VANCOUVER, April 9 /CNW/ - Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE
Amex: NAK) announces that the Pebble Fund for Sustainable Bristol Bay
Fisheries and Communities, established by the Pebble Limited Partnership
("PLP" or the "Pebble Partnership") last year, will dispense its first $1
million in grants to 33 successful applicants this spring.
The Pebble Fund was established in February 2008 as a five-year, $5
million commitment to support community-led initiatives that enhance the
health of Bristol Bay fisheries and contribute to a sustainable economic
future in southwest Alaska. Administered by the non-profit Alaska Community
Foundation, Pebble Fund grant criteria and awards were determined by an
independent advisory board of citizens representing communities from
throughout the Bristol Bay region.
"Pebble is a globally significant copper-gold-molybdenum deposit whose
development has the potential to provide employment and business opportunities
for generations of Alaskans, as well as other social and economic benefits for
the communities of Bristol Bay," said Northern Dynasty President & CEO Ron
Thiessen. "Although the project is still several years away from permitting
and operations, the Pebble Partnership is committed to ensuring that local
communities benefit at every stage of project development.
"That's what the Pebble Fund and today's announcement is all about;
ensuring that Pebble provides a more sustainable future for the communities of
southwest Alaska now and in the future."
Based in Anchorage AK, 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 its 50%
interest, Anglo American is required to continue its staged investment of
$1.425 billion to advance the Pebble Project toward permitting and operations.
"One of our core principles is to help build sustainable communities and
that is why we started the Pebble Fund," said Pebble Partnership CEO John
Shively. "I am pleased and encouraged that the Pebble Fund board was able to
meet a diverse cross section of community needs in the Bristol Bay region.
This clearly demonstrates we will meet our commitments, and we are looking
forward to the next round of applications and grants later this year."
In total, some 50 non-profit community organizations in southwest Alaska
applied for Pebble Fund grants in 2009 for projects related to community
development, education, energy and fisheries. The Pebble Fund board selected
33 successful applicants, including 26 small grant ((less than)$25,000) and
seven large grant ((greater than)$25,000) recipients.
Projects receiving small grant awards include a community greenhouse
development in Ugashik, alternative energy and wind development projects in
the City of Chignik and Chignik Lagoon, and a vocational training program for
clean diesel technology in the Bristol Bay School District. Large grant awards
will fund fisheries enhancement and education projects in Pilot Point and
Ivanoff Bay, a renewable energy development project in Iguigig and a
broad-based job internship program for students in the Lake and Peninsula
School District, among others.
"Villages in rural Alaska are facing some serious challenges, including
high energy and transportation costs, limited investment and job
opportunities, and out-migration," said Ron Thiessen. "We believe the Pebble
Fund can start to address those challenges by funding projects that are
developed, delivered and selected by the people who know this region best -
the communities of Bristol Bay."
Northern Dynasty Minerals Ltd. is a mineral development company, based in
Vancouver, Canada, whose principal assets are a 50% interest in the Pebble
copper-gold-molybdenum deposit in southwest Alaska and 153 square miles of
associated resource lands, as well as a partnership funding agreement with
Anglo American. Pebble is the world's most extensive undeveloped copper-gold
porphyry system, with the grades and metallurgy to support a modern, long-life
Review Canadian public filings at www.sedar.com and US public filings at
Ronald W. Thiessen
President and CEO
No regulatory authority accepts responsibility for the adequacy or
accuracy of this release.
Northern Dynasty is solely and entirely responsible for the contents of
this news release. No other party, including any parties which have an
interest in the project, are in any way responsible for the contents hereof.
Comments on Forward Looking Information, Estimates and other
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.
For further information:
For further information: on Northern Dynasty 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