NORTHERN DYNASTY MINING (NDMLF)

[Estate1]

I gather nobody is using this board anymore? Took a lotto position with Dynasty ....ya never know.

[EZ2]

why is this not listed under NAK ?

[bobstaaf]

I am amazed how quiet this board is. Northern Dynasty could lead to the greatest wealth any of us could hope to achieve. I first bought ND at two bucks and have been adding to it since.

Its sister company Taseko Mines is coming to life, big now too.

[Tackler]

Monster hole... NDM cuts 1,520 feet of 0.95% Cu at Pebble

2005-09-21 10:07 ET - News Release

Mr. Shawn Wallace reports

NORTHERN DYNASTY MINERALS LTD.: MAJOR NEW PORPHYRY SYSTEM DISCOVERED AT PEBBLE; 2619 FOOT INTERSECTION GRADES 1.45% COPPER EQUIVALENT

Northern Dynasty Minerals Ltd. has released new results from its Pebble project in Alaska. Core hole No. 5,327 has discovered a significant new porphyry copper-gold system with an intersection of 2,619 feet grading 1.45 per cent copper equivalent (CuEQ) (1) and specifically 0.87 per cent Cu, 0.7 gram per tonne gold and 0.028 per cent Mo. Included in this intersection are intervals of 605 feet grading 1.6 per cent CuEQ (0.9 per cent Cu, 1.06 grams per tonne Au and per cent Mo) and 290 feet grading 2 per cent CuEQ (1.08 per cent Cu, 1.3 grams per tonne Au and 0.029 per cent Mo). Hole No. 5,327 was drilled toward the east at a dip of 65 degrees and entered the new mineralized system at a vertical depth of 1,500 feet below the surface. The midpoint of this intercept is located 2,000 feet east of the Pebble deposit (3.1 billion tonnes of measured and indicated resources plus 1.1 billion tonnes of inferred resources). This discovery has the potential to significantly enhance the size and overall grade of the Pebble deposit.

[nlightn]

Northern Dynasty Discovers New Higher-Grade Zone on East Side of Pebble Gold-Copper-Molybdenum Deposit
Monday November 29, 12:15 pm ET


VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 29, 2004--Northern Dynasty Minerals Ltd. (AMEX:NAK - News; TSX VENTURE:NDM - News)

Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. is pleased to announce that a substantial, new higher-grade gold-copper-molybdenum zone has been discovered by drilling on the east side of the Pebble deposit. This discovery, which demonstrates that there are multiple sources of mineralization, has significant implications for the deposit model and mine operations being planned. The discovery was made during the Company's comprehensive 2004 program of drilling, engineering and environmental studies designed to provide detailed data for a feasibility study and environmental impact statement for a large-scale open pit operation.

Core holes drilled on the eastern side of the Pebble deposit during the 2004 program intersected previously unrecognized, vertically and laterally extensive gold-copper-molybdenum mineralization. This mineralization, called the East Zone, is associated with an intense alteration signature, and extends east across the boundary of the Resource Lands well on to the Exploration Lands (see plan map and cross sections attached). A tabulation of assay results for East Zone discovery drill holes is attached and all results compiled to date from drilling of the Pebble deposit are posted at www.northerndynasty.com.

As presently defined, the East Zone includes holes 4136, 4137, 4149, 4155, 4181, 4188, 4210, 4250 4284, 4292, 4293, 4300, 4301, 4302 and 4303 which were drilled over an area of 2,000 feet by 2,000 feet. The East Zone is open to the north, south and east and to depth. Although there are a number of similarities with the geology and alteration in the central portion of the Pebble deposit, the favourable alteration and mineralization in the East Zone has been observed in drill holes to at least 2379 feet (725 m) in depth - much deeper than the mineralization in the Central Zone. The East Zone underlies unmineralized and unaltered Tertiary rocks that are absent at its western extent and progressively increase to a maximum thickness of 1,028 feet (310 m) in the east. Drill hole 4300 which was completed furthest to the east, intersected the strongest mineralization. Many discovery holes bottomed in mineralization with a general strengthening in molybdenum content to the east and at depth. An inferred eastern source area for the East Zone mineralization requires substantial additional drilling to establish its full potential.

The Pebble property is located in southwestern Alaska, USA. The property consists of the Resource Lands that host most of the Pebble gold-copper-molybdenum deposit, as it is currently known, and the surrounding Exploration Lands that host several porphyry gold-copper-molybdenum deposits and gold occurrences. The United States Geological Survey has listed the Pebble mineral system as the most extensive in the world (see attached Property Map).

Northern Dynasty recently exercised its option to acquire 80% of the Resource Lands from Teck Cominco American Inc. ("Teck Cominco"). In addition the Company exercised its option to acquire up to a 50% interest in the extensive surrounding Exploration Lands. Teck Cominco has a 90 day right to form a 50% joint venture on the Exploration Lands. As a consequence of exercising the Teck Cominco options, Northern Dynasty also has a 90 day period to elect whether to also acquire the 20% carried interest in the Pebble Project, held by a related party, for share consideration equal to the independently appraised value of the 20% interest. By exercising all of its options the Company can acquire up to a 100% interest in the Resource Lands (with no back-in right or royalty) and up to a 50% interest in the surrounding Exploration Lands.

Mark Rebagliati, P.Eng and Dr. Morris Beattie, P.Eng are the Qualified Persons for the Pebble Project and are supervising the quality control and quality assurance program. Logging and sampling is completed in Northern Dynasty's secure facility at Iliamna, Alaska. The NQ-size core is mechanically split and samples are transported to the ALS Chemex laboratory in Fairbanks for drying, weighing and crushing. Samples are shipped by airfreight to the main ALS Chemex laboratory, North Vancouver, Canada (an ISO 9002 certified laboratory) for final preparation and analysis. Gold is determined by 30 g Fire Assay (FA) fusion with an Atomic Absorption Spectroscopy (AAS) finish. Copper and molybdenum assays are by four acid digestion with an Inductively Coupled Plasma-Emission Spectroscopy (ICP-ES) finish. All samples are also analyzed for 23 additional elements by four acid digestion ICP-ES. Northern Dynasty includes standards, duplicates and blanks in addition to the laboratory's internal quality control work. Duplicate samples are analyzed by Acme Analytical Laboratories of Vancouver, Canada.

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 [phone] 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

Ronald W. Thiessen, President and CEO

[nlightn]

Northern Dynasty Minerals Ltd.: Metallurgical Samples for Feasibility Studies Shipped from Pebble Gold-Copper-Molybdenum Deposit, Alaska
Monday November 22, 10:00 am ET

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 22, 2004--Northern Dynasty Minerals Ltd. (TSX VENTURE:NDM - News; AMEX:NAK - News)

Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. is pleased to announce that approximately 85 tons of samples from 27 recently-completed PQ (3.35-inch diameter) and HQ (2.5-inch diameter) drill holes in the Pebble gold-copper molybdenum deposit have been shipped to SGS Lakefield Research Limited ("Lakefield") in Ontario, Canada for metallurgical test work. The core logging and staging site is located south of the Pebble Property near Iliamna in southwestern Alaska. A photograph of the samples at the staging site is posted on the Company's website.

Lakefield is one of the world's pre-eminent metallurgical laboratories for the determination of production-scale mill design criteria. At Lakefield's research facilities, the drill core will be prepared into a number of composite samples for testing variability in the crushing, grinding and processing properties of the mineralization and different rock types in the Pebble deposit. These composites will be selected to accurately define the metallurgical variances across the deposit in rock masses of sufficient tonnage to impact daily, monthly and yearly production schedules. These detailed studies will provide a thorough understanding of the Pebble deposit in terms of power requirements for crushing and grinding as well as the expected metal recoveries and product quality during flotation. All reject products from the process will be characterized for the most suitable manner of disposal so that appropriate conventional waste management facilities can be designed.

The Company's metallurgical consultants assessed the amount of material required for the planned test work. The 85 tons of material shipped is considered to be an adequate tonnage to allow for accurate definition of the metallurgical characteristics of the Pebble deposit and will permit the metallurgical testing to closely resemble what would be encountered in the actual full-scale operation.

These metallurgical studies are part of ongoing testing of drill core material that has been underway since mid 2004. Work on the new composite samples will commence upon receipt by Lakefield, and is expected to continue through the first quarter of 2005. Planning and design of the crushing and grinding circuits for the Project is being directed by Mr. Derek Barratt, P.Eng., and development of the flotation process is under the direction of Dr. Morris Beattie, P.Eng., both of whom are Qualified Persons as defined under National Instrument 43-101.

For further details on Northern Dynasty and the Pebble project please visit the Company's website at www.northerndynastyminerals.com or contact Investor Services at [phone] 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

Ronald W. Thiessen, President and CEO

[Mr. Zen]

Northern Dynasty Minerals Ltd.: Detailed Drilling is Confirming Continuity and Extent of Giant Pebble Gold-Copper-Molybdenum Deposit
11/16/04

http://www.stockhouse.com/news/news.asp?newsid=2534296

[nlightn]

NORTHERN DYNASTY TO CHANGE SYMBOLS AND TRADE UNDER AMEX:NAK LISTING


VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2004) - Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. (TSX Venture: NDM; AMEX:NAK) is pleased to announce that Northern Dynasty has received formal approval to list its common share on the American Stock Exchange (AMEX). AMEX has advised that the approval is contingent on Northern Dynasty being in compliance with all applicable listing standards on the date that it begins trading on the exchange, and may be rescinded of the Company is not in compliance with such standards. Effective, November 4, 2004, the Company will be listed for trading on AMEX under the symbol "NAK". The Company will continue to trade on the TSX Venture Exchange under the symbol "NDM".

President and CEO Ron Thiessen said "Management and the Board of Directors of Northern Dynasty are pleased to have secured this listing as it will provide many interested investors in the United States with greater transparency about the activities of the Company as well as more convenience and readily accessible trading opportunities. The AMEX listing will be advantageous as the Company advances the Pebble Gold-Copper-Molybdenum Project in Alaska."

Chairman Robert Dickinson said "I am very pleased that Northern Dynasty has secured this listing. The Pebble Project made an important transition in 2004 from exploration to detailed work that will support mine planning and permitting. The AMEX listing will assist us in providing timely information to the American market."

Northern Dynasty is advancing the Pebble Gold-Copper-Molybdenum Project, located in southwestern Alaska. A US$25 million comprehensive work program for 2004 is nearing completion. This program is designed to collect the engineering, environmental and socioeconomic data for completion in 2005 of a Bankable Feasibility Study and permit applications for the construction and operation of a long life, large-scale, open pit gold-copper-molybdenum mine.

For further details on Northern Dynasty and the Pebble project please visit the Company's website at www.northerndynastyminerals.com or contact Investor Services at [phone] or within North America at 1-800-667-2114 or 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

Ronald W. Thiessen, President and CEO

[Mr. Zen]

News 11/2/04 Preliminary Assessment Indicates Robust Economics for Pebble Gold-Copper-Molybdenum Project
Tuesday November 2, 12:20 pm ET


VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 2, 2004--Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. (OTCBB:NDMLF - News; TSX VENTURE:NDM - News) is pleased to announce the completion of a Preliminary Assessment of the Pebble gold-copper-molybdenum project located in southwestern Alaska. The Preliminary Assessment indicates excellent potential for a long life mine, having large-scale, low cost metal production. The full text of the Preliminary Assessment will be available for review at www.sedar.com.
The Preliminary Assessment was prepared in order to quantify the Pebble project's cost parameters and to provide guidance for the on-going engineering work that will ultimately define the optimal scale of production. Preliminary forecasts and estimates in the report were developed to an order of magnitude level and are not based on systematic engineering studies. As is normal at this stage of a project, data is incomplete and estimates were developed based on the expertise of the engineers involved. The Preliminary Assessment was lead-authored by independent qualified person Derek Barratt, P.Eng., and co-authored by Northern Dynasty's in-house qualified person Peter Beaudoin, P.Eng.

The Preliminary Assessment indicates that the Pebble gold-copper-molybdenum porphyry deposit would be developed by conventional, large-scale, open pit mining methods. Four open pit stages were designed using the block model established by Norwest Corporation for their February, 2004 inferred mineral resource estimate of the Pebble deposit. The estimated inferred mineral resource is 2.74 billion tonnes grading 0.55% copper-equivalent (0.30 g/t Au, 0.27% Cu and 0.015% Mo above a cut-off grade of 0.30% copper-equivalent(1)), containing 26.5 million ounces of gold and 16.5 billion pounds of copper. Processing of mill feed from the open pit will produce a flotation copper sulphide concentrate with gold and silver values as well as a separate molybdenum sulphide concentrate. Estimated metal recoveries of 88% for copper, 76% for gold and silver, and 60% for molybdenum were utilized in the financial modeling. These estimates are based upon on-going testwork by Northern Dynasty, and are in-line with other comparable large gold-copper porphyry mines. In the Preliminary Assessment, copper concentrate was estimated to grade 28% copper, 26.6 g/t gold, and 100 g/t silver, whereas molybdenum sulphide flotation concentrate was estimated to grade 50% molybdenum. In the Preliminary Assessment, copper concentrate was assumed to be transported to a storage/dewatering/port facility on tidewater via a concentrate pipeline. Molybdenum sulphide concentrate was also to be recovered, then packaged and shipped to market separately.

The Preliminary Assessment examined three production rate scenarios: 100,000 tonnes per day, 200,000 tonnes per day, and a phased expansion from 100,000 tonnes per day to 200,000 tonnes per day in year six. These analyses show that at the lowest production rate considered (Case 1 - 100,000 tpd), the Pebble project has the scope to produce an annual average of 256 million pounds of copper, 365,000 ounces of gold, 8 million pounds of molybdenum, and 1.4 million ounces of silver during the first ten years of a 62 year mine life. At the largest scale studied (Case 2 - 200,000 tpd), the project would produce an annual average of 470 million pounds of copper, 674,000 ounces of gold, 15 million pounds of molybdenum, and 2.5 million ounces of silver during the first ten years of a 31 year mine life. Key parameters for the three production rate scenarios assessed are summarized in the tables below.

(1) CuEQ equals Cu % + (Au g/t x 11.25/17.64) + (Mo % x 99.23/17.64)
Key Production Parameters
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Case 3
Case 1 Case 2 100,000
Production Parameters 100,000 tpd 200,000 tpd to 200,000 tpd
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Milling Rate (Million
Tonnes/Year) 35 70 35 to 70
in year 6
Mine Life (Years) 62 31 33
Resource Tonnage
(Billion Tonnes) 2.1 2.1 2.1
Stripping Ratio 0.23:1 0.23:1 0.23:1
---------------------------------------------------------------------
---------------------------------------------------------------------


Production Summary - First Ten Years
---------------------------------------------------------------------
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Case 3
Case 1 Case 2 100,000
Production Parameters 100,000 tpd 200,000 tpd to 200,000 tpd
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Average Grade
Gold (g/t) 0.43 0.39 0.40
Copper (%) 0.38 0.35 0.35
Silver (g/t) 1.64 1.47 1.51
Molybdenum (%) 0.018 0.017 0.017
---------------------------------------------------------------------
Metal Recovery
Gold (%) 76 76 76
Copper (%) 88 88 88
Silver (%) 76 76 76
Molybdenum (%) 60 60 60
---------------------------------------------------------------------
Average Annual Production
Gold (ounces) 365,000 674,000 514,000
Copper (M lbs) 256 470 357
Silver (M ounces) 1.4 2.5 1.9
Molybdenum (M lbs) 8 15 12
---------------------------------------------------------------------
Cash Production Cost
- Net of Au, Ag, Mo Credits
Copper ($/lb) 0.24 0.19 0.22
---------------------------------------------------------------------
---------------------------------------------------------------------
Notes: All currency amounts are in 2004 US dollars. Cash costs
include on-site and off-site operating costs, including
concentrate transportation, smelter charges and credits.


Production Summary - Life of Mine
---------------------------------------------------------------------
---------------------------------------------------------------------
Case 3
Case 1 Case 2 100,000 to
Production Parameters 100,000 tpd 200,000 tpd 200,000 tpd
---------------------------------------------------------------------
Average Grade
Gold (g/t) 0.33 0.33 0.33
Copper (%) 0.30 0.30 0.30
Silver (g/t) 1.24 1.24 1.24
Molybdenum (%) 0.016 0.016 0.016
---------------------------------------------------------------------
Metal Recovery
Gold (%) 76 76 76
Copper (%) 88 88 88
Silver (%) 76 76 76
Molybdenum (%) 60 60 60
---------------------------------------------------------------------
Average Annual Production
Gold (ounces) 276,000 543,000 510,000
Copper (M lbs) 199 392 368
Silver (M ounces) 1.1 2.1 1.9
Molybdenum (M lbs) 7 14 13
---------------------------------------------------------------------
Cash Production Cost
-Net of Au, Ag, Mo Credits
Copper ($/lb) 0.42 0.29 0.30
---------------------------------------------------------------------
---------------------------------------------------------------------
Notes: All currency amounts are in 2004 US dollars. Cash costs
include on-site and off-site operating costs, including
concentrate transportation, smelter charges and credits.


The Preliminary Assessment estimated the project's construction capital costs, sustaining capital, operating costs, and off-site charges (such as concentrate transportation and smelter/refining charges) as well as revenues all using 2004 US dollars. Capital and operating cost estimates for the three production scenarios examined were developed from initial estimates by the major company which was the previous operator, as well as site specific data, current major equipment costs and reported costs at similar operating mines throughout the world. Capital cost estimates range from $1.0 billion for a 100,000 tpd facility (Case 1) to $1.5 billion for a 200,000 tpd facility (Case 2). Life of mine sustaining capital estimates range from a total of $276 million for a 100,000 tpd project (Case 1) to a total of $197 million for a 200,000 tpd project (Case 2). Operating cost estimates range from $5.06 per tonne milled for a 100,000 tpd production rate (Case 1) to $4.36 per tonne milled for a 200,000 tpd production rate (Case 2).

Capital Costs, Sustaining Capital, and Operating Costs Summary
---------------------------------------------------------------------
---------------------------------------------------------------------
Case 1 Case 2
100,000 200,000 Case 3
Area tpd tpd 100,000 tpd to 200,000 tpd
---------------------------------------------------------------------
Capital Costs (Millions) Yr -1,-2 Yr 5 Total
---------------------------------------------------------------------
Direct Capital Cost $ 621 $ 929 $ 621 $ 308 $ 929
Indirect Capital Costs $ 205 $ 301 $ 205 $ 96 $ 301
15% Contingency $ 130 $ 182 $ 130 $ 52 $ 182
Working Capital $ 44 $ 88 $ 44 $ 44 $ 88
------ ------ ------ ------ ------
Total Construction
Capital $1,000 $1,500 $1,000 $ 500 $1,500
---------------------------------------------------------------------
Sustaining Capital
(Millions) Yr 1-5 Yr 6-33 Total
---------------------------------------------------------------------
Life of Mine
Expenditure $ 276 $ 197 $ 12 $ 213 $ 225
---------------------------------------------------------------------
Operating Costs (per
tonne of mill feed) Yr 1-5 Yr 6-33 Average
---------------------------------------------------------------------
Mining $ 1.06 $ 1.06 $ 1.06 $ 1.06 $ 1.06
Milling $ 2.00 $ 1.51 $ 2.00 $ 1.51 $ 1.56
Power $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Other $ 1.00 $ 0.79 $ 1.00 $ 0.79 $ 0.80
Total Operating Costs $ 5.06 $ 4.36 $ 5.06 $ 4.36 $ 4.42
---------------------------------------------------------------------
---------------------------------------------------------------------
Notes: All currency amounts are in 2004 US dollars. Capital costs in
the above summary include road and port costs of $103 million.
For Case 3, $500 million in construction capital is expended
during operations year 5 for production expansion in year 6. A
power cost of 5.4 cents per kWh was estimated for the project.


Off-site costs and realization charges related to transportation costs associated with the concentrates, and the treatment and refining charges affecting the net return from metal contained in the concentrates, were included into the financial model in the net smelter return (NSR) calculation. Costs, charges and payables used in the NSR analyses from the Preliminary Assessment are listed below.

Off-Site Costs
--------------------------------------------------------------
--------------------------------------------------------------
Item Units Amount
--------------------------------------------------------------
Concentrate Grade % Cu 28.00
--------------------------------------------------------------
Transportation $/wmt conc. 61.28
--------------------------------------------------------------
Smelter Treatment $/dmt conc. 57.50
--------------------------------------------------------------
Copper Refining Charge $/lb Cu 0.058
--------------------------------------------------------------
Copper Unit Deduction Units or (%) 1
--------------------------------------------------------------
Copper Payable % 96.75
--------------------------------------------------------------
Gold Refining Charge $/oz 3.00
--------------------------------------------------------------
Gold Deduction g/t conc. 1.0
--------------------------------------------------------------
Gold Payable % 98.00
--------------------------------------------------------------
Silver Refining Charge $/oz 0.30
--------------------------------------------------------------
Silver Payable % 90.00
--------------------------------------------------------------
Molybdenum Payable % 98.00
--------------------------------------------------------------
Molybdenum Freight/Processing $/lb 0.75
--------------------------------------------------------------
Insurance/Representation $/dmt conc. 0.45
--------------------------------------------------------------
--------------------------------------------------------------
Notes: $/wmt conc. equals US$ per wet metric tonne; $/dmt conc.
equals US$ per dry metric tonne.


Financial models were developed on a pre-tax, 100 percent equity financed basis for each of the three production rates assessed. For the Preliminary Assessment, long-term average metal prices were estimated to be $0.95/lb copper, $395/oz gold, $5.00/oz silver, and $5.00/lb molybdenum. In addition, for each production rate scenario, financial analyses were completed over a range of metal prices. The tables below summarize the sensitivity of the internal rate of return (IRR) and Net Present Value (NPV) to the variables of metal prices and the discount rate used for Cases 1, 2 and 3. Although a capital cost of $103 million was estimated for construction of the sea port and access road for the Pebble project, the financial analyses in this Preliminary Assessment do not include these costs on the assumption that the State of Alaska will parallel the implementation of its Southwest Alaska Regional Transportation Plan with project development. The results of financial analyses for the three production rates under consideration indicate that at the long-term average metal prices used in the Preliminary Assessment, the Pebble project could generate an IRR of between 15.3% and 20.3%, and an NPV, discounted at 5%, of between $1.047 billion and $2.091 billion. At recent metal prices of $1.25/lb Cu, $415/oz Au, $7.00/oz Ag, and $15/lb Mo, the IRR would increase to between 33.0% and 40.8% and the NPV, discounted at 5%, to between $3.511 billion and $5.972 billion.

These financial analyses are preliminary in nature and are based entirely on inferred mineral resources which are considered too speculative geologically to be categorized as mineral reserves and to have economic considerations applied to them. There is no assurance that the operating and financial projections in the Preliminary Assessment will be realized.

Financial Analyses Using Varying Metal
Prices - Case 1 (100,000 tpd)
---------------------------------------------------------------
---------------------------------------------------------------
Metal Prices
---------------------------------
Copper Gold Silver Molybdenum IRR NPV@ 0% NPV@ 5%
$/lb $/oz $/oz $/lb (%) (Billion $) (Billion $)
---------------------------------------------------------------
0.85 350 5.00 5.00 10.1 2.242 0.462
---------------------------------------------------------------
0.95 395 5.00 5.00 15.3 4.073 1.047
---------------------------------------------------------------
1.00 350 5.00 6.00 15.9 4.367 1.123
---------------------------------------------------------------
1.00 400 5.00 6.00 18.0 5.148 1.376
---------------------------------------------------------------
1.25 415 7.00 15.00 33.0 12.215 3.511
---------------------------------------------------------------
Notes: All currency amounts are in 2004 US dollars. Analyses are
on a pre-tax, 100% equity financed basis.


Financial Analyses Using Varying Metal
Prices - Case 2 (200,000 tpd)
---------------------------------------------------------------
---------------------------------------------------------------
Metal Prices
---------------------------------
Copper Gold Silver Molybdenum IRR NPV@ 0% NPV@ 5%
$/lb $/oz $/oz $/lb (%) (Billion $) (Billion $)
---------------------------------------------------------------
0.85 350 5.00 5.00 14.4 3.297 1.189
---------------------------------------------------------------
0.95 395 5.00 5.00 20.3 5.128 2.091
---------------------------------------------------------------
1.00 350 5.00 6.00 21.0 5.422 2.219
---------------------------------------------------------------
1.00 400 5.00 6.00 23.3 6.203 2.607
---------------------------------------------------------------
1.25 415 7.00 15.00 40.8 13.271 5.972
---------------------------------------------------------------
Notes: All currency amounts are in 2004 US dollars. Analyses are
on a pre-tax, 100% equity financed basis.


Financial Analyses Using Varying Metal
Prices - Case 3 (100,000 to 200,000 tpd)
---------------------------------------------------------------
---------------------------------------------------------------
Metal Prices
---------------------------------
Copper Gold Silver Molybdenum IRR NPV@ 0% NPV@ 5%
$/lb $/oz $/oz $/lb (%) (Billion $) (Billion $)
---------------------------------------------------------------
0.85 350 5.00 5.00 12.5 3.144 0.948
---------------------------------------------------------------
0.95 395 5.00 5.00 17.7 4.974 1.757
---------------------------------------------------------------
1.00 350 5.00 6.00 18.3 5.269 1.872
---------------------------------------------------------------
1.00 400 5.00 6.00 20.3 6.049 2.219
---------------------------------------------------------------
1.25 415 7.00 15.00 35.3 13.116 5.234
---------------------------------------------------------------
Notes: All currency amounts are in 2004 US dollars. Analyses are
on a pre-tax, 100% equity financed basis.


As previously announced, Northern Dynasty is systematically advancing its 2004 US $25 million work programs. These programs involve the comprehensive collection of engineering, environmental and socio-economic data for completion of a Bankable Feasibility Study in 2005 and to fulfill the requirements for an Environmental Impact Statement as well as applications for State and Federal permits. At site, a six rig drill program that commenced in April 2004 is currently being completed. This drill program is designed to systematically define a significant portion of the Pebble deposit's inferred mineral resources to measured and indicated categories and to determine the deposit's full lateral and depth extent. In addition, geotechnical drilling has tested sites for tailings impoundment, surface facilities and open pit mine design. Extensive large diameter core drilling has also been conducted to collect larger composite samples for metallurgical and process testing. A wide variety of activities associated with multi-disciplinary environmental and socio-economic programs are also underway.

Infrastructure requirements for the Pebble project are now quite well defined and significant progress has been made on specific infrastructure development plans. Development of a mine at Pebble will require the construction of an 86 mile road to connect the project to tidewater at Cook Inlet and a deep sea port facility. The State of Alaska's Southwest Regional Transportation Plan includes the construction of transportation facilities from Cook Inlet to the town of Iliamna, 17 miles from the Pebble project. Northern Dynasty and the State are in discussion to integrate this sector of the State's plan with the Pebble project's potential development schedule. A recent transportation corridor analysis, commissioned by the State's Department of Transportation and Public Facilities, identified a preferred road corridor and port option. Pre-feasibility level engineering studies for the port site and the road transportation corridor have now been commissioned by the State, with results expected to be reported in early 2005. Northern Dynasty's environmental consulting team is in the field collecting the necessary data for road and port permit applications. The State and Northern Dynasty plan to continue their co-operation under a Memorandum of Understanding to be negotiated in the coming months.

A number of options for the provision of electric power to the project and neighbouring villages have been identified and are currently being evaluated. These options include connection to the State's existing power transmission grid, either through a 41 mile submarine connection to the Kenai Peninsula or an overland route on the west side of Cook Inlet. An alternative to a transmission grid connection would involve the establishment of new generation facilities close to the mine or port area. Existing power costs for industrial consumers connected to the State's power transmission system are $0.03 per kilowatt hour (kWh) north of Anchorage and $0.04 per kWh to the south. For the purposes of the financial analyses made in the Preliminary Assessment, a price of $0.054 per kWh has been utilized. In June 2004, Northern Dynasty issued a "Request For Proposals" for the provision of power to the Pebble project and is expecting to receive responses before year end.

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 [phone] or within North America at 1-800-667-2114 or 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

Ronald W. Thiessen, President and CEO

Cautionary and Forward Looking Information Comments

All information contained in this press release relating to the contents of the Preliminary Assessment, including but not limited to statements of the Pebble project's potential and information under the headings "Production Parameters," "Capital Costs, Sustaining Capital Costs, and Operating Costs," "Production Summary," "Off-site Costs," and "Financial Analyses," are "forward looking statements" within the definition of the United States Private Securities Litigation Reform Act of 1995. The information relating to the possible construction of a port, road, power generating facilities and power transmission facilities also constitutes such "forward looking statements." The Preliminary Assessment was prepared to broadly quantify the Pebble project's capital and operating cost parameters and to provide guidance on the type and scale of future project engineering and development work that will be needed to ultimately define the project's likelihood of feasibility and optimal production rate. It was not prepared to be used as a valuation of the Pebble project nor should it be considered to be a pre-feasibility study. The capital and operating cost estimates which were used have been developed only to an approximate order of magnitude based on generally understood capital cost to production level relationships and they are not based on any systematic engineering studies, so the ultimate costs may vary widely from the amounts set out in the Preliminary Assessment. This could materially and adversely impact the projected economics of the Pebble project. As is normal at this stage of a project, data is incomplete and estimates were developed based solely on the expertise of the individuals involved as well as the assessments of other persons who were involved with previous operators of the project. At this level of engineering, the criteria, methods and estimates are very preliminary and result in a high level of subjective judgment being employed. The Preliminary Assessment uses only inferred mineral resources which are considered too speculative geologically to be categorized as mineral reserves and to have economic considerations applied to them. There can be no assurance that the operating and financial projections contained in the Preliminary Assessment will be realized.

The following are the principal risk factors and uncertainties which, in management's opinion, are likely to most directly affect the conclusions of the Preliminary Assessment and the ultimate feasibility of the Pebble project. The mineralized material at the Pebble project is currently classified as an inferred resource and it is not a reserve. The mineralized material in the Preliminary Assessment is based only on the inferred resource model developed by Norwest Corporation in February, 2004. That model includes only assay information from drilling up to the end of 2003. Considerable additional work, including in-fill drilling, additional process tests, and other engineering and geologic work will be required to determine if the mineralized material is an economically exploitable reserve. There can be no assurance that this mineralized material can become a reserve or that the amount may be converted to a reserve or the grade thereof. Final feasibility work has not been done to confirm the pit design, mining methods, and processing methods assumed in the Preliminary Assessment. Final feasibility could determine that the assumed pit design, mining methods, and processing methods are not correct. Construction and operation of the mine and processing facilities depends on securing environmental and other permits on a timely basis. No permits have been applied for and there can be no assurance that required permits can be secured or secured on a timely basis. Data is incomplete and cost estimates have been developed in part based on the expertise of the individuals participating in the preparation of the Preliminary Assessment and on costs at projects believed to be comparable, and not based on firm price quotes. Costs, including design, procurement, construction, and on-going operating costs and metal recoveries could be materially different from those contained in the Preliminary Assessment. There can be no assurance that mining can be conducted at the rates and grades assumed in the Preliminary Assessment. The project requires the development of port facilities, roads and electrical generating and transmission facilities. Although Northern Dynasty believes that the State of Alaska favours the development of these facilities and may be willing to arrange financing for their development, there can be no assurance that these infrastructure facilities can be developed on a timely and cost-effective basis. Energy risks include the potential for significant increases in the cost of fuel and electricity. The Preliminary Assessment assumes specified, long-term prices levels for gold, copper, silver and molybdenum. Prices for these commodities are historically volatile, and Northern Dynasty has no control of or influence on those prices, all of which are determined in international markets. There can be no assurance that the prices of these commodities will continue at current levels or that they will not decline below the prices assumed in the Preliminary Assessment. Prices for gold, copper, silver, and molybdenum have been below the price ranges assumed in Preliminary Assessment at times during the past ten years, and for extended periods of time. The project will require major financing, probably a combination of debt and equity financing. Interest rates are at historically low levels. There can be no assurance that debt and/or equity financing will be available on acceptable terms. A significant increase in costs of capital could materially and adversely affect the value and feasibility of constructing the project. Other general risks include those ordinary to very large construction projects including the general uncertainties inherent in engineering and construction cost, the need to comply with generally increasing environmental obligations, and accommodation of local and community concerns.



--------------------------------------------------------------------------------
Contact:
Northern Dynasty Minerals Ltd.
Investor Services
[phone] or Toll Free: 1-800-667-2114
OR
Northern Dynasty Minerals Ltd.
Ronald W. Thiessen
President and CEO
[phone] or Toll Free: 1-800-667-2114
Fax: [phone]
Website: www.northerndynasty.com



--------------------------------------------------------------------------------
Source: Northern Dynasty Minerals Ltd.

[Mr. Zen]

anchorage news article

http://www.adn.com/front/story/5680779p-5613066c.html

[Mr. Zen]

Hunter Dickinson Management Receives 'Entrepreneur of the Year' Award
10/5/04


The management of Hunter Dickinson Inc. ("HDI") was recently named 2004 Ernst & Young Entrepreneur of the Year in the Natural Resources category. The HDI management team of Robert Dickinson, Ronald Thiessen, David Copeland, Scott Cousens, David Jennings and Jeffrey Mason were honoured at the Entrepreneur of t
he Year Awards banquet for the Pacific Region at the Vancouver Trade and Convention Centre held on September 27.

In his acceptance remarks on behalf of the group, President and CEO Ron Thiessen acknowledged co-founders Bob Hunter (who retired earlier this year) and Bob Dickinson, the diverse backgrounds of the management group and the important contributions by HDI staff and associates. He also described the evolution and shared objectives of the management group:


"An entrepreneur is defined as a risk-taking businessperson, someone who sets up and finances new commercial enterprises to make a profit. Certainly Bob Hunter and Bob Dickinson fit that profile or definition when they got together in 1985... By 1994 Hunter Dickinson had been formalized into an incorporated company and included more principals, and we set about to create a franchise around the name, Hunter Dickinson Inc. The franchise we wanted to build was one of entrepreneurship, and to create an environment where the entrepreneurship of the people at Hunter Dickinson could flourish."


Hunter Dickinson Inc. manages publicly traded companies active in mineral exploration and development throughout the world, providing expertise in geoscience, engineering, environmental science, finance, property acquisition and regulatory, government and community affairs. These successful companies include Taseko Mines Limited (TSXV:TKO)(AMEX:TGB), Great Basin Gold Ltd. (TSX:GBG)(AMEX:GBN), Anooraq Resources Corporation (TSXV:ARQ)(AMEX-ANO), Northern Dynasty Minerals Ltd. (TSXV NDM)(OTCBB-NDMLF), Farallon Resources Ltd. (TSX:FAN), Continental Minerals Corporation (TSXV:KMK)(OTCBB-KMKCF), Rockwell Ventures Inc. (TSXV:RCW)(OTCBB-RCKVF), Amarc Resources Ltd. (TSXV:AHR)(OTCBB:AXREF) and Quartz Mountain Resources Ltd. (TSXV:QZM). HDI has proven capabilities at every stage of mine development, from early stage exploration (a current focus of Amarc Resources Ltd.) to mine operation (re-start activities are nearing completion at the Gibraltar mine of Taseko Mines Limited), and seeks to be in the forefront of the industry in terms of developing partnerships and gaining a social license. An example of this is the recent transition of Anooraq Resources Corporation to a Black Economic Empowerment company in South Africa, the first of its kind to be listed on and have access to North American capital markets.




FOR FURTHER INFORMATION PLEASE CONTACT: Hunter Dickinson Inc. Investor Services [phone] or 1-800-667-2114 (North America) [phone] Website: www.hdgold.com No regulatory authority has approved or disapproved the information contained in this news release.

[Mr. Zen]

the rumor and why.... this is an illusive puzzle

1.Galahad Capital from England..
JIM Slater is one of the stock market's most astute investors. So when he goes hunting for gold in Greenland, many will follow him.
Galahad Capital, which Jim and his son Mark set up as an investment vehicle, is buying Shambhala Gold, a private company with stakes in the Skaergaard prospect on Greenland's east coast, and in Northern Dynasty Minerals, which has a prospect in southern Alaska.

2.LONDON (AFX) - Galahad Gold PLC swung into an interim loss, but said it is upbeat on its Pebble deposit in Alaska where the inferred mineral resource has more than doubled.

The company said though that results relate to the new activities of the group which began on Dec 23 2003, when it changed from being a financial investment company to a mining development company, and so comparatives are not applicable.

The group, which also holds 100 pct of Skaergaard Minerals Corp, the company developing the gold-palladium-platinum deposit at Skaergaard in eastern Greenland, added it should benefit if metals and minerals prices rise further due to continued weakness in the US dollar and demand from China.

"Galahad now has interests in three substantial natural resource projects in varying stages of development," the group said.

"We are encouraged by the significant progress being made at Pebble, the recent confirmation of inferred mineral resource status at Skaergaard and the acquisition of the licence for the substantial new molybdenum deposit at Malmbjerg."

[Mr. Zen]

Went on a search to find out why the recent uptick. The only thing I could sniff out was a rumor so this is purely speculation and IS NOT BASED ON VERIFIABLE INFORMATION

1. the inferred survey recently completed but not released shows a double in the reserves.

2. news of this will hit the wires monday (10/4/04)

Repeating... this information may or may not be valid, time will tell

NDMLF $4.95 up .45 today

[Mr. Zen]

Here is a little more information on Northern Dynasty from a newsletter I received a few months ago…
First of all this was a paid for newsletter however Lawrence Roulston’s Resource Opportunities does have a wide and varied following, I am assuming that all information in this newsletter is true, you be the judge.

Deposit size is reported at 16.5 billion tones of copper and 26.5 million ounces of gold
At a throughput rate of 180,000 tonnes /day (full production) Pebble in the first 7 years, would produce 523 million tones of copper and 790,000 ounces of gold PER YEAR
At that production rate the mine would consume less than half of the huge Pebble deposit in the first 20 years of it’s mine life.

Location. Southern Alaska, 75 miles from tide water along a proposed road to a deep-sea port on Cook’s Inlet The Alaskan gov’t has provided funding for the construction of facilities and infrastructure for similar large scale project in Alaska (roads, docks and power projects.)

More information on NDMLF (otc.bb) NDM (tsxv) can be found at www.hdgold.com

[mick]

thanx for the update doubloon the mining interest you have for them.

[Mr. Zen]

Mick...NDMLF is well on it's way to be one of the largest copper/gold mines in Alaska, it will however require some patience. At last report the Alaskan gov't was willing to build a 24 mile road to the mine and widen a harbor for large ocean vessels. I am using NDMLF as a long term hold and will be adding to my position over the next two years. I do not see much downside here, the reserves have already been proven, the current gov't is willing to move the project forward, financing is not a problem, patience will be the key here.

[mick]

i just read this update and it reads very good for mining stuff,,,

[mick]

hi doubloon , i notice you on the almi stuff. does this one have any goods for the investor?

[Mr. Zen]

report from goldinvestor.com =>

Northern Dynasty Minerals Ltd (OTCBB: NDMLF) Northern Dynasty recently established its Pebble proje
ct as the largest gold deposit in North America.

At the present share price, this company is valued at a mere $8 per ounce of inferred resource, a fraction of the potential value of that vast deposit.

As the Pebble project advances over the coming months, and as investors gain a greater appreciation of the merits of the project, the valuation should move up in line with similar projects, generating the potential for big returns to investors.

[Mr. Zen]

a good link into info on Hunter Dickinson

http://www.richmondclub.com/Richmond%20Report/new_hunterdickinson.htm


turn up your volume

[Mr. Zen]

Good vibes
Mine reps get warm reception on peninsula


By HAL SPENCE
Peninsula Clarion

If the public interest shown earlier this week is any indication, enthusiasm about a proposed gold and copper mine north of Lake Iliamna may be running as high among many Kenai Peninsula residents as it is in the board room of the mining company itself.

After a two-day tour of the Kenai Peninsula, representatives of Northern Dynasty Mines, who are planning to launch what may become one of the largest gold and copper mining operations in North America, said the level of public interest in the project really struck them. Beyond that, they said they were very impressed by the existing concentration of available infrastructure ‹ the roads, docks, ports, harbors, airports and support industries ‹ and the vocational education opportunities.

"Quite frankly, we had a tremendous tour of the Kenai Peninsula," said Bruce Jenkins, director of corporate affairs for Northern Dynasty. "We were overwhelmed by the hospitality and professionalism of the tour and the wide range of parties and infrastructure that exist that could help our project."

Jenkins took particular note of the "peaceful coexistence" between natural resource development and the peninsula's tourism and fishing industries, calling it "a model example" for North America. He also said the company was impressed by educational and vocational training facilities available on the peninsula, which could prove important in job training for the construction and operations phase of the project.

"It was a good first visit," said Bill Popp, the Kenai Peninsula Borough's liaison to the oil and gas industry who helped facilitate the two-day visit by Northern Dynasty representatives. "The got a strong look at the broad picture of how the Kenai Peninsula Borough can support their project."

The visit began early Monday in Homer where company officials met with city officials and representatives of the borough's Community and Economic Development Division. Northern Dynasty officials spoke before a packed Homer Chamber of Commerce luncheon and answered questions from area residents about aspects of the proposed mine. After touring Homer facilities, the group headed to the central peninsula, ending Monday with a reception in Kenai hosted by the city of Kenai and the Kenai Chamber of Commerce.

The following day the tour continued, as Northern Dynasty officials saw the Nikiski industrial complex, Kenai Airport facilities, and fire, mining and petroleum training facilities, as well as Kenai Peninsula College. They also met with representatives to the Kenai Peninsula Borough School District to discuss the future of work force development.

"From my perspective, they were overwhelmed by the positive attitude of businesses and individuals regarding their project," said CEDD Business Manager Jack Brown. "In Kenai, it was standing-room only. The trip couldn't have went any better."

Company representatives were especially impressed with the level of interest expressed by the local support industry and local governments and by the local infrastructure, Popp said.

"It was a real eye-opener for them," he said. "They had had a sense of it, but not as broad a sense as they had when they left."

Vital to the mining project will be a supply of energy, and Northern Dynasty is keenly interested in developing a relationship with companies in the Railbelt power grid, Popp said. For that reason, Homer Electric Association is "strategically positioned," he said.

Northern Dynasty announced plans earlier this winter to further study the Pebble mineral deposit, which is situated 19 miles northwest of Iliamna on state land. Initial drillings have shown the mine may contain up to 26.5 million ounces of gold and 16.5 million pounds of copper. The mine could be worth as much as $28 billion.

Mine development, which is expected to require a capital investment of between $750 million and $1 billion over a two-year period, could mean about 2,000 jobs, and 600 to 1,000 full-time jobs once it is operating over its expected 30 to 50 year lifespan.

"For every one job on site, there are two to four jobs off site," said Brian Mountford, director and chief operating officer of Northern Dynasty Mines.

The company is looking to answer several important questions, including how to connect the mine to Cook Inlet, how to supply power and what nearby community's port would be used.

Homer City Manager Walt Wrede, along with Homer Mayor Jack Cushing, made sure the company officials got a good look at Homer's dock, storage areas and infrastructure.

"They said they were really impressed with Homer and that there was a lot more here than they thought," Wrede said.

Popp said borough officials were eager to learn how Northern Dynasty saw aspects of its future relationship with the borough.

"We were interested to know their views on work force development and we have begun a preliminary dialogue on that issue," he said. "They view the Kenai Peninsula Borough as important in the role of supplying workers."

The Lake and Peninsula Borough will be the first beneficiary of Northern Dynasty's local-hire program, he said, but by virtue of its geographic position and its developed infrastructure, the Kenai Peninsula Borough also has a strong work force on which to build.

Jenkins said the trip included a guided tour of Cook Inlet Keeper's facilities and lab in Homer. The nonprofit environmental agency is dedicated to protection of the Cook Inlet watershed.

"We had a very cordial discussion. We briefed them on preliminary elements of project, and we had an excellent dialogue," Jenkins said. "I hope it sets the stage for reasonable and objective discussions about the project as it gets defined."

Keeper head Bob Shavelson said the Keeper's board of directors is taking a wait-and-see attitude with the mine developers.

"If you look at the history of hard rock mining in the United States, most of these projects are fraught with some fairly significant ecological impacts," he said. "It will be a real challenge for Northern Dynasty to meet the high quality standards that they have set out for themselves."

The company has said it is committed to developing the Pebble Gold-Copper Project "in a manner that conserves and protects the local environment."

Homer News staff writer Carey James contributed to this story.

[Mr. Zen]

Press Release Source: Northern Dynasty Minerals Ltd.


Northern Dynasty Arranges up to $10 Million of Additional Financing
Thursday June 17, 9:00 am ET


VANCOUVER, British Columbia--(BUSINESS WIRE)--June 17, 2004--Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. (OTCBB:NDMLF - News; TSX VENTURE:NDM - News) is pleased to announce that Northern Dynasty has reached agreements in principle to privately place up to 2,816,902 units in its capital at a price of $3.55 per unit to a number of accredited investors, including approximately 60% participation from Company insiders. Each unit will consist of one common share and a share purchase warrant exerciseable to purchase an additional common share at price of $4.15 for a one year period from the completion of the financing which is planned to occur on July 7, 2004. The offering is subject to execution of definitive agreements and TSX Venture Exchange acceptance, which is expected in the ordinary course. The common shares in the units and the shares issuable on exercise of the warrants will be subject to a four-month resale restricted period from the date of completion of the financing.
Northern Dynasty's working capital will be approximately $36 million upon closing of this financing, and will be directed toward rapid advancement of the Company's Pebble project, located in southwestern Alaska, USA. Following third party confirmation of the mineral resource in the Pebble deposit in January 2004, Northern Dynasty began an important transition on the Pebble project, from exploration to mine planning and permitting.

The C$33.5 million program planned for 2004 has three main components: diamond drilling to convert the currently outlined inferred mineral resource to measured and indicated categories; to advance project engineering for completion of a bankable feasibility study in 2005; and to conduct environmental/socioeconomic studies meeting the requirements for a federal Environmental Impact Statement as well as state and federal permitting. Currently, four drill rigs are at site. Since site work began this spring, approximately 22,000 feet of the planned 130,000-foot program have been completed. The drills are testing sites for tailings impoundment and surface facilities, and rock characteristics for pit planning, as well as systematically probing the deposit for mineral resource studies. A wide variety of activities associated with the comprehensive environmental program are also underway.

Northern Dynasty is also making application to the TSX Venture Exchange to re-price up to 1,375,000 previously issued common share purchase warrants issued in a private placement financing completed on February 11, 2004. These warrants will be re-priced from an existing exercise price of $9.00 to $4.15, which is the same price as the warrants in the current financing. The re-priced warrants will be subject to an accelerated expiry for 30 days after receiving notice from the Company, if the prevailing share trading price exceeds the revised warrant exercise price by 15% for 10 consecutive trading days or will otherwise expire on their original expiry date of March 16, 2005.

ON BEHALF OF THE BOARD OF DIRECTORS

Ronald W. Thiessen, President and CEO

For further 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 and Chief Operating Officer

Bruce Jenkins, M.Sc. - Director of Environment, Permitting and Socio-Economic Planning

These materials are not an offer of securities for sale in the United States. The securities offered have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent such registration or an exemption from registration.

No regulatory authority has approved or disapproved the information contained in this news release.



--------------------------------------------------------------------------------
Contact:
Northern Dynasty Minerals Ltd.
Investor Services
[phone] or Toll Free: 1-800-667-2114
Fax: [phone]
Website: www.northerndynasty.com



--------------------------------------------------------------------------------
Source: Northern Dynasty Minerals Ltd.

[Mr. Zen]

As we evolve on this board it's my desire to help present the forward movements in this company in a manner that will benefit all who come here. Over the next few weeks the information presented here should help everyone understand why I consider this my "no-brainer # 3 for 2004". If the information presented needs clarification I would hope that someone will find and present the answers in a just and unbias manner.
As time allows I will present evidence of the massiveness of this mine and why it has a 30 year life expectancy, The Alaskan Gov't has agreed to build the road from a seaport to the mine and all necessary permits are moving forward. This is an early stage viable mine and should present good dividends over the next 30 years.
Good luck to all who come here.


May the profits be with you.

[nlightn]

Mine Feasibility and Permitting Programs Gain Momentum at Pebble Gold-Copper-Molybdenum-Silver Project

VANCOUVER, BRITISH COLUMBIA, May 5, 2004 (CCNMatthews via COMTEX) -- Northern Dynasty Minerals Ltd. (TSX Venture: NDM; OTCBB: NDMLF) is pleased to announce that extensive work programs have commenced for the Pebble project, located in southwestern Alaska, USA with a total budget exceeding US$20 million. These work programs are designed to collect the engineering, environmental and socioeconomic data for completion in 2005 of a Bankable Feasibility Study and applications for permits for the construction, operation and closure of a long life, large-scale, open pit, gold-copper-molybdenum-silver mine and related infrastructure. Current assessments of the optimum milling capacity for the Pebble project range from 90,000 to 200,000 tonnes per day over a 30 to 60 year mine life.

Presently, over 30 site workers are operating from the NDM project office at the Iliamna Airport which is located 19 miles southeast of the deposit. These crews are taking baseline geotechnical and environmental measurements to assist in the selection and design of project facilities, such as tailings impoundment sites. In addition, the first of four rigs has commenced drilling with all rigs scheduled to be drilling by May 15th. The drill program encompasses more than 130,000 feet, consisting of delineation drilling to facilitate the classification of the Pebble deposit's resources as well as holes for geotechnical, metallurgical and hydrological assessments. Roscoe Postle Associates Inc. has advised NDM on the appropriate drill hole spacing required to produce Measured and Indicated Resources from the current Inferred Resource base. As currently defined, the Pebble deposit is open to the east, west and to depth, with the higher grade mineralization open to the south and southeast. Exploratory drilling is also planned for new zones and unexplored targets throughout the expansive property.

NDM is using highly experienced independent technical advisors for the collection and evaluation of engineering, environmental and socioeconomic data. To date, the following consultants have been commissioned to the Pebble project: ABR, Inc., Bristol Environmental & Engineering Services Corporation, Buell & Associates Inc., CH2M Hill, Inc., Columbia Analytical Services, Inc., Eagle Mapping Group, HDR Alaska, Inc., Knight Piesold Ltd., Kodiak Mapping Inc., North Creek Analytical, Inc., Northern Ecological Services, Resource Data Inc., SGS/CT & E Environmental Services, Inc., Shaw Environmental Inc., Steffen Robertson and Kirsten Inc., Roscoe Postle Associates Inc., Stephen R. Braund & Associates, Three Parameters Plus and Water Management Consultants Inc.

The State of Alaska and NDM have concluded a Memorandum of Understanding (MOU) detailing the co-operative relationship between the State and the Company that will govern and expedite NDM's efficient completion of the permitting process for the Pebble project. Under the MOU, the State is providing a dedicated Interagency Review Team (IRT) to ensure that adequate agency resources are committed to work on all activities and authorizations associated with the permitting process. The IRT will monitor, review and disseminate data in a timely manner, as well as provide advice and guidance to the Company. NDM plans to complete and submit applications for project approval in late 2005. These applications will initiate a time-regulated procedure, leading to the issue of permits for mine construction, operation and closure.

In addition, the Department of Transport (DOT) for Alaska is currently conducting a thorough program to investigate potential port sites at Iniskin Bay and Iliamna Bay on Cook Inlet, which will facilitate shipping of copper-gold-silver and molybdenum concentrates to offshore smelters. These port sites are located approximately 65 miles from the deposit. Various road corridor options leading from the potential port sites to the Pebble deposit, with connections to local villages, are also under active evaluation. A report outlining the findings and recommending the preferred port site and road corridor is expected to be presented by the DOT to the Government of Alaska by July 2004. After the port site and road route have been selected, the State will commission more detailed studies to facilitate design, engineering, permitting and construction.

The State and NDM, in partnership, will be evaluating the best options for the provision of power. It is anticipated that benefits will accrue to local residents and potentially, Railbelt customers. Requests For Proposals soliciting responses from local utilities and other interested parties will be delivered in the next few weeks.

An important part of the joint efforts between State Agencies and NDM is an increasing dialogue with local residents and other interested parties. Several meetings have been held at the village level and these will continue on a regular basis pursuant to the Company's community consultation plan. To facilitate its policies of preferential employment for local and Alaskan workers, along with open and timely consultation with all communities of interest, NDM has opened a new office in Anchorage. The office will be staffed by senior management, who will direct and coordinate the activities of the many expert, Alaskan-based consultants engaged in the engineering, environmental, socioeconomic and permitting tasks. As project drilling and field studies accelerate, an increasing amount of technical work will also be managed from the Alaskan office. The new office address is: Northern Dynasty Mines Inc., Ste. 604, 3201 C Street, Anchorage, AK 99503,Tel: [phone]; Fax [phone].

For further details on Northern Dynasty Minerals Ltd. and the Pebble gold-copper-molybdenum-silver project please visit Northern Dynasty's website at www.northerndynasty.com or contact Investor Services at 604-684-6365 or within North America at 1-800-667-2114.


CONTACT: Northern Dynasty Minerals Ltd.
Brian Mountford, P.Eng.
Project Director
[phone] or 1-800-667-2114
or
Northern Dynasty Minerals Ltd.
Bruce Jenkins, M.Sc., Director of Environment,
Permitting and Socioeconomic Planning
[phone] or 1-800-667-2114
[phone] (FAX)
Website: www.northerndynasty.com



Copyright (C) 2004, CCNMatthews. All rights reserved.

[nlightn]

Massive Copper-Gold Mine at Pebble, Alaska, Gains Momentum

Apr 04, 2004 (Alaska Journal of Commerce - Knight Ridder/Tribune Business News via COMTEX) -- A copper-gold mine developed at Pebble, 250 miles southwest of Anchorage, could be bigger than previously thought.

If the project is developed, Northern Dynasty Minerals Inc. now estimates that a large open-pit mine at Pebble could cost $1 billion to develop, employ 700 to 1,000 workers in production and 2,000 during two years of construction needed to build the mine.

In addition, the mine could require between 100 megawatts and 150 megawatts of power, according to Bruce Jenkins, Northern Dynasty's Director of Environment and Permitting for the project.

Construction of roads to the mine will also be required. A 65-mile road will be needed to connect the mine to a new port that would be built on Cook Inlet, most likely at Iniskin Bay.

Concentrates of copper and gold could be trucked to the port, although a slurry pipeline is also under consideration, Jenkins said.

Iliamna, 15 miles from the project, has an airport with two paved runways, one 5,080 feet in length and the other 4,800 feet in length.

"This isn't an exploration project anymore. We've made a strategic transition from exploration to mine planning and permitting," he said.

In a March 17 press release, Northern Dynasty announced it has commenced the collection of engineering and environmental data for completion of a Bankable Feasibility Study as well as submission of a federal Environmental Impact Statement.

"We've committed $15 million to $20 million this year on mine development work," Jenkins said. The money is coming from a $22 million private placement financing package Northern Dynasty completed March 17 to fund development work on the project.

Jenkins said the company has spent $8 million over the last two years on exploration at Pebble. "We have a high degree of confidence now, and we wouldn't be spending this much to do further development work unless we believed we have a mine," he said.

"We have sufficient drill data to confirm there is a mine. The question is how big it will be," Jenkins said.

It could be very big. Pebble is a large copper-gold deposit on the Alaska Peninsula 15 miles north of Lake Iliamna. Independent consulting firms have confirmed resource estimates of 26.5 million ounces of gold, 16.5 billion pounds of copper and 900 million pounds of molybdenum.

These resources make Pebble the largest gold deposit in North America and the second largest copper deposit, according to Norwest Corp., a consulting firm.

The resource base is sufficient to support 45 to 50 years of mining, Jenkins said.

Northern Dynasty's 2004 work program has three elements, he said. One is to do more drilling at the project site to add to the company's geologic database and get geotechnical information and data on characterization of waste rock, he said.

The field work will be helicopter supported, and unlike in past years when geologists made daily commutes to the site, the company will build an exploration-type tent camp this year, Jenkins said.

A second goal is to initiate engineering planning and mine design work, which would include a plan for an open-pit mine and a facility to store waste rock. Jenkins said Northern Dynasty has retained Knight Piesold Consulting, an international mineral engineering firm that has done work on Alaska projects.

A third initiative is to launch environmental baseline studies, which will continue for a number of years. The company is building a team of environmental consultants and contractors which will include firms with Alaska experience, Jenkins said.

Some of the environmental work is already underway, he said.

State officials confirmed they have met with the company to outline permit requirements for a mine at Pebble, which is located on state lands. Dick LeFebvre, Deputy Commissioner of the state Department of Natural Resources (DNR), said DNR's large mine permitting team met with the company. LeFebvre said he thinks the company will spend 18 to 24 months gathering environmental data before permits can be applied for.

Given its size and scope, Jenkins said the project will need a federal Environmental Impact Statement, a process which usually takes 18 to 24 months.

He said it will take three to four years to get permits for a mine, with an additional two years needed for construction.

Jenkins said Pebble is only one prospect in a large land area the company controls. There are at least two other potential large, unexplored ore bodies similar to Pebble, he said.

The U.S. Geological Survey has identified the area that includes Pebble as the world's largest sulfide mineralization system, according to information on the Northern Dynasty Web site.

By Tim Bradner
To see more of the Alaska Journal of Commerce, or to subscribe to the newspaper, go to www.alaskajournal.com


(c) 2004, Alaska Journal of Commerce, Anchorage. Distributed by Knight Ridder/Tribune Business News.

================================================================

[nlightn]

This Gold Deposit is Big...
and
It's Very Real



This Special Issue of Resource Opportunities
is devoted to Northern Dynasty Minerals
(NDM-TSXV; NDMLF-OTCBB)
See bottom for important disclosure information





Northern Dynasty recently established its Pebble project as the largest gold deposit in North America.

At the present share price, this company is valued at a mere $8 per ounce of inferred resource, a fraction of the potential value of that vast deposit.

As the Pebble project advances over the coming months, and as investors gain a greater appreciation of the merits of the project, the valuation should move up in line with similar projects, generating the potential for big returns to investors.

Northern Dynasty optioned the massive Pebble gold-copper deposit in Alaska from a major mining company three years ago, while the gold price was at a 20 year low. They saw tremendous potential to expand an already huge deposit and discover an entire district of a new deposits.

The results exceeded even the most optimistic expectations. Northern Dynasty’s drilling more than doubled the size of the Pebble deposit, outlining the largest gold deposit in North America and one of the largest in the world.

Investors have only begun to appreciate the value of this massive deposit – one of the few undeveloped gold deposits large enough to interest even the largest mining companies.

Studies are presently underway to evaluate the profit-making potential of this vast deposit. If the results come even close to meeting expectations, then investors and major mining companies will realize that Pebble is worth a multiple of the value presently attributed to the shares of Northern Dynasty.

Last June, I expressed strong optimism that Northern Dynasty would successfully upgrade the Pebble project. I am just as confident now that the company will continue to add value to the project and that it will attract the interest of the major mining companies.

Consider these reasons for believing that Northern Dynasty will justify a substantially higher value:

The Pebble deposit is one of the largest undeveloped gold deposits in the world, one of the few that is big enough to have a significant impact on the bottom line of even the largest mining companies.
Major mining companies are facing a pressing need to acquire and develop new deposits to replace reserves that are being steadily depleted. Little effort was devoted to finding new deposits during the period of record low metal prices, and those companies now have to catch up quickly.
Pebble has many advantages that would contribute to a very low cost operation.
The Pebble deposit has already had the benefit of more than a decade of testing and engineering studies, providing a basis from which to evaluate the project.
Located in the United States, Pebble offers political and currency advantages available in few other large, advanced deposits.
While investors are awaiting the results of comprehensive independent studies, comparisons with similar projects and informal estimates suggest that the value of the project is substantially higher than the value reflected in the current share price.

Northern Dynasty shares reflect a mere $8 per ounce of gold in the ground in the form of inferred resources. Comparable projects reflect valuations up to several times that level.

I must emphasize that at this stage the project has only inferred resources, and there is no guarantee that the results will continue to be positive. However, over the next few pages I will detail why I believe that Northern Dynasty will successfully advance the Pebble project through the next stage in the development cycle … and gain enormous value.

But first, it’s worth understanding a little more about the background of the project. The first question to look at is…



How Did Northern Dynasty Secure Such A Treasure?

By 1997, Cominco Ltd. (now Teck Cominco Limited) had spent a decade working on the Pebble deposit and had outlined a massive billion tonne deposit. The major completed preliminary engineering studies that involved all of the elements in developing and operating a mine, including infrastructure, permitting and environmental issues. That work showed Pebble could be successfully developed into a large-scale, long life mining operation.

However, in the face of the declining gold and copper prices after 1997, Cominco focused its efforts on maintaining its position as the number one zinc company in the world. The Pebble project was put on hold and no further work was carried out over the next four years.

The Search For Major Company-Sized Projects

Northern Dynasty is managed by Hunter Dickinson Inc., a highly qualified team of management, exploration and mine development professionals. Anybody not already familiar with the background and track record of this successful group should refer to the sidebar (below).

HDI’s attraction to porphyry gold-copper deposits goes well beyond their previous successes and their considerable expertise with that type of geology. The real driving force is that porphyry deposits are frequently very large. For example, the largest gold producer in the world is the Grasberg mine, an operation based on a large porphyry deposit.

Its also significant that one of latest large gold mines to be developed was Newmont’s Batu Hijau mine, which is based on a porphyry gold-copper deposit on a remote island in Indonesia.

After the wave of mergers that swept through the mining industry over the past few years, those companies are looking for enormous deposits. As a result of their large size potential, porphyry deposits are of tremendous interest to the major mining companies.

Perseverance Pays Off

The Hunter Dickinson team are keenly aware of the importance of large deposits to the majors, and spent years evaluating porphyry projects around the world. The Pebble deposit showed up near the top of the list in 1998.

The group at that time had a relationship with Cominco through another of their companies. But the major had no interest in giving up an interest at that time.

More than three years passed from the first discussions until a deal was finally struck in 2001. It required a 20 year low in the gold price and a corporate decision by Cominco to focus on its core business of zinc to finally convince the major to bring a partner in on Pebble.



Deals That Wouldn’t Happen Today

For the exploration team at Cominco, little money was coming from head office and a joint venture with an aggressive and highly competent junior seemed a good way to finally get some action on the Pebble project.

The major company geologists weren’t particularly optimistic about the Pebble deposit (as they had defined it) but they couldn’t wait to get some drill holes into the numerous highly prospective exploration targets that surrounded the known deposit. Finally, in 2001, HDI executed two agreements with Cominco.

HDI carried out a substantial exploration program that greatly extended the prospective zone. They staked ground to cover the new-found zones, doubling the size of the land package. Hunter Dickinson then transferred the project to Northern Dynasty. The management company will receive shares equal to 20% of the appraised value of the project in return for putting the deal together and advancing the project through the first phase of exploration.

The option to purchase the Pebble deposit involved the payment to Cominco of $250,000, 1 million shares and 1.25 million warrants (all paid), plus a final payment of $10 million due in November 2004. Northern Dynasty can satisfy that payment, at its option, by delivering shares with the same value.

Teck Cominco has no back-in right, no royalty and no retained interest. Once Northern Dynasty makes the final payment, the junior will own 100% of the Pebble deposit, with the major owning shares in Northern Dynasty.

Northern Dynasty can earn a 50% interest in the Exploration Lands by completing 60,000 feet of drilling. That requirement has nearly been met and once the option on the Resource Lands has been exercised, Northern Dynasty will vest its interest in the Exploration lands.

After Northern Dynasty vests, the parties will have a 50:50 joint venture on the Exploration Lands outside of the Pebble deposit, with Northern Dynasty as the operator. Cominco can either match the on-going expenditures or sell its interest for $4 million, retaining a 5% net profits interest.

Almost immediately after closing the deal, Cominco merged with Teck Corp. It is highly unlikely that the junior would have pried the project loose from the more diverse mining company that resulted from the merger.



A Leading Team Of Mining Industry Professionals
Northern Dynasty is managed by the Hunter Dickinson group, a very successful team of mining industry professionals. This highly qualified group includes top-level specialists in various fields of geology, mining engineering, finance, management and other mining-related disciplines.

These people are significant owners of the companies for which they work, and that serves as a strong lure to attract some of the best talent in the industry. By sharing the cost among several companies, Northern Dynasty benefits from a talent pool unparalleled in the junior mining field.

The Hunter Dickinson group has already scored two major successes with porphyry deposits: Two similar, but much smaller deposits were sold to major mining companies, generating big payoffs for shareholders of those public companies.

The success of the group derives in large part from the tremendous depth and breadth of geological talent. That talent has been recognized by numerous prestigious awards from colleagues in the mining industry.




Impressive Exploration Success

It is easy to understand why the Cominco geologists wanted to see more action on the Pebble project. The Exploration Lands surrounding the Pebble deposit host an intensive IP (induced polarization) geophysical response coincident with gold and copper geochemical values throughout an area covering 89 square kilometers. The United States Geological Survey ranked this metal-bearing sulphide system as the largest of its kind in the world.

In parallel with work on the Pebble deposit, Northern Dynasty carried out some preliminary drilling on several exploration targets within that vast metal-rich system … and met with extraordinary success.

Less than a month into the first phase of drilling, the company announced the discovery of a new porphyry deposit located 12 kilometers south of Pebble. Before long, they had discovered yet another porphyry deposit and a skarn deposit and had greatly expanded the scope of a high-grade gold discovery.

In short, the junior has already made at least four new discoveries in the Exploration Lands, with several other targets remaining to be tested.

Those impressive results provide a solid base upon which to carry out further drilling. Any (or all!) of these discoveries could develop into additional deposits and thereby multiply the value of the company.

Whatever Northern Dynasty comes up with in the exploration lands would be a bonus to the monster Pebble deposit already in hand.

New Understanding Of The Previous Results At Pebble

Northern Dynasty geologists took a fresh look at the results generated by Cominco on the Pebble deposit. An up-close look at the intensity and the high quality of work being carried out by the Hunter Dickinson geological team provides a lot of confidence in the potential of the project.

For example, I spent a half day around the core logging facility and the warehouse in Iliamna in the presence of Dr. John Payne. With 36 years of exploration experience following completion of his Ph.D. in geology, Dr. Payne is recognized as an authority on this type of deposit. Dr. Payne and other senior geologists spent a considerable amount of time on site re-examining the drill core produced by the major prior to the Northern Dynasty drilling.

The Northern Dynasty team were intent on unraveling the geological subtleties of the Pebble deposit as a basis for expanding the size of the deposit and improving the grade. That understanding was the basis for last summer’s extremely successful drilling program.

Outlining North America’s Largest Gold Deposit

Guided by a comprehensive geological understanding, the 2003 drilling program succeeded in expanding the Pebble deposit laterally and to depth. Most importantly, a large area with a more favorable grade was outlined.

The overall deposit size was increased to a massive 2.7 billion tonnes, well into the ranks of the largest metal deposits in the world. The average grade, using a cut-off of 0.30% copper equivalent, is 0.27% copper, 0.015% molybdenum and 0.30 grams per ton gold. Those figures represent a contained 16.5 billion pounds of copper and 26.5 million ounces of gold. No deposit in North America contains more gold.

Within that vast deposit are zones with a higher average grade, a world-class deposit in its own right, and large enough to support many years of production.

How Does Pebble Compare To Other Deposits?

It is useful to compare Pebble with similar deposits. The table shows three deposits that were developed over the past few years. Even at the lower metal prices that prevailed a couple of years ago, those mines were repaying capital costs and generating substantial profits. Of course now, with the higher metal prices, their profits are even higher.

Another good comparison is the Highland Valley mine of Teck Cominco, located in British Columbia. After 20 years of operations, ore is being drawn from a considerable depth in the open pits. Yet Highland Valley generated C$88 million dollars of operating profit last year from ore that carries only 0.40% copper with only minimal by-product credits.

The grade that generated substantial profits at Highland Valley is the same as the copper grade in the favorable potion of the Pebble deposit. But, in addition to the copper, Pebble carries a half gram of gold per tonne. In essence, one can visualize that if the copper grade generates a profit on its own, then the gold would come as a bonus. As we will see in more detail in a moment, Pebble is projected to produce up to 790,000 ounces of gold per year. That production level would rank Pebble among the world’s largest gold producers.

High Profile Comparison

Another useful comparison is with Ivanhoe Mines’ Oyu Tolgoi (Turquoise Hill) copper-gold deposit in Mongolia. Turquoise Hill hosts a resource that totals 3.1 billion tonnes, with a somewhat higher copper grade but a considerably lower gold content than Pebble.

A recently completed scoping study outlined the potential for a large-scale mining operation at Turquoise Hill on a similar scale to that envisioned for Pebble. Very significantly, the mining costs at Turquoise Hill are likely to be higher than Pebble, as the Mongolian operation would move to underground mining after the first five years.

The Ivanhoe scoping study estimated a net present value (discounted 7.5%) of $1.85 billion, based on $400 gold and $1 copper. The current market value of Ivanhoe represents 86% of that estimated value. (Ivanhoe has other assets, but the value of Turquoise Hill is materially greater than the value of the other assets, which collectively lost money in the past year.)

Potential For A Large Mining Operation

Engineering studies that will estimate capital and operating costs for the Pebble project will be completed later in the year. In the meantime, we can get a first approximation based on other operations.

In an earlier life, I worked for Cominco Ltd as an in-house mining analyst. I was actually involved in the studies that led to the initial acquisition and development of the Valley Copper portion of the Highland Valley mining operation, referenced above.

My due diligence on Pebble Project included a comparison of capital and operating costs with the actual figures from other operating mines. In my judgment, the figures are reasonable approximations of the operating and capital costs to be expected.

My figures suggest the potential for a very large mining operation. At a throughput rate of 180,000 tonnes per day, Pebble, in the first seven years, would produce 523 million pounds of copper and 790,000 ounces of gold per year. Those figures would decline by about one-third after moving on from the higher grade portion of the deposit. At that production rate, the mine would consume less than half of the huge Pebble deposit in the first 20 years of its life.

I must emphasize that these figures are merely first approximations and a lot more work is required to generate meaningful numbers.

The figures are interesting in that they demonstrate that if everything checks out then Pebble could have a value similar to Turquoise Hill. While shares of Ivanhoe trade at 86% of the estimated net present value of its flagship project, Northern Dynasty trades at a fraction of the potential value of Pebble.

It is reasonable to expect that the value of Northern Dynasty will move closer to the asset value as the project progresses through the development cycle over the coming months.

An operation that size would be large enough to have a substantial impact on even the largest mining company.



A Low-Cost Operation

There are several favorable factors that would make Pebble an extremely low-cost mining operation. For example, the project is well located, at a low elevation in an area of gently rolling hills, not far from a proposed ocean port. The area has a moderate climate. The preliminary metallurgy is favorable, with test work indicating excellent recoveries, at least in line with similar deposits.

Very significantly, the Pebble deposit would have an extremely low stripping ratio – only a thin layer of gravel would need to be removed to expose a vast and nearly continuous mineralized zone. Only minimal internal waste would need to be removed. In total, the stripping ratio is expected to be significantly lower than most other major mines, resulting in a very large cost advantage.

Furthermore, the enormous scale of the operation would contribute to a low unit operating cost.

When you put it all together, Pebble has the potential to produce metal and profits at a level that would be attractive to any of the major mining companies.

Once a scoping study determines estimates of capital and operating costs, investors and major mining companies will begin to appreciate that Pebble has the potential to turn out profits in line with its massive size.

The Figures Could Be Even Better

With a very favorable setting, a low stripping ratio and favorable metallurgy, a large-scale mining operation at Pebble is projected to have low operating costs.

While the figures look very attractive, the project could look even better. For example, Cominco in its early work assumed that they would pay for 100% of the costs of all of the infrastructure. A reduction in capital cost for infrastructure would have a big impact on the projected rate of return.

Strong Local Support

Mining has been an important part of the Alaskan economy since the inception of the state. The present government in Alaska and most Alaskan residents are very supportive of mining. A recent announcement provides tangible evidence of that support as applied to the Pebble project.

The Alaska Department of Transportation and Public Facilities has just engaged a local engineering firm to carry out a reconnaissance engineering study of possible road routes that would link the Pebble deposit to Cook Inlet. That study will consider potential port sites on the Inlet. The engineers have also been asked to incorporate potential power supplies in the evaluation of the road route.

That road would improve access for several communities in the area and open up a big region to improved economic activity. It would immediately provide a considerable benefit to the Pebble project.

The study, expected to be completed by the end of the year, demonstrates the tangible nature of the government support for the project.

New Discoveries Will Be Advanced

As in-fill drilling proceeds on the Pebble deposit, Northern Dynasty will also follow up on the four discoveries made last year and test additional targets to find out what else lies hidden beneath the shallow cover.

The focus will be on finding more high-grade material that would serve as a “sweetener” to the massive Pebble deposit. At least a couple of areas that were drilled last summer returned values indicating that substantial high grade zones could be present.

From the perspective of a major mining company, Pebble is even more interesting because it may represent a district capable of supporting more than one large mining operation.

Political And Currency Benefits Of A U.S.-Based Project

There are enormous advantages to developing and operating a major mining operation in the United States. The most obvious is the political stability. Any company that develops the Pebble deposit would see the advantages of investing money in the United States as opposed to many developing nations.

There is also a currency benefit. You see, a portion of the gain in the gold price over the past couple of years has been due to a fall in the value of the U.S. dollar. Gold producers in some other countries have actually seen a fall in the gold price when measured in local currency terms, which puts a squeeze on of profits. Mining companies that pay their expenses in U.S. dollars receive the full benefit of the gold price gain.


Setting the Record Straight

The Pebble project has advanced faster than observers are able to adjust their thinking. As a result, the project is surrounded by out-of-date, inaccurate or just plain wrong perceptions and opinions. Its worth set the record straight on several important factors.

Grade: The Pebble deposit contains substantial grades of gold, molybdenum and copper, all of which will contribute revenue. Projects with similar grades were developed over the past few years, with the lower metal prices that prevailed then. The grade at Pebble is substantially higher than for some other mines that are currently producing big profits.

Location: The project is not remote. It is located in southern Alaska, only 75 miles from tidewater along a proposed road route to a deep-sea port on Cook Inlet. The city of Anchorage sits at the head of Cook Inlet. The town of Iliamna, only 15 miles from the project, is served by scheduled flights from Anchorage. State funded engineering studies are already under way with regard to a road and port.

Topography: The Pebble district is located in a region of low rolling hills, with an average elevation of only 1,000 feet above sea level. Those glacier covered mountains in the tourist brochures are in a different part of Alaska.

Climate: The Pebble project enjoys a more favorable climate than much of the north-central United States. Winter weather is more like northern Nevada than most people's perceptions of Alaska, with only modest snowfall and winter temperatures typically 0 to 15 degrees Fahrenheit. In short, there are absolutely no impediments to year-round operation.

Infrastructure: The Alaska government that was elected last year is extremely supportive of mining. The government and other groups within the state have provided funding for the construction of facilities and infrastructure for similar large scale projects in Alaska (roads, docks and power projects).

Geological and management talent: Northern Dynasty shares one of the best pools of geological and management talent in the mining industry. They supplement that talent by engaging the best contractors and consultants available. The resource estimate was prepared by a highly regarded independent engineering company.

Ownership: Northern Dynasty holds options to buy a 100% interest in the property encompassing the presently defined Pebble deposit, and an option to earn 50% of the surrounding Exploration Lands. In essence, the company has control over an entire mineral district. The company has until November 2004 to pay $10 million to exercise the option to purchase the Pebble deposit.

Northern Dynasty can satisfy the payment requirement by delivering shares, at its option. Once Northern Dynasty exercises the Pebble option, the company will own the Pebble deposit outright. Teck Cominco Limited, the vendor, will have no retained interest, no royalty and no back-in right. Period.





Massive Leverage To Gold

Northern Dynasty offers tremendous upside potential based on the deposit already in hand and at today's gold and copper prices. This company also offers tremendous leverage to further increases in the copper and gold prices.

Each share of Northern Dynasty on a fully diluted basis, is effectively backed by 393 pounds of copper and 0.64 of an ounce of gold in the ground.

With that massive exposure, further metal price gains could have an enormous impact on the value of Northern Dynasty shares.

The Upside Potential Is Already In Hand

Engineering studies now underway will provide a first approximation of the value of the Pebble deposit. That work will incorporate estimates of capital and operating costs derived by the engineering consultants.

At present the Pebble deposit is classed as an inferred resource as it is defined by widely spaced drilling. Over the summer, the company will carry out drilling to fill in the spaces between the drill holes and increase the confidence level in the resource estimate. If the drill results bear out the earlier work, then a substantial portion of the inferred resource should be elevated to the measured and indicated categories over the course of this year.

Investors generally attribute an average value in excess of $40 per ounce to a measured and indicated resource.

Even taking into account that not all of the ounces of inferred resource make it into the measured and indicated category, there is considerable upside potential, as Northern Dynasty is now valued at less than $8 per ounce of inferred resource.

(Note that no value is attributed to the copper in this analysis. Instead, the value of the copper is treated as an offset to the cost of producing gold. It should be noted that the Pebble Deposit in addition to being the largest gold deposit in North America at the same time is the continent’s second largest copper deposit.)

I believe that the project will proceed successfully through the development cycle and as the project advances, the value will move up in line with similar projects. If I am right, then investors who take action now stand to realize significant gains.



An Opportunity Not To Be Missed

The mining industry is emerging from a period of low prices when little effort was devoted to replacing deposits.

The majors are now aggressively seeking new deposits to replace the reserves that are being steadily depleted.

There are very few undeveloped deposits anywhere in the world as large as Pebble, and no others in North America. This deposit is especially appealing because it comes with a district-scale exploration play, making it almost unique. The validity of the Exploration Lands have already been demonstrated with the discovery of four additional deposits in the course of testing only a portion of the district.

The largest of the mining majors need big plays like Pebble to have a meaningful impact. It is almost a foregone conclusion that a project as attractive as Pebble will ultimately be acquired by a major. It is just a matter of when…

My estimate is that the bidding will begin late in 2004. By that time, the project will be far enough along that Northern Dynasty and the interested parties will be able to make meaningful estimates of the value of the project.

Major mining companies have paid cash in the order of hundreds of millions of dollars in previous porphyry deposit acquisitions. Examples include the two previous Hunter Dickinson deals. Another example is International Musto, which held a 50% interest in the Alumbrera deposit in Argentina and was bought for C$510 million. In addition, Barrick paid more than C$1 billion to acquire Arequipa for its Pierina deposit in Peru.

Currently, Southwestern Resources, that has a new gold discovery in China, is presently trading at C$38 a share, giving it a value of C$768 million, as investors bet that majors will bid for that company.

A Time To Act

Investors who act now likely won’t have to wait for a takeover bid to see a payoff. Northern Dynasty’s Pebble deposit is hardly a secret, but very few investors yet appreciate the fundamental changes over the past few months that have dramatically added to the value of the project.

At the present share price, investors are effectively getting gold in the ground for only $8 an ounce.

That kind of valuation isn’t likely to last for long. Growing investor awareness should begin to propel the share price. Work on the project over the coming months is likely to open a few eyes and begin to push the share price closer to the potential value.

Over the course of this year, drill results from the Pebble deposit plus the four new discoveries that were made in 2002 plus the other exploration targets will provide a steady stream of news that should continue to move the market

I encourage you to act quickly as this company will be getting a lot of attention in the coming weeks.

Price February 16, 2004: $8.75
Shares Outstanding: 31.8 million
Market Cap: $ 278.3 million
Shares fully diluted: 41.5 million
Contact: Bruce Youngman
800-667-2114
www.northerndynasty.com

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