NORTHERN
DYNASTY MINERALS LTD.
1020 - 800 W Pender Street
Vancouver BC Canada V6C 2V6
Tel 604 684 6365 Fax 604 684 8092
Toll Free 1 800 667 2114
http://www.hdgold.com
NORTHERN DYNASTY ARRANGES $22 MILLION FINANCING
February 11, 2004, Vancouver, BC - Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. (TSX Venture: NDM; OTCBB: NDMLF) is pleased to announce that Northern Dynasty has arranged a private placement financing of 2.75 million units at Cdn$8.00 per unit with each unit consisting of a share and one half warrant. Each whole warrant is exercisable for one year from closing of the financing to acquire one further common share at Cdn$9.00. Galahad Gold PLC, a publicly traded United Kingdom based corporation that is currently a major shareholder of Northern Dynasty, will be applying for approximately one half of the placement.
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.
Proceeds
of the financing will be used to rapidly advance the Company's Pebble
project, located in southwestern Alaska, USA, towards completion of a final
feasibility study for a large-scale, open pit, gold-copper-molybdenum mine.
A recent independent resource estimate by John Nilsson, P.Eng., of Norwest
Corporation, established the Pebble deposit as the largest gold and at the
same time, the second largest copper deposit in North America. At a 0.30%
copper equivalent cut-off, the inferred mineral resource is estimated to
be 2.7 billion tonnes grading 0.27% copper, 0.30 g/t gold and 0.015% molybdenum
containing 16.5 billion pounds of copper and 26.5 million ounces of gold
(see News Release January 21, 2004). Northern Dynasty is planning a major
in-fill drilling program for 2004, concurrently with detailed engineering
and environmental/permitting studies.
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.
ON BEHALF
OF THE BOARD OF DIRECTORS
/s/ Ronald W. Thiessen
Ronald W. Thiessen
President and CEO
No regulatory
authority has approved or disapproved the information contained in this
news release.
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.
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 future production, reserve potential,
exploration drilling, exploitation activities and events or developments
that the Company expects are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not 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, exploitation and exploration successes, continued availability
of capital and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ materially
from those projected in the forward-looking statements. For more information
on the Company, Investors should review the Company's home jurisdiction
filings that are available at www.sedar.com.