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Ares Strategic Mining Announces SEDAR Filing of Updated NI 43-101 Compliant Technical Report on Utah Fluorspar Property


– Company to resume trading imminently.

– Ares updates and resubmits documentation for CSE Exchange move.

– Company resumes all operational,…

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  • – Company to resume trading imminently.

    – Ares updates and resubmits documentation for CSE Exchange move.

    – Company resumes all operational, construction, and expansion activities.

Vancouver, B.C. – TheNewswire – September 30th, 2021 — Ares Strategic Mining Inc. (“Ares” or the “Company”) (TSXV:ARS) (OTC:ARSMF) (FRA:N8I1), is pleased to announce the SEDAR filing of a National Instrument 43-101 (“NI 43-101”) compliant updated Technical Report on its Spor Mountain Fluorspar Project, located near Delta, Utah.


The Technical Report with an effective date of September 17, 2021 titled “Technical Report on The Lost Sheep Fluorspar Property, Juab County, Utah, U.S.A.” was SEDAR filed on September 28th, 2021 and was prepared in accordance with National Instrument 43-101 – “Standards of Disclosure for Mineral projects”. The submitted Technical Report is an update of a former Technical Report titled “Technical Report on the Lost Sheep Property” dated June 30th, 2019.


The Technical Report summarizes the geological setting, mineralization, exploration activities, metallurgical work, permitting, claims, geophysics, conceptual mining and processing methods, plant designs, and other works carried out by the Company on the Property. The NI 43-101 compliant Technical Report was prepared by P&E Mining Consultants Inc., who are Independent Qualified Persons in accordance with NI 43-101.


James Walker, President and CEO of the Company said, “We are pleased we can get back to work developing and growing the Company. While working to fulfil regulatory requests we have taken advantage of the time to work on conceptual expansion plans, to provide for future operations possibilities.  We look forward to embarking on more detailed planning and moving quickly towards our goals.”  


Lost Sheep Fluorspar Project – Delta, Utah

  • – 100% owned – 2,100 acres – 111 Claims

    – Located in the Spor Mountain area, Juab County, Utah, approximately 214 km south-west of Salt Lake City.

    – Fully Permitted – including mining permits.

    – NI 43-101 Technical Report identified extensive high-grade fluorspar with low levels of impurities.


Ares has not completed a Feasibility Study on, nor has Ares completed a Mineral Reserve or Mineral Resource Estimate at the Lost Sheep Mine and as such the financial and technical viability of the Project is at higher risk than if this work had been completed. Based on historical engineering work, geological reports, historical production data and current engineering work completed or in progress by Ares, Ares intends to move forward with the development of this asset. Ares further cautions that it is not basing any production decision on a Feasibility Study of Mineral Reserves demonstrating economic and technical viability, and therefore there is a much greater risk of failure associated with its production decision. Ares has decided to proceed without established Mineral Resources or Mineral Reserves, basing its decision on past production and internal projections.


The contents of this news release have been reviewed and approved by Raul Sanabria, P.Geo., Ares VP Exploration and by Eugene Puritch, P.Eng, FEC, CET, President of P&E Mining Consultants Inc. who is an independent of Ares. Mr. Sanabria and Mr. Puritch are Qualified Persons as defined by NI 43-101.




James Walker
Chief Executive Officer and President

For further information, please contact James Walker by phone at 604-345-1576 or by email at [email protected]

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Copyright (c) 2021 TheNewswire – All rights reserved.

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DLP Resources Announces Quotation on the OTC Market

Cranbrook, British Columbia–(Newsfile Corp. – October 25, 2021) – DLP Resources Inc. (TSXV: DLP) (the "Company") is pleased to announce that as of mid-October,…

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Cranbrook, British Columbia–(Newsfile Corp. – October 25, 2021) – DLP Resources Inc. (TSXV: DLP) (the “Company“) is pleased to announce that as of mid-October, 2021, its common shares have been quoted on the OTCQB Venture Market (“OTCQB“) in the United States (“U.S.”) under the symbol “DLPRF”. The Company’s common shares will continue to trade on the TSX Venture Exchange under the symbol “DLP”.

The OTCQB is the mid-tier OTC equity market, which lists primarily early-stage and developing companies in the U.S. and international markets. OTCQB companies must meet certain minimum reporting standards, pass a bid test, and undergo annual verification. The OTCQB Venture quality standards provide greater transparency and disclosure, along with enhanced technology features and regulation to improve the information accessibility and trading capability for investors.

Trading on the OTCQB will give the Company greater exposure and accessibility to its growing U.S. and global shareholder base and the Company is pleased to broaden its shareholder base further through the OTCQB platform.

About DLP Resources Inc.

DLP Resources Inc. is a mineral exploration company operating in Southeastern British Columbia, exploring for Base Metals and Cobalt. DLP is listed on the TSX-V (trading symbol “DLP”) and on the OTCQB (trading symbol “DLPRF”). Please refer to our web site for additional information.


Ian Gendall, President
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
Telephone: 250-426-7808
Email: [email protected]
Email: [email protected]
Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Roscan Gold Announces Positive Metallurgical Testing Results From the Kandiole Gold Project

Achieved 97.6% Recoveries for Oxide and 92.9% for Fresh Mineralization Samples at Flagship Mankouke South TargetToronto, Ontario–(Newsfile Corp. – October…

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Achieved 97.6% Recoveries for Oxide and 92.9% for Fresh Mineralization Samples at Flagship Mankouke South Target

Toronto, Ontario–(Newsfile Corp. – October 25, 2021) – Roscan Gold Corporation (TSXV: ROS) (FSE: 2OJ) (OTC Pink: RCGCF) (“Roscan” or the “Company”) is pleased to announce results from the metallurgical test work program completed on samples from gold prospects at Mankouke South (MS1), Mankouke Center- Kandiole (KN1) and the Kabaya (KB1- KB2) within the Company’s land package called Kandiole Projects located in west Mali, Africa.


  • All of the samples representing the deposits (Mankouke South MS1 and Center, Kandiole KN1 and Kabaya KB1-KB2) tested in this program exhibit non-refractory metallurgical features, indicating that a simple, industry-standard cyanide leach process provides excellent gold and silver extraction.
  • Total gold recoveries by gravity, plus 48 hours of CIL on all prospects, have averaged 97% for oxide (saprolite) samples, 89% for a transition sample and 90% for fresh mineralization samples.
    • Flagship Mankouke South achieved 97.6% in the oxide and 92.9% in fresh rock.
  • Both Oxide and Fresh mineralization are amenable to gravity concentration to recover free gold within the milling circuit.
    • The gravity recovery average from all samples and CIL tests is 23%.
  • The coarse ore leach tests in two Kabaya saprolite samples, to examine heap leach amenability, provided an average of 79% recovery of gold and 93 % silver after 8 days.
    • One sample reached 88.4% gold recovery after 72 hours.

Nana Sangmuah, President and CEO, stated,This is a major de-risking milestone for the Kandiole project confirming simple processing flow sheet with Oxide recoveries 97% including average gravity recoveries of 23% and up to 58% in certain deposits. We are also encouraged by the potential for silver by-product credits at our relatively lower grade Kabaya deposit which should further bolster project economics.”

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Table 1: CIL and Gravity Test Recovery Summary

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Table 2: Bond Work Index

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Further Information:

All results from the gravity plus carbon in leach tests were positive, indicating that:

  • The program included testing of gravity separation, grindability and grind size variability, agitated leach kinetics, Carbon in Leach (CIL) and for two of the composites, Heap Leaching amenability determinations. Results from this metallurgical test work provide significant progress in the Resources estimation process.
  • A simple gold processing flowsheet for these deposits (Mankouke South MS1 and Center – Kandiole KN1 – Kabaya KB1- KB2) is applicable and will be considered in the maiden Mineral Resource estimation.
  • The CIL results for the oxide zone, which carries a large proportion of the mineralization (70-80%) at Mankouke South MS1 and Center – Kandiole KN1 – Kabaya KB1- KB2, are particularly favorable with 97% total gold recovery.
  • From different metallurgical tests, in Mankouke South, the most important portion of the overall mineralization, the gravity recovery reached 27% in saprolite and 25% in transition-fresh rock.
    • In Kandiole, the gravity extraction varies from 48 % to 58%, and in Kabaya the average is 23.3%.
  • Silver content of the Kabaya samples reaches 8.6 g/t with an average of 3.6 g/t and recovery in the gravity plus leach tests is above 95% for the saprolite.
    • After further analysis of more Kabaya samples, the assays could demonstrate that Silver is a potential economic by-product.
  • Encouraging leach kinetics indicate excellent gold extraction within 24 hours and averages only 0.5% below the extraction obtained in the maximum time of 48 hours.
  • Bond Ball Mill Grindability of 3.3-6.2 kWh/t (saprolite) – 10.4-21.5 kWh/t (transition-fresh rock) is comparable to other gold operations in the region.
  • Overall, the cyanide and lime consumptions indicated in this preliminary testing seem typical for these types of deposits.

In total, 12 composite samples of 20 to 40 kg have been sent for the metallurgical test work: 2 saprolite (oxide), 1 transition and 2 fresh rock samples from Mankouke, 1 saprolite (oxide) sample from Mankouke Centre, 1 saprolite (oxide) sample from Kandiole and 4 saprolite (oxide) and 1 fresh rock sample from Kabaya. Each composite comprised 1/3 of low-grade (0.3-1 g/t), 1/3 of medium-grade (1-3 g/t) and 1/3 high-grade (> 3g/t) drill sample intervals (all g/t values stated are for gold only).

For Mankouke South, the fresh rock has been separated between sedimentary and felsic intrusive rocks. Most of the composite samples have been prepared from ¼ of NQ diamond drill core, one composite was RC samples only and three have been prepared with a mix of core and RC samples. All individual samples which comprise the composites are well distributed spatially in the mineralization.

The test work was undertaken by Base Metallurgical Laboratories, Vancouver, Canada 200-970 McMaster Way, Kamloops, BC, Canada, V2C 6K2. The samples have been selected by Pascal van Osta, Roscan’s VP Exploration.

Qualified Person (QP) and NI43-101 Disclosure

Greg Isenor, P. Geo., Director for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.

About Roscan

Roscan Gold Corporation is a Canadian gold exploration company focused on the exploration and acquisition of gold properties in West Africa. The Company has assembled a significant land position of 100%-owned permits in an area of producing gold mines (including B2 Gold’s Fekola Mine which lies in a contiguous property to the west of Kandiole), and major gold deposits, located both north and south of its Kandiole Project in West Mali.

For further information, please contact:

Nana Sangmuah, President & CEO
Tel: (902) 832-5555
Email: [email protected]

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Preliminary Economic Assessment for Northern Dynasty’s Pebble Project Completed: Robust Projected Financial Results, Excellent Optionality and Important Benefits for Alaska

Evaluates a Proposed Project and three potential Expansion Scenarios for the Pebble copper-gold-molybdenum-silver-rhenium projectProject is expected to…

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Evaluates a Proposed Project and three potential Expansion Scenarios for the Pebble copper-gold-molybdenum-silver-rhenium project

Project is expected to add substantially to the Alaskan economy and provide the U.S. with an important supply of copper and other metals to help meet its low-carbon economy goals.

Pebble Performance Dividend and Right of Way payments offer additional benefits to local residents and create economic diversification in the region

VANCOUVER, BC / ACCESSWIRE / October 25, 2021 / Northern Dynasty Minerals Ltd. (TSX:NDM; NYSE American:NAK) (“Northern Dynasty” or the “Company”) announces, further to the Company’s September 9, 2021 news release, that it has filed the “Preliminary Economic Assessment NI 43-101 Technical Report, Pebble Project, Alaska, USA” (“2021 PEA”) at The technical report and an executive summary will also be posted on the Company’s website at The PEA Technical Report will also be filed on EDGAR later this week. U.S. dollars and U.S. standard units are used unless otherwise indicated. All results are post-tax. Unless otherwise noted, all figures are based on forecast long-term metal prices.

The 2021 PEA provides production, financial and cost estimates for its proposed Pebble Project (the “Proposed Project”) in Southwest Alaska as described in the Pebble Project permit application and its amendments.

Key Projected Results for Proposed Project[1]

  • 20 years of open pit mining with a processing rate of 180,000 tons per day (“Tpd”)
  • At forecast long-term[2] metal prices, Internal Rate of Return (“IRR”) of 15.7% and Net Present Value at 7% discount rate (“NPV7“)[3] of $2.3 billion
  • At prevailing[4] metal prices, IRR of 23.7% and NPV7 of $4.7 billion
  • Life-of-mine (“LOM”) metal production for this scenario: 6.4 billion lb copper; 7.4 million oz gold; 300 million lb molybdenum; 37 million oz silver; and 230,000 kg rhenium
  • Average annual metal production: 320 million lb copper; 368,000 oz gold; 15 million lb molybdenum; 1.8 million oz silver and 12,000 kg rhenium
  • Average co-product C1 Copper Cost of $1.65/lb CuEq and Gold Cash Cost of $753/oz AuEq; average by-product C1 Copper Cost of $0.69/lb and Gold Cash Cost of ($1,148)/oz
  • Average annual Net Smelter Return (“NSR”) of $1.6 billion and LOM NSR of $32 billion

The 2021 PEA also examines three potential mine expansion scenarios, each with a mine life that could reach more than 100 years, and potential scenarios for gold recovery that could form the basis for future permit applications and review. The Project could potentially provide more than $8 billion to the Southwest Alaska region through the Pebble Performance Dividend and the Lake and Peninsula Borough severance tax over the life of the potential expansion scenarios. This is in addition to the benefits that could flow from the existing and possible future agreements with Alaska Native Village Corporations.

“The 2021 PEA forecasts strong economics for the Proposed Project and also demonstrates significant optionality for future potential developments,” said Northern Dynasty President and CEO Ron Thiessen. “We have made a significant investment in the design of this project to ensure it can be built and operated with industry-leading environmental safeguards while generating significant financial returns over multiple decades. It has never been about the Pebble Mine Project or the Bristol Bay Fishery; it has always been about the Bristol Bay Fishery and the Pebble Mine Project. We look forward to more engagement, in the near future, on the expansive and financially rewarding opportunities for the communities and the residents of Western Alaska resulting from a potential Pebble Mine development.”

The Proposed Project detailed in the 2021 PEA is consistent with the Project Description in the Pebble EIS, as published by the U.S. Army Corps of Engineers (“USACE”) in July 2020. It does not include an onsite gold plant. The Proposed Project recently underwent a comprehensive review by the USACE. This review culminated in their publishing of a Final Environmental Impact Statement (“FEIS”) on July 24, 2020, which positively concluded – among other things – that the Proposed Project would “not have measureable effects” on fisheries in Southwest Alaska. The USACE subsequently issued a negative Record of Decision for the Project based, in part, on potential impacts to the fishery. Pebble Limited Partnership has filed an administrative appeal of the Record of Decision, arguing in part that the findings of potential impacts to the fishery were not adequately substantiated.

As mentioned above, the 2021 PEA also examines three potential mine expansion scenarios, each with a mine life that could reach more than 100 years, and potential scenarios for gold recovery that could form the basis for future permit applications and review. These potential expansion scenarios were modelled on a mine development concept submitted by Northern Dynasty’s 100%-owned U.S.-based subsidiary Pebble Limited Partnership (“Pebble Partnership”) to the USACE during federal permitting in response to the federal agency’s Request for Information (“RFI”) about future potential mine development scenarios. For the Proposed Project and the potential expansion scenarios, the 2021 PEA also considers the impact of each on financial results of third parties owning and financing the construction of key transportation and power infrastructure, as is commonly the case in Alaska. It is assumed these third parties would either construct the facilities through their own resources or they would be included in overall project construction management. The Pebble Partnership would lease, operate and maintain the facilities as part of overall mine operations, with lease payments set to provide a market rate of return to lessors. Details of the results for the potential expansion and gold recovery scenarios are provided in the technical report and summarized in the Company’s September 9, 2021 news release.

With the exception of the Proposed Project, all development scenarios evaluated in the 2021 PEA are presented to demonstrate the optionality inherent in the polymetallic Pebble deposit by presenting a broad range of potential pathways for future mine development. Neither Northern Dynasty nor the Pebble Partnership has proposed or intends to propose any of these potential expansion scenarios in the near-term for regulatory approval. Any future development options beyond the Proposed Project would require extensive federal, state and local permitting processes and approvals before proceeding, which would be in addition to the initial permits and approvals required for the Proposed Project and, very importantly, in consultation with the people and communities of Western Alaska, as well as the State agencies.

“While the forecasted economics of this project are impressive, what I’m most excited about is how this is a game-changer for the local population who suffer from a lack of employment and diverse economic activity, and the opportunity to live in the region and apply advanced education, through high-paying jobs. The Project could potentially provide more than $8 billion to the Southwest Alaska region through the Pebble Performance Dividend and the Lake and Peninsula Borough severance tax over the life of the potential expansion scenarios. This is in addition to the other significant benefits that could flow from the existing and possible future agreements with Alaska Native Village Corporations. It also has the potential to add substantially to the Alaska economy, and might provide the U.S. with substantial amounts of domestically-produced copper, silver and gold, which it will need to help achieve its low carbon energy future,” Mr. Thiessen added.

The 2021 PEA has been prepared within the guidelines established by National Instrument 43-101 (“NI 43-101”) to disclose the current costs estimates and potential financial results for the Pebble Project. The Company is a “foreign issuer” under the U.S. Exchange Act and entitled to file continuous disclosure reports with the U.S. Securities and Exchange Commission under the Multi-Jurisdictional Disclosure System (“MJDS”) between Canada and the United States, and to provide disclosure on our mineral properties, including the Pebble Project, in accordance with NI 43-101 disclosure standards and CIM Definition Standards. For this reason, information contained in this news release in respect of the Pebble project may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

The 2021 PEA is based on an August 2020 mineral resource estimate (see Northern Dynasty news release dated August 20, 2020). The 2021 PEA is preliminary in nature, and includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no assurance that the 2021 PEA will be realized, or that the project economics will be achieved. Mineral Resources that are not mineral reserves do not have demonstrated economic viability, and there is no assurance that the Pebble Project mineral resources will ever be upgraded to reserves. The 2021 PEA assumes that the Proposed Project will ultimately be able to obtain the required permits from the USACE and state of Alaska authorities to enable development of the Proposed Project. Neither the 2021 PEA, nor the mineral resource estimates on which the 2021 PEA is based, have been adjusted for any risks that (i) the Pebble Partnership may not be able to successfully appeal the record of decision issued by the USACE on November 25, 2020 denying the granting of the required permit under the Clean Water Act (“CWA”), or (ii) any action that may be taken by the EPA in order to reinstate the process of a CWA Section 404(c) determination for the waters of the Bristol Bay, each of which could adversely impact the ability of the Proposed Project to proceed. In addition, the 2021 PEA does not account for any additional capital or operating costs that may be necessary to obtain the required federal or state permits, should adjustments to the operating or environmental mitigation plans be required to be made in order to secure the required permits.

Stephen Hodgson, P.Eng, a qualified person who is not independent of Northern Dynasty has reviewed and approved the scientific, technical, and economic information contained in this news release.

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, is a 100% interest in a contiguous block of 2,402 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project, an initiative to develop one of the world’s most important mineral resources.

For further details on Northern Dynasty and the Pebble Project, please visit the Company’s website at or contact Investor services at (604) 684-6365 or within North America at 1-800-667-2114. Review Canadian public filings at and U.S. public filings at

Ronald W. Thiessen
President & CEO

U.S. Media Contact:
Dan Gagnier, Gagnier Communications (646) 569-5897

Forward Looking Information and other Cautionary Factors

This release includes certain statements that may be deemed “forward-looking statements” under the United States Private Securities Litigation Reform Act of 1995 and under applicable provisions of Canadian provincial securities laws. All statements in this release, other than statements of historical facts, which address permitting, development and production for the Pebble Project are forward-looking statements. These include statements regarding (i) the mine plan for the Pebble Project, the financial results of the 2021 PEA, including net present value and internal rates of return, and the ability of the Pebble Partnership to secure the financing to proceed with the development of the Pebble Project, including any stream financing and infrastructure outsourcing, (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 ability to successfully appeal the negative Record of Decision and secure the issuance of a positive Record of Decision by the U.S. Army Corps of Engineers and the ability of the Pebble Project to secure all required federal and state permits, (v) the right-sizing and de-risking of the Pebble Project, including any determination to pursue any of the expansion scenarios for the Pebble Project or to incorporate a gold plant, (vi) the design and operating parameters for the Pebble Project mine plan, including projected capital and operating costs, (vii) exploration potential of the Pebble Project, (viii) future demand for copper and gold and the metals prices assumed for the financial projections including the 2021 PEA, (ix) the potential addition of partners in 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, achieve the required financing or develop the Pebble Project. Such forward-looking statements or information related to this Preliminary Economic Assessment include but are not limited to statements or information with respect to the mined and processed material estimates; the internal rate of return; the annual production; the net present value; the life of mine; the capital costs, operating costs estimated for each of the Proposed Project and three Expansion Scenarios for the Pebble Project; and other costs and payments for the proposed infrastructure for the Pebble Project (including how, when, where and by whom such infrastructure will be constructed or developed); projected metallurgical recoveries; plans for further development, and securing the required permits and licenses for further studies to consider expansion of the operation; and market price of precious and base metals; or other statements that are not statement of fact.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by NDM as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. 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, and that the EPA will not ultimately make a CWA Section 404(c) determination that is adverse to the Pebble Project, (ii) any feasibility studies prepared for the development of the Pebble Project will be positive, (iii) NDM’s estimates of mineral resources will not change, and NDM will be successful in converting mineral resources to mineral reserves, (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 NDM 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. Investors should also consider the risk factors identified in its Annual Information Form for the year ended December 31, 2020, as filed on SEDAR and included in the Company’s annual report on Form 40-F filed by the Company with the SEC on EDGAR.

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 currently contemplated. As a result, the Company will continue to consider various development options and no final project design has been selected at this time, and no determination has been made to pursue any of the expansion options identified in the PEA.

For more information on the Company, Investors should review the Company’s filings with the United States Securities and Exchange Commission at and its home jurisdiction filings that are available at

[1] Results include infrastructure outsourcing and gold streaming

[2] Long-term metal prices: copper $3.50/lb; gold $1,600/oz; molybdenum $10/lb; silver $22/oz; rhenium $1,500/kg

[3] Net Present Value is calculated using a 7% discount rate, given the polymetallic nature of the Pebble deposit and the large contributions of gold to total project revenues.

[4] Prevailing metal prices: copper $4.25/lb; gold $1,800/oz; molybdenum $18/lb; silver $24/oz; rhenium $1,600/kg

SOURCE: Northern Dynasty Minerals Ltd.

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