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Northern Dynasty Comments On The EPA's Draft Bristol Bay Watershed Assessment Report

"Additionally, the draft watershed assessment is fundamentally flawed for the following reasons:

  • the EPA has undertaken to study in one year a nearly 20,000 square mile area in Southwest Alaska ‐ about the size of the states of Maryland and New Jersey combined - that would need several years of diligent effort to achieve its stated goals;
  • the EPA has attempted to assess the effects of a project that has not yet been finalized or undergone the rigorous permitting process required by State and federal law;
  • the EPA has prepared and distributed a report that does not live up to the agency's own standards for undertaking watershed assessments, as reflected in EPA guidance and assessment activities in other U.S. jurisdictions. Specifically, the draft report: relies on a hypothetical mining project with hypothetical environmental impacts; estimates impacts resulting from only one stressor source (i.e. mining), notwithstanding Region 10 policy to address environmental risks "in a comprehensive, holistic fashion" reflects an unprecedented narrow focus on a single mining project and single policy option; and improperly adds economic analysis, and then in a biased fashion.

"Many statewide business and trade associations as well as Alaska Native tribes and village corporations have expressed similar concerns and objections about the EPA's actions and have asked the EPA to stop its work until a formal permit application is in front of the agency. The investment uncertainties created by the EPA's short‐sighted actions have the potential to inhibit development projects not only throughout Alaska, but nationwide."

About the Pebble Project

The Pebble Project is an initiative of the Pebble Partnership to responsibly develop a globally significant 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 through two public land use planning exercises 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 being 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 ownership and direction of the Pebble Partnership.

Under the terms of the Pebble Limited Partnership Agreement, Anglo American is required to elect to commit $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.

About Northern Dynasty

Northern Dynasty Minerals Ltd. is a mineral exploration and development company based in Vancouver, Canada, which holds indirect interests in 650 square miles of mineral claims in southwest Alaska, USA. Northern Dynasty's principal asset is a 50% interest in the Pebble 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.

Review Canadian public filings at www.sedar.com and US public filings at www.sec.gov.

Ronald W. Thiessen President & CEO

Sole Responsibility

No regulatory authority accepts responsibility for the adequacy or accuracy 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.

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