VANCOUVER - Northern Dynasty Minerals Ltd. (TSX: NDM) (NYSE American: NAK) ('Northern Dynasty' or the 'Company') announces the results of an updated mineral resource estimate for southwest Alaska's Pebble Project.
Already considered among the most significant accumulations of copper, gold, molybdenum and silver ever discovered in the United States, the current study confirms the Pebble deposit also contains substantial quantities of Rhenium a metal used in jet engines and other military applications, and to produce high-octane fuels.
The US Geological Survey ('USGS') considers Rhenium a strategic metal and confirms the United States currently relies on foreign producers for 82% of its Rhenium needs.
'Certainly the US military has identified Rhenium as a critical mineral, and one the United States must develop additional domestic production of in order to enhance its military security,' said Ron Thiessen, Northern Dynasty President & CEO. 'The development of Alaska's Pebble Project would clearly go a long way toward filling that gap, while also addressing substantial US domestic supply deficits for other critical minerals notably copper and silver.'
The inclusion of Rhenium into the Pebble resource estimate is based on more than 58,000 analyses from 699 core holes, totaling more than 840,000 feet of drilling.
For the estimate, the Pebble deposit was domained based on geology, alteration and grade distribution. Estimation parameters including top cuts, search strategy, and variography were developed for each modelled domain. Rhenium values were interpolated into the Pebble block model using Ordinary Kriging and classified according to existing criteria.
At a 0.30% copper equivalent cut-off, the Pebble Deposit contains: 2.6 million kg of rhenium, 57 billion pounds of copper, 71 million ounces of gold, 3.4 billion pounds of molybdenum and 345 million ounces of silver within the 6.5 billion tonnes in the combined Measured and Indicated categories at a grade of 0.40% copper, 0.34 g/t gold, 240 ppm molybdenum, 1.7 g/t silver and 0.41 ppm rhenium and 1.6 million kg of rhenium, 25 billion pounds of copper, 36 million ounces of gold, 2.2 billion pounds of molybdenum and 170 million ounces of silver within the 4.5 billion tonnes in the Inferred category at a grade of 0.25% copper, 0.25 g/t gold, 226 ppm molybdenum, 1.2 g/t silver and 0.36 ppm rhenium.
Current total Rhenium resources in the United States are approximately 5 million kg. Pebble's total Rhenium endowment represents an 84% increase to the nation's known Rhenium resource base.
According to the USGS, some 8,400 kg of Rhenium was produced at six US operations in 2019. However, the United States also imported 39,000 kg - more than 82% of its current needs. Rhenium is used mainly in superalloys for turbine engines and for petroleum reforming catalysts, and demand is expected to grow[1].
Globally, the primary source of Rhenium is mines developed on porphyry copper deposits like Pebble, recovered as a by-product through treatment of molybdenum concentrates.
As a significant deposit of Rhenium on US soil, development of the Pebble resource will materially advance America's goal of achieving self-sufficiency in the critical minerals needed to support and sustain its economic growth, military security, manufacturing industries and transition to a lower carbon future.
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 U.S. subsidiary, Pebble Limited Partnership ('PLP'), is a 100% interest in a contiguous block of 2,402 mineral claims in southwest Alaska, including the Pebble deposit. PLP is the proponent of the Pebble Project, an initiative to develop one of the world's most important mineral resources.
Contact:
Dan Gagnier
Tel: (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 interpolation 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. These statements include statements regarding (i) the mine plan for the Pebble Project, (ii) the social integration of the Pebble Project into the Bristol Bay region and benefits for Alaska, (iii) the political and public support for the permitting process, (iv) the issuance of a positive Record of Decision by the US Army Corps of Engineers and the ability of the Pebble Project to secure state permits, (v) the right-sizing and de-risking of the Pebble Project, (vi) the design and operating parameters for the Pebble Project mine plan, (vii) exploration potential of the Pebble Project, (viii) future demand for copper and gold, (ix) the potential partnering of the Pebble Project, and (x) the ability and timetable of NDM to develop the Pebble Project and become a leading copper, gold and molybdenum producer. Although NDM believes the expectations expressed in these forward-looking statements are based on reasonable assumptions, such statements should not be in any way be construed as guarantees that the Pebble Project will secure all required government permits, establish the commercial feasibility of the Pebble Project or develop the Pebble Project. Assumptions used by NDM to develop forward-looking statements include the assumptions that (i) the Pebble Project will obtain all required environmental and other permits and all land use and other licenses without undue delay, (ii) studies for the development of the Pebble Project will be positive, (iii) NDM's estimates of mineral resources will not change, (iv) NDM will be able to establish the commercial feasibility of the Pebble Project, and (v) NDM will be able to secure the financing required to develop the Pebble Project. The likelihood 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 (i) obtaining necessary mining and construction permits, licenses and approvals without undue delay, including without delay due to third party opposition or changes in government policies, (ii) finalization of the mine plan for the Pebble Project, (iii) the completion of feasibility studies demonstrating that any Pebble Project mineral resources that can be economically mined, (iv) completion of all necessary engineering for mining and processing facilities, (v) the inability of NMD to secure a partner for the development of the Pebble Project, and (vi) receipt by NDM of significant additional financing to fund these objectives as well as funding mine construction, which financing may not be available to NDM on acceptable terms or on any terms at all. NDM is also subject to the specific risks inherent in the mining business as well as general economic and business conditions, such as the current uncertainties with regard to COVID-19.
The National Environment Policy Act Environmental Impact Statement process requires a comprehensive 'alternatives assessment' be undertaken to consider a broad range of development alternatives, the final project design and operating parameters for the Pebble Project and associated infrastructure may vary significantly from that contemplated in this presentation. As a result, the Company will continue to consider various development options and no final project design has been selected at this time.
NORTHERN DYNASTY MINERALS LTD. 
