services
at (604) 684-6365 or within North America at 1-800-667-2114. 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
/s/ Ronald W. Thiessen
Ronald W. Thiessen
President and CEO
No exchange or regulatory authority has approved or disapproved the information
contained in this news release.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts 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. . For more information on the
Company, Investors should review the Company's annual Form on 20F filing
with the United States Securities Commission and its home jurisdiction filings
that are available at www.sedar.com.