VANCOUVER, Dec. 23, 2013 /CNW/ - Northern Dynasty Minerals Ltd. (TSX:
NDM; NYSE MKT: NAK) ("Northern Dynasty" or the "Company") reports Rio Tinto has advised management that it intends to undertake a
strategic review, including a possible divestment, of its shareholding
in Northern Dynasty. Rio Tinto's December 23, 2013 news release sets
out the strategic review. Rio Tinto, through QIT-Fer et Titane Inc.,
an indirect wholly-owned subsidiary of Rio Tinto plc, owns 18,145,845
common shares of Northern Dynasty, representing approximately 19.1% of
Northern Dynasty's issued and outstanding shares.
Northern Dynasty will hold a conference call to discuss this development
on Monday December 23, 2013 at 11 am Eastern/8 am Pacific. To
participate in the call, the toll free number to dial in North America
is 1-800-381-7839, international participants should dial
1-212-231-2901. Please call several minutes prior to the start time if
you wish to participate.
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.
For further information:
For further details 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. Review Canadian public filings at www.sedar.com and US public filings at www.sec.gov.