VANCOUVER, April 7, 2014 /PRNewswire/ - Northern Dynasty
Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) ("Northern Dynasty" or the
"Company") reports that Rio Tinto has advised management that it
intends to divest of its 19.1% shareholding in Northern Dynasty by
way of gifting its shares to two Alaskan charitable foundations.
This decision follows Rio Tinto's December
23, 2013 announcement of a strategic asset review, to
include its shareholding in Northern Dynasty.
Northern Dynasty shares held by Rio Tinto (18,145,845) will be
divided equally between the Alaska Community Foundation to
fund state-wide educational and vocational training and the Bristol
Bay Native Corporation Education Foundation, which supports
educational and cultural programs in southwest Alaska. Both organizations are known to the
Company and the Pebble Limited Partnership ("Pebble Partnership" or
"PLP"); the Alaska Community Foundation, in particular, helped
facilitate PLP's five-year, $5
million investment in Bristol Bay communities via the Pebble
Fund.
"We are pleased that Rio Tinto's interest in Northern Dynasty
will provide meaningful, long-term economic contributions to
charitable organizations in Alaska
that are dedicated to providing educational opportunities for young
people, and to preserving culture and traditional ways of life,"
said Northern Dynasty President & CEO Ron Thiessen. "We look forward to meeting with
the leadership of the Alaska Community Foundation and Bristol Bay
Native Corporation Education Foundation in the days ahead to better
understand their long-term goals and aspirations, and how their
ownership interest in Northern Dynasty and the Pebble Project can
make the greatest possible contribution to the people and
communities they serve."
About the Pebble Project
The Pebble Project is an initiative of the
Pebble Partnership to responsibly develop a globally significant
copper, gold and molybdenum deposit in southwest Alaska into a modern, long-life mine, which
will benefit not only the owner, but the people, culture and
industries of the State of Alaska,
as well as suppliers, consultants and industries in the Lower 48
United States of America.
A 2013 study authored by IHS Global Insight,
entitled The Economic and Employment Contributions of a
Conceptual Pebble Mine to the Alaska and United States Economies found
the Pebble Project has the potential to support 15,000 American
jobs and contribute more than $2.5
billion annually to US GDP over decades of production. The
IHS Global Insight study is available at
www.northerndynasty.com.
The Pebble Project is located 200 miles
southwest of Anchorage on state
land designated for mineral exploration and development. It is
situated in a region of rolling tundra approximately 1,000 feet
above sea-level, 65 miles from tidewater on Cook Inlet and presents
favourable conditions for successful mine site and infrastructure
development.
About Northern Dynasty Minerals Ltd.
Northern Dynasty is a mineral exploration and
development company based in Vancouver,
Canada. Northern Dynasty's principal asset is the Pebble
Project in southwest Alaska, USA,
an advanced-stage initiative to develop one of the world's most
important mineral resources.
Ronald W.
Thiessen
President & CEO
Forward Looking Information and other
Cautionary Factors
This release includes certain statements that
may be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, especially
those that address estimated resource quantities, grades and
contained metals, are forward-looking statements because they are
generally made on the basis of estimation and extrapolation from a
limited number of drill holes and metallurgical studies. Although
diamond drill hole core provides valuable information about the
size, shape and geology of an exploration project, there will
always remain a significant degree of uncertainty in connection
with these valuation factors until a deposit has been extensively
drilled on closely spaced centers, which has occurred only in
specific areas on the Pebble Project. Although the Company believes
the expectations expressed in its forward-looking statements are
based on reasonable assumptions, such statements should not be in
any way construed as guarantees of the ultimate size, quality or
commercial feasibility of the Pebble Project or of the Company's
future performance. The likelihood of future mining at the Pebble
Project is subject to a large number of risks and will require
achievement of a number of technical, economic and legal
objectives, including obtaining necessary mining and construction
permits, completion of pre-feasibility and final feasibility
studies, preparation of all necessary engineering for underground
workings and processing facilities as well as receipt of
significant additional financing to fund these objectives as well
as funding mine construction. Such funding may not be available to
the Company on acceptable terms or on any terms at all. There is no
known ore at the Pebble Project and there is no assurance that the
mineralization at the Pebble Project will ever be classified as
ore. The need for compliance with extensive environmental and
socio-economic rules and practices and the requirement for the
Company to obtain government permitting can cause a delay or even
abandonment of a mineral project. The Company is also subject to
the specific risks inherent in the mining business as well as
general economic and business conditions. For more information on
the Company, Investors should review the Company's annual Form 40-F
filing with the United States Securities and Exchange Commission
and its home jurisdiction filings that are available at
www.sedar.com.
SOURCE Northern Dynasty Minerals Ltd.