skip to content | skip to menu | graphical version
International Molybdenum plc

RNS Number:7968J
Galahad Gold Plc
16 March 2005
16th March 2005
                          GALAHAD GOLD PLC ("Galahad")
 NORTHERN DYNASTY MINERALS LIMITED TO ACQUIRE 20% REMAINING CARRIED INTEREST IN
                                 PEBBLE PROJECT
Galahad confirms that Northern Dynasty Minerals Limited ("Northern Dynasty")
(TSX Venture: NDM; AMEX: NAK), in which Galahad holds 31.2% on an undiluted
basis and 29.1% on a fully diluted has reported that it has reached an agreement
with Hunter Dickinson Group Inc., a related party, to acquire the remaining 20%
carried interest in the Resources Property and the Exploration Property portions
of the Pebble porphyry gold-copper-molybdenum deposit in southwestern Alaska
(the "Carried Interest"). The Carried Interest will be acquired by Northern
Dynasty for a purchase price of 14,002,268 Northern Dynasty common shares, which
represents approximately 20% of the adjusted market capitalisation of Northern
Dynasty.
Commenting on this announcement, Ian Watson, Chairman of Galahad Gold said:
"As a result of this acquisition, Northern Dynasty will have acquired 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."
The attached announcement was released by Northern Dynasty Minerals Limited 
("NDM"). Galahad Gold PLC has not sought to verify any of its contents.
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
                         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
www.northerndynasty.com
                   NORTHERN DYNASTY TO ACQUIRE 20% REMAINING
                       CARRIED INTEREST IN PEBBLE PROJECT
March 15, 2005, Vancouver, BC - The board of directors of Northern Dynasty
Minerals Ltd. (TSX Venture: NDM; AMEX: NAK) is pleased to announce that Northern
Dynasty has reached an agreement with Hunter Dickinson Group Inc., a related
party, to acquire the 20% remaining carried interest in the Resources Property
and the Exploration Property portions of the Pebble porphyry
gold-copper-molybdenum deposit in southwestern Alaska
(the "Carried Interest").  The Carried Interest will be acquired by Northern
Dynasty for a purchase price consisting of 14,002,268 Northern Dynasty common
shares (the "Consideration Shares"), which represents approximately 20% of the
adjusted market capitalization of Northern Dynasty.
The acquisition of the Carried Interest was considered by a special committee
(the "Special Committee") of independent directors of the Company, consisting of
Messrs. Gordon Fretwell, Ian Watson, Brian Mountford and Walter Segsworth.  The
Special Committee engaged B.Ainsworth, P.Eng BC (with assistance from Westwind
Partners Inc., D.M.Jenkins, P.Geo BC, and J.A.Currie P.Eng BC) (the "Independent
Valuator") to prepare a report on the independently appraised value of the
Carried Interest.  The Special Committee also engaged Westwind Partners Inc. to
provide an opinion to the board of directors as to the fairness and
reasonableness, from a financial point of view, of the acquisition of the
Carried Interest to shareholders of Northern Dynasty.  Based on the respective
opinions of the Independent Valuator and Westwind, the Special Committee
recommended to the board of directors of Northern Dynasty that the Carried
Interest be acquired for 14,002,268 Northern Dynasty common shares.  The reports
of the Independent Valuator and Westwind will, once finalized, be filed on SEDAR
(www.sedar.com).  The board of directors of Northern Dynasty voted to accept the
recommendation of the Special Committee, with all directors who are related
parties by virtue of their interests in the Carried Interest abstaining from
such vote.
No bonuses, commissions or finders fees are payable in respect of the
acquisition of the Carried Interest or the issue of the Consideration Shares.
In November 2004, Northern Dynasty purchased all of Teck Cominco American
Incorporated's interest in the Resource Lands portion of the Pebble property
(see Northern Dynasty news release dated November 26, 2004) and Northern Dynasty
recently purchased Teck Cominco's residual 50% working interest in the
Exploration Lands portion of the Pebble property through the issuance of US$4
million in Northern Dynasty shares (see Northern Dynasty news release dated
February 23, 2005).
As a result of the acquisition of the Carried Interest, Northern Dynasty will
have acquired 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).
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
Neither the TSX Venture Exchange nor any other regulatory authority accepts
responsibility for the adequacy or accuracy of this release.
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 estimated resource quantities, grades and contained metals,
possible future mining, exploration and development activities, are
forward-looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements should not be in any way construed as 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 20-F 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
END
MSCEAXDSFDLSEFE
site by haecceitas