Northern Dynasty Files Technical Report on the Pebble Project, Alaska
Northern Dynasty Files Technical Report on the Pebble Project, Alaska
February 23, 2018 Vancouver– Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK) ("Northern
Dynasty" or the "Company") announces it has filed a technical report on southwest Alaska’s Pebble Project,
following up on its news release dated January 5, 2018.
The technical report documents a minor increase in the estimate of the mineral resources at Pebble from
those previously disclosed. The increase is due to the change in metallurgical processing approach as outlined
in the Project Description submitted to the US Army Corps of Engineers in late 2017 (see the January 5 news
release), and resulted in changes to the metal recoveries used to establish the pit shell which constrains the
resource estimate.
At a 0.3% copper equivalent cut-off, the current estimate1 comprises:
• 6.456 billion tonnes in the combined Measured and Indicated categories at a grade of 0.40% copper,
0.34 g/t gold, 240 ppm molybdenum and 1.7 g/t silver, containing 57 billion pounds of copper, 71 million
ounces of gold, 3.4 billion pounds of molybdenum and 345 million ounces of silver; including
o 0.527 billion tonnes in the Measured category at a grade of 0.33% copper, 0.35 g/t gold, 178
ppm molybdenum and 1.7 g/t silver, and
o 5.929 billion tonnes in the Indicated category at a grade of 0.41% copper, 0.34 g/t gold, 246
ppm molybdenum and 1.7 g/t silver; and
• 4.454 billion tonnes in the Inferred category at a grade of 0.25% copper, 0.25 g/t g old, 226 ppm
molybdenum and 1.2 g/t silver, containing 2 5 billion pounds of copper, 36 million ounces of gold, 2.2
billion pounds of molybdenum and 170 million ounces of silver.
The technical report is available under the Company's profile at www.sedar.com.
David Gaunt, P. Geo, a qualified person who is not independent of Northern Dynasty, is responsible for the
estimate. He has reviewed and approved the technical content of this release.
About Northern Dynasty Minerals Ltd.
Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern
Dynasty's principal asset, owned through its wholly -owned Alaska- based US subsidiary Pebble Limited
Partnership and other wholly-owned subsidiaries, is a 100% interest in a contiguous block of 2,402 mineral
claims in southwest Alaska, including the Pebble deposit. The Pebble Partnership is the proponent of the
Pebble Project, an initiative to develop one of the world's most important mineral resources.
1 The mineral resources fall within a volume or shell defined by metal prices (USD) of $1540/oz for gold, $3.63/lb for copper, $12.36/lb
for molybdenum and $20 for silver.
A 0.30% copper equivalent (CuEQ) cut-off is considered to be comparable to those used for porphyry deposit open pit mining
operations in the Americas.
CuEQ calculations use metal prices (USD) of $1.85/lb for copper, $902/oz for gold and $12.50/lb for molybdenum, and recoveries of
85% for copper 69.6% for gold, and 77.8% for molybdenum in the Pebble West zone and 89.3% for copper, 76.8% for gold, and 83.7%
for molybdenum in the Pebble East zone. Contained metal values are based on 100% recoveries.
All mineral resource estimates, cut-offs and metallurgical recoveries are subject to change as a consequence of more detailed
analyses that would be required in pre-feasibility and feasibility studies.
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 (604) 684-6365 or within North America
at 1-800-667-2114. Review Canadian public filings at www.sedar.com and US public filings at www.sec.gov.
Ronald W. Thiessen
President & CEO
Canadian Media Contact:
Ian Hamilton
DFH Public Affairs
(416) 206-0118 x.222
US Media Contact:
Dan Gagnier
Gagnier Communications
(646) 569-5897
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, and metal
price assumptions 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 or the outcome of litigation.
Assumptions used by the Company to develop forward- looking statements include the following: the Pebble Project will obtain all
required environmental and other permits and all land use and other licenses, studies and development of the Pebble Project will
continue to be positive, and no geological or technical problems will occur. The likelihood of a partnering transaction is subject to
risks related to the satisfactory completion of due diligence and negotiati ons, including finalization of definitive agreements and
fulfilment of conditions precedent therein, including receipt of all necessary approvals. Such process may not be successful ly
completed or completed on terms satisfactory to the Company. The likeli hood 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 obtaini ng
necessary mining and construction permits, approvals, licenses and t itle on a timely basis and delays due to third party opposition,
changes in government policies regarding mining and natural resource exploration and exploitation, the final outcome of any
litigation, completion of pre -feasibility and final feasibility stu dies, preparation of all necessary engineering for surface or
underground mining 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 class ified 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 filings with the United States Securities and Exchange 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 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. Investo rs
are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into rese rves. In
addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibi lity. It cannot
be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian ru les,
estimates of Inferred Mineral Resources may not form the basis of feasibility or pre -feasibility studies, or e conomic studies except
for Preliminary Economic 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