Tuesday, October 18, 2011

Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE Amex: NAK): Pebble to Challenge Borough Ordinance in Alaska Superior Court


State of Alaska: “If enacted, the initiative would be preempted by state law
October 18, 2011, Vancouver, BC – By a narrow 280 – 246 (53 – 47%) margin, voters in Southwest Alaska’s Lake & Peninsula Borough have supported a ballot measure that, if upheld by the courts, would restrict future development that affects more than one square mile of land within the 31,000 square mile borough. The Pebble Limited Partnership (the “Pebble Partnership” or “PLP”) and the State of Alaska view the initiative sponsored by anti-Pebble activists as unconstitutional and unenforceable because it seeks to restrict development of state-owned resources on state lands through a municipal ordinance, and will challenge it in Alaska’s Superior Court.
“Given the ballot measure’s misleading language, in particular its seeming focus on protecting salmon, it’s not surprising that it was supported by a slim majority of Lake & Peninsula Borough voters,” said Ron Thiessen, President & CEO of Northern Dynasty Minerals Ltd. (“Northern Dynasty”) (TSX: NDM) (NYSE Amex: NAK). “Certainly Northern Dynasty and the Pebble Partnership are wholly committed to preserving and even enhancing the fisheries resources of Southwest Alaska. Unfortunately, this initiative would also halt economic development throughout the Lake & Peninsula Borough, and represents yet another misuse of Alaska’s democratic processes by paid opponents of the Pebble Project, whose goal is to stop the project before it receives comprehensive and objective review by federal and state regulators.
“What’s most important is that the rule of law in Alaska and the United States is clear and reliable, such that this unconstitutional attempt by narrow self-interests to restrict economic development in a region the size of South Carolina will not stand. We believe the State of Alaska’s constitutional obligation to manage natural resources on its land for the benefit of all Alaskans will ultimately be acknowledged by the courts.”

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