Northern Dynasty Minerals Ltd.
Northern Dynasty Minerals Ltd.: SUMMARY OF 2007 PEBBLE EAST DRILL HOLE ASSAY RESULTS
Northern Dynasty Minerals Ltd. / Miscellaneous
Release of a Corporate News, transmitted by DGAP – a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
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SUMMARY OF 2007 PEBBLE EAST DRILL HOLE ASSAY RESULTS
February 19, 2008, Vancouver, BC – Ronald W. Thiessen, President and CEO
of Northern Dynasty Minerals Ltd. (‘Northern Dynasty’ or the ‘Company’)
(TSX:NDM;AMEX:NAK) is pleased to provide a summary of assay results from
the 2007 drill program at the Pebble Project, located in southwestern
Alaska.
The 2007 drill program was highly successful with 157,000 feet of core
drilling completed in 36 holes (numbered 6354 through 7389 and 7393).
Drilling was focused on determining the overall size,
copper-gold-molybdenum grade distribution and geometry of the world class
Pebble East deposit. The 2007 drill holes intersected long intervals of
high-grade copper-gold-molybdenum mineralization consistently exceeding 1%
copper equivalent and the deposit remains open. An updated Pebble East
resource estimate will be compiled by next week.
A Table of 2007 Pebble East Deposit Assay Results and a Drill Hole Location
Plan are attached to his news release and posted on Northern Dynasty’s
website at www.northerndynasty.com. Highlights from 2007 drill holes
include:
· Hole 7359 intersected 2228 feet grading 1.42% copper equivalent (CuEQ1)
comprising 0.92% Cu, 0.50 g/t Au, 0.035% Mo. Included in this intersection
is a 451 foot interval grading 1.93% CuEQ (0.95% Cu, 1.15 g/t Au, 0.051%
Mo).
· Hole 7374 intersected 2449 feet grading 1.19% CuEQ (0.61% Cu, 0.42 g/t
Au, 0.056% Mo). Included in this intersection is a 497 foot interval
grading 1.67% CuEQ (0.83% Cu, 0.77 g/t Au, 0.065% Mo).
· Hole 7378 intersected 1846 feet grading 1.45% CuEQ (0.91% Cu, 0.70 g/t
Au, and 0.021 Mo). Included in this intercept is a 366 foot interval
grading 2.64% CuEQ (1.78% Cu, 1.15 g/t Au, and 0.033% Mo).
· Hole 7379 intersected 2560 feet grading 1.17% CuEQ (0.74% Cu, 0.33 g/t
Au, 0.040% Mo). Included in this intercept is a 830 foot interval grading
1.69% CuEQ (1.31% Cu, 0.30 g/t Au, and 0.034% Mo).
· Hole 7381 intersected 2111 feet grading 1.37% CuEQ (0.77% Cu, 0.64 g/t
Au, 0.037% Mo). Including in this intersection is a 911 foot interval
grading 1.71% CuEQ (0.94% Cu, 1.00 g/t Au, 0.031% Mo).
· Hole 7384 intersected 1186 feet grading 1.27% CuEQ (0.74% Cu, 0.65 g/t
Au, 0.026% Mo). Included in this intersection is a 266 foot interval
grading 2.03% CuEQ (1.25% Cu, 1.07 g/t Au, 0.026% Mo).
· Hole 7386 intersected 2570 feet grading 1.17% CuEQ (0.66% Cu, 0.37 g/t
Au, 0.049% Mo). Included in this intersection is a 1810 foot interval
grading 1.30% CuEQ (0.71% Cu, 0.41 g/t Au, 0.059% Mo).
· Hole 7387 intersected 1961 feet grading 1.44% CuEQ (0.89% Cu, 0.67 g/t
Au, 0.026% Mo). Included in this intersection is a 380 foot interval
grading 1.75% CuEQ (0.93% Cu, 1.15 g/t Au, 0.025% Mo).
Drilling re-commenced at the Pebble Project site on February 13, 2008 with
5 rigs, ramping up to 12 rigs available by the end of June. The 2008
program will focus on Pebble East and consists of delineation drilling and
infill drilling. Infill drilling is designed to upgrade the resource of a
high grade portion of the deposit to an indicated category in preparation
for pre-feasibility mine planning.
The copper, gold and molybdenum resources of the open pit style Pebble West
deposit and the underground style Pebble East deposit rank with the most
important metal accumulations in the world. The Pebble Partnership’s goal
is to optimize the design of the Pebble Project with regard to these
mineral resources as well as social, environmental, and economic factors.
The Pebble Partnership is thoroughly assessing Pebble East through
drilling, engineering and environmental programs in order to integrate this
important discovery into an overall pre-feasibility study that is optimal
for a modern, long-life mine.
Mark Rebagliati, P.Eng., is the Qualified Person for the exploration and
drilling programs for the Pebble Project and is supervising the quality
control and quality assurance programs. Core logging and sampling are
completed in the Pebble Partnership’s secure facility at Iliamna, Alaska.
The NQ-size core is sawn and samples are transported to the ALS Chemex
laboratory in Fairbanks for drying, weighing, crushing and pulverizing.
Samples are shipped by airfreight to the main ALS Chemex laboratory, North
Vancouver, Canada (an ISO 9001:2000 certified laboratory) for final
preparation and analysis. Gold is determined by 30 g Fire Assay (FA)
fusion with an Inductively Coupled Plasma-Emission Spectroscopy (ICP-ES)
finish. Copper, molybdenum and 23 other elements are assayed by four acid
digestion with an ICP-ES finish. The Pebble Partnership 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 (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. For details on the Pebble Limited Partnership visit the
Partnership’s website at www.pebblepartnership.com.
On behalf of the Board of Directors
Ronald W. Thiessen
President & CEO
Sole Responsibility
No regulatory authority has approved or disapproved the contents of this
release.
Northern Dynasty is solely and entirely responsible for the contents of
this news release. No other party, including any parties which have an
interest in the project, are in any way responsible for the contents
hereof.
Comments on Forward Looking Information, Estimates 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. Subsequent results and developments may
differ materially from those postulated in the estimates and
forward-looking statements. Other factors that could cause the Company’s
actual results and performance to differ materially from those in
forward-looking statements include adverse market prices for metals, the
conclusions of detailed feasibility and technical analyses, lower than
expected grades and quantities of resources, mining rates and metal
recovery rates and the fact that necessary capital may not be available to
the Company on terms acceptable to it or at all. 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 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 and Exchange Commission and its home jurisdiction
filings that are available at www.sedar.com.
Information about CuEQ
Copper equivalency or ‘CuEQ’ is a manner of expressing poly-metallic
deposits as a grade of the principal mineralization (by value). As used
herein, gold and molybdenum values have been expressed as part of the
copper grade. CuEQ as calculated herein is based on assumed 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 gold, copper and molybdenum depend upon the completion of
definitive metallurgical testing. Significant shifts in the relative
values of these metals can significantly change the CuEQ.
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.
To view this news release in its entirety please click on the link below or
copy and paste it into your web browser.
http://www.northerndynastyminerals.com/ndm/NewsReleases.asp?ReportID=286989
19.02.2008 Financial News transmitted by DGAP
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