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TheStreet Open House

$91 Million Work Program Underway To Prepare Pebble Project For Permitting In 2012

"The Pebble Partnership has made a public commitment to consult the people of Bristol Bay and Alaska before permitting is initiated as part of the process of developing a proposed mine plan for Pebble," Thiessen confirmed. "That important work will begin this year, along with efforts to advance partnership agreements with Alaska Native corporations and other interests for development of key project infrastructure."

"As we move toward commencement of project permitting, Alaskans and all project stakeholders will get much greater insight into how this project will be built and operated so as to protect fish, water and other important natural resources, while providing significant benefits to Alaskans and the Native people of the region."

The Pebble Project is an initiative of the Pebble Partnership to responsibly develop a globally important copper, gold and molybdenum deposit in southwest Alaska into a modern, long-life mine. The project is located 200 miles southwest of Anchorage on state land designated for mineral exploration and development. It is situated 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.

The Pebble Project consists of the Pebble deposit, surrounding mineral claims and a stream of financing provided by Northern Dynasty's project partner Anglo American US (Pebble) LLC. The Pebble Partnership was established in July 2007 as a 50:50 partnership between a wholly-owned affiliate of Northern Dynasty and a wholly-owned subsidiary of Anglo American plc. Both Northern Dynasty and Anglo American have equal and identical rights of management, operatorship and control in the Pebble Partnership.

Under the terms of the Pebble Limited Partnership Agreement, Anglo American is required to fund $1.5 billion in staged investments in order to retain its 50% interest in the Pebble Project. Funds provided by Anglo American are currently being invested in comprehensive exploration, engineering, environmental and socioeconomic programs toward the future development of the Pebble Project.

Northern Dynasty Minerals Ltd. is a mineral exploration and development company based in Vancouver, Canada, with indirect interests in 592 square miles of mineral claims in southwest Alaska. Northern Dynasty's principal asset is a 50% interest in the Pebble Limited Partnership, owner of the Pebble Copper-Gold-Molybdenum Project. The Pebble Project is an advanced-stage initiative to develop one of the most important mineral resources in the world.

Ron ald W. Thiessen President & CEO

Sole Responsibility

No regulatory authority accepts responsibility for the adequacy or accuracy of this release.

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