NORTHERN DYNASTY MINING

[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.



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



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Source: Northern Dynasty Minerals Ltd.