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International Molybdenum plc

RNS Number:8135F
Galahad Gold Plc
30 November 2004
                          GALAHAD GOLD PLC ("Galahad")
          Northern Dynasty Minerals Limited - Further Drilling Results
Galahad Gold PLC (AIM:GLA) confirms that Northern Dynasty Minerals Limited (TSX
Venture: NDM; AMEX: NAK), in which Galahad holds approximately 35%, has
announced that a substantial, new higher-grade gold-copper-molybdenum zone has
been discovered by drilling on the east side of the Pebble deposit in
Southwestern Alaska, USA. This discovery demonstrates that there are multiple
sources for the mineralization within the deposit and has significant
implications for the geological model, economics and additional drilling of the
Pebble deposit. The discovery was made during the Company's comprehensive 2004
program of drilling, engineering and environmental studies designed to provide
detailed data for a feasibility study and environmental impact statement for a
large-scale open pit operation.
Commenting on this announcement, Ian Watson, Chairman of Galahad Gold plc said:
"We are excited by the discovery of the new, higher-grade gold-copper-molybdenum
zone at the Pebble Deposit. The new, higher-grade zone and the fact that there
are multiple sources for the mineralization within the deposit are unexpected
bonuses for this substantial project."
Enquiries to:
GALAHAD GOLD PLC
Ian Watson/Alastair King Tel: 020 7408 2002
PARKGREEN COMMUNICATIONS
Simon Robinson/Justine Howarth Tel: 020 7493 3713
SEYMOUR PIERCE
Mark Percy/Jeremy Porter Tel: 020 7107 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:
      + Approximately 35% 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:-
      + 20.12m ounces of gold;
      + 3m ounces of platinum;
      + 35.1m ounces of palladium;
      + 8.74bn lbs of copper; and
      + 313.2m 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 announcement below was released by Northern Dynasty Minerals Limited 
("NDM"). Galahad Gold PLC has not sought to verify any of the contents of the 
press release below.
Re:        News Releases - Monday, November 29, 2004
Title:     Northern Dynasty Discovers New Higher-Grade Zone On East Side Of
           Pebble Gold-Copper-Molybdenum Deposit
November 29, 2004, Vancouver, BC - Ronald W. Thiessen, President and CEO of
Northern Dynasty Minerals Ltd. (TSX Venture: NDM; AMEX: NAK) is pleased to
announce that a substantial, new higher-grade gold-copper-molybdenum zone has
been discovered by drilling on the east side of the Pebble deposit. This
discovery, which demonstrates that there are multiple sources of mineralization,
has significant implications for the deposit model and mine operations being
planned. The discovery was made during the Company's comprehensive 2004 program
of drilling, engineering and environmental studies designed to provide detailed
data for a feasibility study and environmental impact statement for a
large-scale open pit operation.
Core holes drilled on the eastern side of the Pebble deposit during the 2004
program intersected previously unrecognized, vertically and laterally extensive
gold-copper-molybdenum mineralization. This mineralization, called the East
Zone, is associated with an intense alteration signature, and extends east
across the boundary of the Resource Lands well on to the Exploration Lands (see
plan map and cross sections attached). A tabulation of assay results for East
Zone discovery drill holes is attached and all results compiled to date from
drilling of the Pebble deposit are posted at www.northerndynasty.com.
As presently defined, the East Zone includes holes 4136, 4137, 4149, 4155, 4181,
4188, 4210, 4250 4284, 4292, 4293, 4300, 4301, 4302 and 4303 which were drilled
over an area of 2,000 feet by 2,000 feet. The East Zone is open to the north,
south and east and to depth. Although there are a number of similarities with
the geology and alteration in the central portion of the Pebble deposit, the
favourable alteration and mineralization in the East Zone has been observed in
drill holes to at least 2379 feet (725 m) in depth - much deeper than the
mineralization in the Central Zone. The East Zone underlies unmineralized and
unaltered Tertiary rocks that are absent at its western extent and progressively
increase to a maximum thickness of 1,028 feet (310 m) in the east. Drill hole
4300 which was completed furthest to the east, intersected the strongest
mineralization. Many discovery holes bottomed in mineralization with a general
strengthening in molybdenum content to the east and at depth. An inferred
eastern source area for the East Zone mineralization requires substantial
additional drilling to establish its full potential.
The Pebble property is located in southwestern Alaska, USA. The property
consists of the Resource Lands that host most of the Pebble
gold-copper-molybdenum deposit, as it is currently known, and the surrounding
Exploration Lands that host several porphyry gold-copper-molybdenum deposits and
gold occurrences. The United States Geological Survey has listed the Pebble
mineral system as the most extensive in the world (see attached Property Map).
Northern Dynasty recently exercised its option to acquire 80% of the Resource
Lands from Teck Cominco American Inc. ("Teck Cominco"). In addition the Company
exercised its option to acquire up to a 50% interest in the extensive
surrounding Exploration Lands. Teck Cominco has a 90 day right to form a 50%
joint venture on the Exploration Lands. As a consequence of exercising the Teck
Cominco options, Northern Dynasty also has a 90 day period to elect whether to
also acquire the 20% carried interest in the Pebble Project, held by a related
party, for share consideration equal to the independently appraised value of the
20% interest. By exercising all of its options the Company can acquire up to a
100% interest in the Resource Lands (with no back-in right or royalty) and up to
a 50% interest in the surrounding Exploration Lands.
Mark Rebagliati, P.Eng and Dr. Morris Beattie, P.Eng are the Qualified Persons
for the Pebble Project and are supervising the quality control and quality
assurance program. Logging and sampling is completed in Northern Dynasty's
secure facility at Iliamna, Alaska. The NQ-size core is mechanically split and
samples are transported to the ALS Chemex laboratory in Fairbanks for drying,
weighing and crushing. Samples are shipped by airfreight to the main ALS Chemex
laboratory, North Vancouver, Canada (an ISO 9002 certified laboratory) for final
preparation and analysis. Gold is determined by 30 g Fire Assay (FA) fusion with
an Atomic Absorption Spectroscopy (AAS) finish. Copper and molybdenum assays are
by four acid digestion with an Inductively Coupled Plasma-Emission Spectroscopy
(ICP-ES) finish. All samples are also analyzed for 23 additional elements by
four acid digestion ICP-ES. Northern Dynasty includes standards, duplicates and
blanks in addition to the laboratory's internal quality control work. Duplicate
samples are analyzed by Acme Analytical Laboratories of Vancouver, Canada.
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, 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 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 annual Form on 20F filing with the United States
Securities Commission and its home jurisdiction filings that are available at
www.sedar.com.
                NORTHERN DYNASTY MINERALS LTD. - PEBBLE PROJECT
                           EAST ZONE DISCOVERY HOLES
Drill Hole    From     To       Intercept   Intercept    Au      Cu     Mo      CuEQ1
Number       (metres) (metres)  (metres)    (feet)       g/t     %      %       %
4136          149.4    313.9       164.6         540     0.40   0.42   0.020    0.79
4136 Incl.    234.7    301.8        67.1         220     0.59   0.48   0.020    0.97
4137           32.0    381.6       349.6        1147     0.39   0.36   0.022    0.73
4137 Incl.    166.7    310.0       143.3         470     0.54   0.52   0.028    1.02
4149          171.6    473.4       301.8         990     0.49   0.46   0.026    0.92
4149 Incl.    171.6    407.8       236.2         775     0.54   0.51   0.027    1.01
4155          185.6    310.6       125.0         410     0.42   0.46   0.018    0.83
4181          161.2    274.0       112.8         370     0.74   0.33   0.022    0.92
4188          181.5    426.4       244.9         804     0.55   0.47   0.031    1.00
4188 Incl.    216.1    368.5       152.4         500     0.65   0.57   0.032    1.16
4210          184.7    368.2       183.5         602     0.43   0.53   0.018    0.90
4210 Incl.    184.7    282.9        98.2         322     0.51   0.65   0.021    1.09
4250          256.5    304.2        47.7         157     0.59   0.41   0.012    0.85
4284          248.0    551.4       303.4         996     0.48   0.47   0.018    0.88
4284 Incl.    248.0    362.4       114.5         376     0.65   0.62   0.022    1.15
4284          362.4    551.4       189.0         620     0.37   0.38   0.016    0.71
4292          212.0    652.9       440.9        1447     0.38   0.43   0.029    0.84
4292 Incl.    212.0    341.1       129.1         424     0.55   0.57   0.021    1.04
4292 Incl.    603.2    652.9        49.7         163     0.48   0.53   0.023    0.97
4293          247.5    716.0       468.5        1537     0.59   0.43   0.026    0.95
4293 Incl.    247.5    411.2       163.7         537     0.86   0.61   0.020    1.26
4300          303.4    719.9       416.5        1367     0.65   0.46   0.033    1.06
4300 Incl.    303.4    435.6       132.1         434     0.98   0.66   0.017    1.38
4300 Incl.    627.3    719.9        92.7         304     0.52   0.31   0.081    1.09
4301          306.3    371.9        65.5         215     1.00   0.73   0.016    1.46
4302          292.9    645.6       352.7        1157     0.55   0.43   0.020    0.90
4302 Incl.    292.9    411.2       118.3         388     0.67   0.52   0.020    1.05
4302 Incl.    466.0    591.0       125.0         410     0.58   0.41   0.025    0.91
4303          313.2    688.5       375.4        1232     0.50   0.47   0.027    0.94
4303 Incl.    313.2    399.0        85.8         282     0.87   0.75   0.018    1.41
1 Copper equivalent calculations use metal prices of US$0.80/lb for copper, 
US$350/oz for gold and US$4.50/lb for molybdenum. Adjustment factors to account 
for differences in relative metallurgical recoveries for gold, copper and 
molybdenum will depend upon the completion of definitive metallurgical testing. 
CuEQ = Cu % + (Au g/t x 11.25/17.64) + (Mo % x 99.23/17.64)
                      This information is provided by RNS
            The company news service from the London Stock Exchange
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