Northern Dynasty Minerals Ltd.

VANCOUVER, Feb. 23 /CNW/ -- 
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     Wardrop completes independent Preliminary Assessment report based on
        concept, pre-feasibility and feasibility-level study programs
             completed by Pebble Partnership and Northern Dynasty

       Preliminary Assessment describes and assigns potential economic
     value to three mine development cases comprising 25, 45 and 78 years
    of open pit mining and a nominal processing rate of 200,000 tons per day

         For the Pebble Project, the 45-year Reference Case yields a
     14.2% pre-tax IRR, a 6.2-year payback on initial capital investment of
         $4.7 billion and a $6.1 billion pre-tax NPV at a 7% discount
     rate and long-term metal prices. At current prevailing metal prices,
           the 45-year Reference Case yields a 23.2% pre-tax IRR, a
             3.2-year payback on initial capital investment and a
               $15.7 billion pre-tax NPV at a 7% discount rate

         For Northern Dynasty's 50% share of the project, the 45-year
         Reference Case yields an 18% pre-tax and 15.4% post-tax IRR,
     a 4.7-year pre-tax and 5.3-year post-tax payback on initial capital
     investment and a $3.6 billion pre-tax and $2.4 billion post-tax NPV
              at a 7% discount rate and long-term metal prices.
    At current prevailing metal prices, the 45-year Reference Case yields
         a 30.2% pre-tax and 25.1% post-tax IRR, a 2.6-year pre-tax
         and 3.1-year post-tax payback on initial capital investment
         and an $8.3 billion pre-tax and $5.6 billion post-tax NPV at
           a 7% discount rate for Northern Dynasty's 50% interest

      The 45-year Reference Case produces 31 B lb copper, 30 M oz gold,
    1.4 B lb molybdenum, 140 M oz silver, 1.2 M kg rhenium and 907,000 oz
           palladium while mining only 32% of the mineral resource

          For the 45-year Reference Case, cash costs per payable lb
               of copper after by-product credits total -$0.11
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VANCOUVER, Feb. 23 /CNW/ - A National Instrument 43-101-compliant Technical Report on a Preliminary Assessment of the Pebble Copper-Gold-Molybdenum Project (the 'Pebble Project') in southwest Alaska, completed for Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE Amex: NAK) by Wardrop, a Tetra Tech Company