800 West Pender Street, Suite 1020
Vancouver, British Columbia
Canada V6C 2V6
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
By: /s/ Jeffrey R. Mason
Director and Chief Financial Officer
Date: June 16, 2004
Print the name and title of the signing officer under his signature.
-------------------------
Northern Dynasty Minerals Ltd.
1020 - 800 W Pender St .
Vancouver BC
Canada V6C 2V6
Tel 604 684-6365
Fax 604 684-8092
Toll Free 1 800 667-2114
http://www.northerndynasty.com
NORTHERN DYNASTY ARRANGES UP TO $10 MILLION OF ADDITIONAL FINANCING
June
16, 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 reached agreements in principle to privately place
up to 2,816,902 units in its capital at a price of $3.55 per unit to a number
of accredited investors, including approximately 60% participation from Company
insiders. Each unit will consist of one common share and a share purchase
warrant exerciseable to purchase an additional common share at price of $4.15
for a one year period from the completion of the financing which is planned
to occur on July 7, 2004. 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 from
the date of completion of the financing.
Northern Dynasty's working capital will be approximately $36 million upon
closing of this financing, and will be directed toward rapid advancement of
the Company's Pebble project, located in southwestern Alaska, USA. Following
third party confirmation of the mineral resource in the Pebble deposit in
January 2004, Northern Dynasty began an important transition on the Pebble
project, from exploration to mine planning and permitting.
The C$33.5 million program planned for 2004 has three main components: diamond
drilling to convert the currently outlined inferred mineral resource to measured
and indicated categories; to advance project engineering for completion of
a bankable feasibility study in 2005; and to conduct environmental/socioeconomic
studies meeting the requirements for a federal Environmental Impact Statement
as well as state and federal permitting. Currently, four drill rigs are at
site. Since site work began this spring, approximately 22,000 feet of the
planned 130,000-foot program have been completed. The drills are testing sites
for tailings impoundment and surface facilities, and rock characteristics
for pit planning, as well as systematically probing the deposit for mineral
resource studies. A wide variety of activities associated with the comprehensive
environmental program are also underway.
Northern Dynasty is also making application to the TSX Venture Exchange to
re-price up to 1,375,000 previously issued common share purchase warrants
issued in a private placement financing completed on February 11, 2004. These
warrants will be re-priced from an existing exercise price of $9.00 to $4.15,
which is the same price as the warrants in the current financing. The re-priced
warrants will be subject to an accelerated expiry for 30 days after receiving
notice from the Company, if the prevailing share trading price exceeds the
revised warrant exercise price by 15% for 10 consecutive trading days or will
otherwise expire on their original expiry date of March 16, 2005.
For further details on Northern Dynasty Minerals Ltd., please visit the Northern
Dynasty 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
For further information on the Pebble Project, please contact the following persons at 604-684-6365 or 1-800-667-2114:
Brian Mountford, P.Eng.
- Project Director and Chief Operating Officer
Bruce Jenkins, M.Sc. - Director of Environment, Permitting and Socio-Economic
Planning
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.