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by Stockwatch Business Reporter

The TSX Venture Exchange declined 5.40 points to 577.53 Tuesday. Northern Dynasty Minerals Ltd. (NDM: $0.40), a Hunter Dickinson company that owns the controversial Pebble copper-gold-molybdenum project in Alaska, plans to acquire Frank Giustra's cash-rich shell, Cannon Point Resources Inc. (CNP), which today closed up two cents to 13 cents on 183,000 shares.

Northern Dynasty will issue 12.9 million shares to the shareholders of Cannon Point. The shell, which currently has 34,258,897 shares outstanding, will distribute those 12.9 million shares to its shareholders pro rata. Each Cannon Point shareholder will receive 0.376 of a Northern Dynasty share for each Cannon Point share held. Mr. Giustra is Cannon Point's largest shareholder with 5,498,500 shares, most of which he controls through his charity, the Radcliffe Foundation. The acquisition of Cannon Point is conditional on Northern Dynasty closing a minimum $10-million private placement of special warrants at 39.9 cents; each warrant will be convertible into one share of Northern Dynasty.

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