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International Molybdenum plc

RNS Number:9885I
Galahad Gold Plc
24 February 2005
24 February 2005
                       GALAHAD GOLD PLC ("Galahad")
       NORTHERN DYNASTY MINERALS LIMITED TO ACQUIRE TECK COMINCO AMERICAN
      INCORPORATED'S REMAINING WORKING INTEREST IN PEBBLE EXPLORATION LANDS
Galahad confirms that Northern Dynasty Minerals Limited ("Northern Dynasty")
(TSX Venture: NDM; AMEX: NAK), in which Galahad holds 31.7% on an undiluted
basis and 31.2% fully diluted (in both cases assuming completion of the recent
NDM financing announced by Galahad on 22 February), has announced it has
notified Teck Cominco American Incorporated ("Teck Cominco") that Northern
Dynasty will purchase Teck Cominco's residual 50% working interest in the Pebble
Project's Exploration Lands through the issuance of US$4 million in Northern
Dynasty shares valued at the prevailing market price (approximately 977,795
shares). With the acquisition of Teck Cominco's remaining working interest in
the Exploration Lands, Northern Dynasty will own an 80% interest in the Resource
Lands and an 80% interest in the Exploration Lands with an option to purchase
the balance.
Commenting on this announcement, Ian Watson, Chairman of Galahad Gold PLC said:
"Galahad is pleased that Northern Dynasty has decided to purchase Teck Cominco's
remaining working interest in the Pebble Project's Exploration Lands."
Enquiries to:
GALAHAD GOLD PLC
Ian Watson/Angelos Damaskos                        Tel: 020 7408 2002
PARKGREEN COMMUNICATIONS
Simon Robinson/Justine Howarth                     Tel: 020 7493 3713
DRESDNER KLEINWORT WASSERSTEIN
Chris Treneman                                     Tel: 020 7623 8000
                               Notes to Editors:
Galahad Gold plc is an international mining development company quoted on the
AIM Market of the London Stock Exchange under the symbol GLA.  It has three
current projects, all in politically safe locations:
      * 34.1% (31.2% fully diluted) of Northern Dynasty Minerals Limited the
        owner of the Pebble project in Alaska which contains the largest gold
        deposit in North America and the second largest copper deposit;
      * 100% of Skaergaard in Greenland, one of the largest palladium deposits
        outside South Africa and Russia; and
      * 100% of Malmbjerg in Greenland, one of the largest primary molybdenum
        deposits in the world.
Galahad's attributable Inferred Mineral Resources:-
      * 19.93m ounces of gold;
      * 3m ounces of platinum;
      * 35.1m ounces of palladium;
      * 5.63bn lbs of copper; and
      * 306.9m lbs of molybdenum
These figures exclude Malmbjerg's molybdenum and the extensive vanadium and
titanium deposits in Skaergaard.
Further information on Galahad may be found at www.galahadgold.com
The attached announcement was released by Northern Dynasty Minerals Limited ("NDM").
Galahad Gold PLC has not sought to verify any of its contents.
                         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 TO ACQUIRE TECK COMINCO'S REMAINING
                  WORKING INTEREST IN PEBBLE EXPLORATION LANDS
February 23, 2005, Vancouver, BC - Ronald W. Thiessen, President and CEO of
Northern Dynasty Minerals Ltd. (TSX Venture: NDM; AMEX: NAK) announces that it
has notified Teck Cominco American Incorporated that Northern Dynasty will
purchase Teck Cominco's residual 50% working interest in the Pebble Project's
Exploration Lands through the issuance of US$4 million in Northern Dynasty
shares valued at the prevailing market price (approximately 977,795 shares).
The purchase of Teck Cominco's working interest is being made consequent to
their election made February 21, 2005 and leaves Teck Cominco with a maximum 4%
pre-payback net profits interest (after debt service) and 5% after-payback net
profits interest("NPI") in any mine production from the Exploration Lands
portion of the Pebble property.
Northern Dynasty recently purchased all of Teck Cominco's interest in the
Resource Lands portion of the Pebble property which hosts the 2.74 billion tonne
inferred resource of the Pebble gold-copper-molybdenum deposit (see Northern
Dynasty news release dated November 26, 2004).  During 2004 the Company
completed systematic drilling of 173 core holes to upgrade a significant portion
of the Pebble deposit's inferred resource to measured and indicated
classifications.  Drilling in the last part of 2004 indicated an eastern
extension of the Pebble deposit into the Exploration Lands which surround the
Resource Lands.  A new resource estimate for the Pebble deposit is currently
being undertaken by Roscoe Postle and Associates Inc., and is expected to be
announced during March.
With the acquisition of Teck Cominco's remaining working interest in the
Exploration Lands, Northern Dynasty will own an 80% interest in the Resource
Lands and an 80% interest in the Exploration Lands. Northern Dynasty's right to
acquire the 20% remaining carried interest in the Pebble Project, which is
currently held by a related party, and thereby acquire a 100% working interest
in the entire Pebble property (subject only to the Teck Cominco net profits
interest in the Exploration Lands portion of the property) has been extended by
approximately 20 days to March 14, 2005 in order to permit the required
valuations of that interest to be finalized.
For further details on Northern Dynasty and the Pebble project please visit the
Company's website at www.northerndynasty.com or contact Investor Services at
(604) 684-6365 or within North America at 1-800-667-2114.  Review Northern
Dynasty's Canadian public filings at www.sedar.com and US public filings at
www.sec.gov.
ON BEHALF OF THE BOARD OF DIRECTORS
Ronald W. Thiessen
President and CEO
No exchange or regulatory authority has approved or disapproved the information
contained in this news release.
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts 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. . For more information on the Company, Investors
should review the Company's annual Form on 20F filing with the United States
Securities Commission and its home jurisdiction filings that are available at
www.sedar.com.
                      This information is provided by RNS
            The company news service from the London Stock Exchange
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