800 West
Pender Street, Suite 1020
Vancouver, British Columbia
Canada V6C 2V6
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
By: /s/ Jeffrey R. Mason
Director and Chief Financial Officer
Date: January 24, 2006
Print the name and title of the signing officer under his signature.
-------------------
Northern Dynasty Minerals Ltd.
1020 - 800 W Pender St.
Vancouver BC
Canada V6C 2V6
Tel 604 684-6365
Fax 604 684-8092
Toll Free 1 800 667-2114
http://www.northerndynasty.com
RESOURCE
ESTIMATE FOR PEBBLE EAST CONFIRMS
A WORLD CLASS PORPHYRY COPPER-GOLD-MOLYBDENUM DEPOSIT
January 24, 2006, Vancouver, BC - Ronald W. Thiessen, President and
CEO of Northern Dynasty Minerals Ltd. (TSX Venture: NDM; AMEX: NAK) is pleased
to report the results of an initial mineral resource estimate for the Pebble
East deposit at its Pebble Project in southwestern Alaska. The resource estimate
shows that Pebble East represents a significant increase in copper, gold and
molybdenum resources for the overall Pebble Project and substantially augments
its higher grade resources. The Pebble East deposit is contiguous with the
Pebble West deposit and will be assessed for its amenability to low cost,
bulk underground mining (see Pebble Project Deposit Plan and Section posted
on Northern Dynasty's website at www.northerndynasty.com). The Pebble
West porphyry copper-gold-molybdenum deposit is currently being studied at
the feasibility level as a major open pit mine.
At a 0.60% copper equivalent cut-off, the estimated inferred mineral
resources in the Pebble East deposit are:
-1.83 billion tonnes grading 1.05% copper equivalent, containing 24.3 billion pounds of copper, 22.1 million ounces of gold, and 1.5 billion pounds of molybdenum.
At a 1.00% copper equivalent cut-off, the higher-grade inferred mineral resources are estimated at:
- 947 million tonnes
grading 1.28% copper equivalent, containing 16.0 billion pounds of
copper, 14.5 million ounces of gold, and 830 million pounds of molybdenum.
A summary of mineral resources for the Pebble East deposit at various cut-off
grades is tabulated below.
TABLE
1 - PEBBLE EAST DEPOSIT
INFERRED MINERAL RESOURCES
|
Cut-Off |
Size |
Grade |
Contained Metal |
|||||
|
CuEQ % |
Million Tonnes | Copper % | Gold g/t | Molybdenum % | CuEQ % | Copper B lb | Gold M oz | Molybdenum M lb |
|
0.30 |
2,126 | 0.55 | 0.34 | 0.037 | 0.97 | 25.9 | 23.5 | 1,717 |
|
0.60 |
1,832 | 0.60 | 0.37 | 0.038 | 1.05 | 24.3 | 22.1 | 1,547 |
|
0.70 |
1,611 | 0.64 | 0.40 | 0.039 | 1.10 | 22.6 | 20.5 | 1,398 |
|
1.00 |
947 | 0.77 | 0.48 | 0.040 | 1.28 | 16.0 | 14.5 | 830 |
Note 1
By prescribed definition,
"Mineral Resources" do not have demonstrated economic viability. An
Inferred Mineral Resource is that part of a mineral resource for which quantity
and grade can be estimated on the basis of geological evidence and limited
sampling and reasonably assumed, but not verified, geological and grade continuity.
Note 2
Copper equivalent calculations use metal prices of US$1.00/lb for copper,
US$400/oz for gold, and US$6.00/lb for molybdenum. Copper equivalent has not
been adjusted for metallurgical recoveries. Adjustment factors to account
for differences in relative metallurgical recoveries for copper, gold and
molybdenum will depend upon the completion of definitive metallurgical testing.
CuEQ = Cu % + (Au g/t x 12.86/22.05) + (Mo% x 132.28/22.05).
Note 3
A 0.30% CuEQ cut-off is considered to be comparable to that used for porphyry
deposit open pit mining operations in the Americas. For bulk underground mining
higher cut-offs, such as 0.60% CuEQ, are typically used. All cut-offs are
subject to a feasibility study.
Note 4
The resource estimates
for Pebble East were prepared by the technical staff of Northern Dynasty and
audited by independent consultants, Roscoe Postle Associates Inc.
The Pebble East deposit is open to expansion in all lateral directions and
to depth. There is excellent potential to establish significant additional
resources with further drilling. Northern Dynasty is now focused on thoroughly
assessing Pebble East through drilling, engineering and environmental programs
in order to integrate this exceptional discovery into an overall mine plan
that is optimal for the project. The drilling component of the programs consists
of 30,500 metres (100,000 feet) at a budgeted cost of US$20 million and will
commence as soon as rigs with deep drilling capability can be mobilized to
site, expected in March. Comprehensive engineering, environmental, and socioeconomic
programs, designed for the completion of a feasibility study and permit applications
for a modern, long-life mining operation with large scale annual metal output
will continue in parallel with the Pebble East drilling program. At this point,
expectations are that the project will integrate production from high volume,
low cost, open pit and underground mines.
A comparison
with the mineral resources and the metals contained in the Pebble West deposit
at the same cut-offs, shown in Tables 2 and 3, clearly demonstrates the substantial
value that the Pebble East deposit could add to the Pebble Project.
TABLE
2 - PEBBLE WEST DEPOSIT
MEASURED PLUS INDICATED MINERAL RESOURCES
|
Cut-Off |
Size |
Grade |
Contained Metal |
|||||
|
CuEQ % |
Million Tonnes | Copper % | Gold g/t | Molybdenum % | CuEQ % | Copper B lb | Gold M oz | Molybdenum M lb |
|
0.30 |
3,026 | 0.28 | 0.32 | 0.015 | 0.56 | 18.8 | 31.3 | 993 |
|
0.40 |
2,413 | 0.31 | 0.35 | 0.016 | 0.61 | 16.5 | 27.0 | 855 |
|
0.50 |
1,628 | 0.35 | 0.39 | 0.018 | 0.69 | 12.7 | 20.5 | 629 |
|
0.60 |
970 | 0.41 | 0.45 | 0.020 | 0.78 | 8.7 | 13.8 | 420 |
|
0.70 |
569 | 0.46 | 0.50 | 0.021 | 0.88 | 5.8 | 9.1 | 265 |
|
Cut-Off |
Size |
Grade |
Contained Metal |
|||||
|
CuEQ % |
Million Tonnes | Copper % | Gold g/t | Molybdenum % | CuEQ % | Copper B lb | Gold M oz | Molybdenum M lb |
|
0.30 |
1,130 | 0.24 | 0.30 | 0.014 | 0.50 | 5.9 | 10.8 | 361 |
|
0.40 |
756 | 0.27 | 0.34 | 0.017 | 0.57 | 4.5 | 8.2 | 278 |
|
0.50 |
417 | 0.31 | 0.42 | 0.018 | 0.67 | 2.9 | 5.6 | 168 |
|
0.60 |
226 | 0.36 | 0.49 | 0.020 | 0.77 | 1.8 | 3.6 | 101 |
|
0.70 |
143 | 0.40 | 0.56 | 0.020 | 0.85 | 1.3 | 2.6 | 62 |
Note 1
By prescribed definition, "Mineral Resources" do not have demonstrated
economic viability. An Inferred Mineral Resource is that part of a mineral
resource for which quantity and grade can be estimated on the basis of
geological evidence and limited sampling and reasonably assumed, but not
verified, geological and grade continuity.
Note 2
Copper equivalent calculations use metal prices of US$1.00/lb for copper,
US$400/oz for gold, and US$6.00/lb for molybdenum. Copper equivalent has
not been adjusted for metallurgical recoveries. Adjustment factors to
account for differences in relative metallurgical recoveries for copper,
gold, and molybdenum will depend upon the completion of definitive metallurgical
testing. CuEQ = Cu % + (Au g/t x 12.86/22.05) + (Mo% x 132.28/22.05).
Note 3
A 0.30% CuEQ cut-off is considered to be comparable to that used for porphyry
deposit open pit mining operations in the Americas. For bulk underground
mining higher cut-offs, such as 0.60% CuEQ, are typically used. All cut-offs
are subject to a feasibility study.
Note
4
The resource estimates for Pebble West were prepared by independent consultants,
Roscoe Postle Associates Inc. as described in Northern Dynasty's news
release dated March 4, 2005.
Bob Dickinson, Northern
Dynasty's Chairman commented, "The ongoing success of our drilling
programs at Pebble demonstrates the extraordinary potential of the Project's
mineralizing systems. The combined Pebble West and Pebble East resources
rank among the largest copper, gold and molybdenum accumulations in the
world. This initial resource estimate of the Pebble East indicates a substantial
increase in the copper, gold and molybdenum available, with significant
promise to further expand that resource. Pebble is an exceptionally important
discovery because it is located on American soil - a stable jurisdiction
in which the development rules are well-known - at a time when the demand
for copper, gold and molybdenum is increasing worldwide while available
new supplies are limited."
The Pebble East resource estimate is based upon drill core assay results
from 20,890 metres (68,500 feet) of drilling in 22 holes completed by
Northern Dynasty. The estimate was prepared by the technical staff of
Northern Dynasty and audited by industry leading geological and mining
consultants at Roscoe Postle Associates Inc., under the direction of David
W. Rennie, P. Eng., an independent Qualified Person as defined by National
Instrument 43-101. A technical report detailing the resource estimate
will be filed on www.sedar.com within 45 days.
Mark Rebagliati, P.Eng., is the Qualified Person supervising the quality control and assurance program for the Pebble Project. Logging and sampling is completed in Northern Dynasty's secure facility at Iliamna, Alaska. The NQ-size core is 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 Minerals Ltd. and its Pebble 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.
Ronald W. Thiessen
President and CEO
Forward Looking and other Cautionary Information
Neither the TSX Venture Exchange nor any other regulatory authority accepts
responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements
of historical facts, that address estimated resource quantities, grades
and contained metals, possible future mining, exploration and development
activities, are forward-looking statements. Although the Company believes
the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements should not be in any way construed
as guarantees of future performance and actual results or developments
may differ materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in forward-looking
statements include market prices for metals, the conclusions of detailed
feasibility and technical analyses, lower than expected grades and quantities
of resources, mining rates and recovery rates and the lack of availability
of necessary capital, which may not be available to the Company on terms
acceptable to it or at all. The Company is 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 20-F filing with the United States Securities
Commission and its home jurisdiction filings that are available at www.sedar.com.
Information Concerning Estimates of Measured, Indicated and Inferred Resources
This
news release also uses the terms "measured resources", "indicated
resources"' and "inferred resources". Northern Dynasty
Minerals Ltd. advises investors that although these terms are recognized
and required by Canadian regulations (under National Instrument 43-101
Standards of Disclosure for Mineral Projects), the U.S. Securities and
Exchange Commission does not recognize them. Investors are cautioned not
to assume that any part or all of the mineral deposits in these categories
will ever be converted into reserves. In addition, "inferred resources"
have a great amount of uncertainty as to their existence, and economic
and legal feasibility. It cannot be assumed that all or any part of an
Inferred Mineral Resource will ever be upgraded to a higher category.
Under Canadian rules, estimates of Inferred Mineral Resources may not
form the basis of feasibility or pre-feasibility studies, or economic
studies except for Preliminary Assessment as defined under 43-101. Investors
are cautioned not to assume that part or all of an inferred resource exists,
or is economically or legally mineable