RNS Number:5137U
Galahad Gold Plc
22 January 2004


                                GALAHAD GOLD PLC

  Northern Dynasty Minerals Limited - Resource Statement for the Pebble Deposit:
                26.5m ounces of Gold and 16.5bn pounds of Copper

Northern Dynasty Minerals Limited (TSX Venture: NDM) yesterday released a
revised resource report, a full version of which is set out below. Commenting on
the report, Ian Watson, Galahad Gold's Chairman, said:

"As the largest single shareholder in Northern Dynasty, we are delighted with
the results of the new independent mineral resource estimate prepared by Norwest
Corporation.

"It is very pleasing to see that their work establishes Pebble as the largest
deposit of contained gold resources in North America and the second largest
deposit of contained copper resources in North America.

"We are delighted that Northern Dynasty's management now aims to develop Pebble
into a major mine in the shortest possible time frame."

Notes to Editors:

 1. NDM has acquired the rights to purchase 100% of the Pebble Gold-Copper
    porphyry deposit. The current fully diluted market capitalization of NDM (as
    at the market closing price on 21 January 2004 of CDN$9.20) was CDN$381.8m
    (#166m).

 2. Galahad currently holds 21.9% of NDM (33.25% on a fully diluted basis),
    together with a 100% interest in the Skaergaard Deposit in Greenland.

 3. The cost of purchase for the Group's 21.9% interest in NDM was CDN$0.72 per
    share in June 2003. It also has warrants at CDN$0.90 per share over further
    NDM shares which when exercised, and on a fully diluted basis, will give
    Galahad Gold a holding of 33.25% of the outstanding equity of NDM. Galahad's
    current unrealized profit on its shares and warrants in NDM is approximately
    CDN$114.1m (#49.61m).

 4. When Galahad acquired its interest in NDM, the gold price was $345/ounce and
    the copper price was US$1641/tonne. As at market close on 21 January 2004,
    the gold price was $411/ounce and the copper price was US$2451/tonne.

 5. Galahad Gold commenced dealings on AIM on 23 December 2003 following the
    reversal of Shambhala Gold into Galahad Capital plc at which time the Group
    was renamed Galahad Gold PLC.

 6. The announcement below was released by Northern Dynasty Minerals Limited
    ("NDM") yesterday. Galahad Gold PLC has not sought to verify any of the
    contents of the press release below.

 7. Further information on Galahad Gold PLC may be found at: www.galahadgold.com

Enquiries to:

Galahad Gold PLC
Ian Watson/Alastair King Tel: 020 7626 4193

Redleaf Communications
Emma Kane/Nick Lambert Tel: 020 7955 1410

Seymour Pierce
Mark Percy/Jeremy Porter Tel: 020 7107 8000



Re:        News Releases - Wednesday, January 21, 2004
Title:     Northern Dynasty's Pebble Gold-Copper Deposit Established As One Of
The World's Rare Behemoths Hosting Resources Of 26.5 Million Ounces Of Gold And
16.5 Billion Pounds Of Copper

Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. (TSX
Venture: NDM; OTCBB: NDMLF) is pleased to report the results of a new
independent mineral resource estimate for the Pebble porphyry
gold-copper-molybdenum deposit in southwestern Alaska. The estimate was
completed by the internationally recognized minerals industry consulting firm,
Norwest Corporation (Norwest). Their work establishes Pebble as the largest
deposit of contained gold resources in North America. It also establishes Pebble
as the second largest deposit of contained copper resources in North America
(Source: Metals Economics Group, December 2003).

Norwest has estimated that the Pebble deposit contains 26.5 million ounces of
gold and 16.5 billion pounds of copper within an Inferred Mineral Resource of
2.74 billion tonnes grading 0.55% copper-equivalent (0.30 grams gold per tonne,
0.27% copper and 0.015% molybdenum above a cut-off grade of 0.30%
copper-equivalent). Importantly, the Norwest estimate has significantly expanded
the higher grade resources to 435 million tonnes of 0.49 grams gold per tonne,
0.42% copper and 0.021% molybdenum, or 0.84% copper-equivalent above a cut-off
grade of 0.70% copper-equivalent. These higher-grade resources will facilitate
rapid recovery of capital costs during the early years of a large scale mining
operation.

Norwest's estimate is based on drill core assay results from 19,948 metres of
drilling in 59 holes completed by Northern Dynasty during 2003 and 18,353 metres
in 110 holes by Cominco American Incorporated to 1997. The resource estimate was
completed under the direction of John Nilsson, P.Eng., Project Manager for
Norwest Corporation, an independent Qualified Person as defined by National
Instrument 43-101. Norwest is one of the largest privately held engineering
service companies in North America and employs a highly experienced team working
in all facets of the mining industry. Norwest was chosen to complete the
independent resource estimate at Pebble because of their extensive bulk tonnage
mining experience and their work on numerous North American projects in Alaska,
British Columbia, Yukon and the Northwest Territories. A technical report
detailing the resource estimate will be filed on SEDAR within 30 days. The
specific breakdown of Inferred Mineral Resources for the Pebble deposit above
varying cut-off grades is tabulated below:

Cut-off    Size                   Grade                  Contained Metal

 CuEQ2     Million   Copper    Gold    Moly     CuEQ2    Copper    Gold
           Tonnes
      %                   %    G/t         %        %    B lbs     M oz

   0.30     2,737      0.27    0.30    0.015     0.55      16.5    26.5
   0.40     2,232      0.30    0.33    0.016     0.60      14.5    23.8
   0.50     1,573      0.32    0.37    0.017     0.66      11.3    18.8
   0.60       883      0.37    0.43    0.019     0.74       7.1    12.1
   0.70       435      0.42    0.49    0.021     0.84       4.0     6.8
   0.80       208      0.48    0.55    0.023     0.95       2.2     3.7

Note 1 Mineral resources do not have demonstrated economic viability. An
Inferred Mineral Resource is that part of a mineral resource for which quantity
and grade can be estimated on the basis of geological evidence and limited
sampling and reasonably assumed, but not verified, geological and grade
continuity.

Note 2 Copper and gold equivalent calculations use metal prices of US$0.80/lb
for copper, US$350/oz for gold, and US$4.50/lb for molybdenum. The contained
gold and copper represent estimated contained metal in the ground and have not
been adjusted for metallurgical recoveries. 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)
AuEQ = Au g/t + (Cu % x 17.64/11.25) + (Mo % x 99.23/11.25)

Bob Dickinson, Co-Chairman said "Our drilling in 2003, has exceeded our
expectations and massively increased the previous estimate of Inferred Resources
at Pebble. When comparing the world's giant gold-copper porphyry deposits in
terms of contained gold resources, Pebble and Telfer share second ranking, only
behind the huge Grasberg deposit. We plan to develop a major mine in the
shortest possible time frame."

All gold and copper companies in the world are benefiting from the recent
increase in commodity prices but not all global producers are gaining the same
advantage. This is, in part, because miners operating outside of the United
States are being negatively affected by the reciprocal rise in the value of
their own currency in comparison to the US dollar. With its Alaskan location,
Northern Dynasty's Pebble project will receive the full benefit of strengthening
gold and copper prices and is highly leveraged to profit from further price
increases.

Immediate plans for Pebble are, to develop the drill parameters for definition
of measured and indicated resources, complete a preliminary Sizing Study that
will facilitate the start of environmental base line measurements for the
permitting process, and collect engineering data for specific mine, mill and
infrastructure design. This work has commenced.

Pebble has an excellent configuration for very low cost open-pit mining. The
mineralization is very continuous with almost no internal waste and is
persistent over a broad area measuring at least 3 kilometres E-W by 2 kilometres
N-S. Mineralization begins right at the bedrock surface which is covered only by
a thin veneer of gravel ranging from 5 to 25 metres thick, indicating the
deposit will have an unusually low stripping ratio. The deposit is open to the
south, west and to the east under thickening Tertiary cover. Currently, the
deposit averages 350 metres thick and is open to depth.

Northern Dynasty has substantiated that the Pebble deposit constitutes about 5
percent of a much larger hydrothermal sulphide system covered by the property.
This mineral rich terrain is outlined by an 89 square kilometre IP/chargeability
anomaly, measuring 21 kilometres in length and up to 9 kilometres in width. The
United States Geological Survey has listed the Pebble mineralized system as the
most extensive in the world. Large-scale porphyry systems commonly host multiple
deposits and Northern Dynasty's first pass exploration program in 2002 made
several new discoveries indicating substantial potential for additional gold,
copper and molybdenum resources within this giant mineralized system (see News
Releases dated July 15, 2002 and October 15, 2002).

Pebble is favourably located in southwestern Alaska in a region of low rolling
hills with an average elevation of only 350 metres above sea level. The project
is situated only 132 kilometres from tidewater along a proposed level road route
to a year round deep-sea port on Cook Inlet. The town of Iliamna, 25 kilometres
from the project, has an airport with two 1500--metre paved runways that serve 3
daily scheduled flights from Anchorage. The district also enjoys a more
favourable winter climate than much of the north-central United States.

Drill hole location maps, an outline of the Pebble deposit, and a complete
tabulation of assays from Northern Dynasty's drill programs to date may all be
found on Northern Dynasty's website at www.northerndynasty.com.

Mark Rebagliati, P.Eng., is the Qualified Person for Pebble and is 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 SGS Mineral
Services laboratory in Fairbanks for sample preparation. Sample pulps are
shipped by airfreight to SGS Canada Inc., Toronto, Canada (an ISO 9002 certified
laboratory) for analyses. Gold is determined by Fire Assay (FA) fusion with an
Atomic Absorption Spectroscopy (AAS) finish. For results greater than 2,000 ppb
gold, samples are re-analyzed by one-assay--ton FA fusion with a gravimetric
finish. Copper assays are conducted with sodium peroxide fusion and Inductively
Coupled Plasma-Emission Spectroscopy (ICP-ES) finish. All samples are analyzed
for Cu and Mo, and 31 additional elements by aqua regia digestion (ICP-ES).
Northern Dynasty includes standards and duplicates in addition to the
laboratory's internal quality control work.

Northern Dynasty is a Hunter Dickinson managed mine-development company focused
on the creation of significant value through the exploration and development of
the most extensive gold-copper district in the world. Only five percent of the
district hosts the 2.74 billion tonne Pebble gold-copper-molybdenum open pit
deposit, which contains inferred mineral resources of 26.5 million ounces of
gold and 16.5 billion pounds of copper. Northern Dynasty hold options to acquire
from Teck Cominco and Hunter Dickinson Group Inc. a 100% interest (subject to no
underlying royalty or back-in rights) in the "Resource Lands" which host the
Pebble deposit. Northern Dynasty is also earning a minimum 50% interest in the
extensive surrounding "Exploration Lands".

ON BEHALF OF THE BOARD OF DIRECTORS



Ronald W. Thiessen
President and CEO



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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