Pebble Project announces a significant increase in gold, copper and moly resources

The Pebble Partnership has announced a 12%, 14% and 16% increase, respectively, in contained copper, gold and molybdenum resources in what is already considered one of the largest gold projects in the Americas.

RENO. NV -

America's best known and most controversial gold project, southwest Alaska's Pebble Project got a big geological boost Monday as the Pebble Partnership announced a 17% increase in resources with higher confidence measured and indicated categories.

Northern Dynasty said Pebble's measured and indicated resources include 55 billion pounds of copper, 67 million ounces of gold, and 3.3 billion pounds of molybdenum.

In a news release, Northern Dynasty CEO Ron Thiessen said, "Based on this estimate, the Pebble Project has further entrenched its status among the top-tier of global copper and molybdenum resources, and the most significant underdeveloped gold resource in the world."

However, Pebble is located in the Bristol Bay region of southwest Alaska, considered a prime sport fishery area. The project has drawn opposition from a number of top jewelers who have pledged not to use gold from Pebble.

Conservation groups are busy generating national opposition to the project through campaigns aimed at hunting and fishing organizations while the Pebble Partnership-comprised of a 50-50 partnership between Northern Dynasty and Anglo American-has appealed to Bristol Bay fishermen and Alaskans to not judge the project until the partnership submits a pre-feasibility study to state and federal regulators, hopefully next year.

A five-year, $5 million endowment fund was recently established by the partnership to enhance the Bristol Bay fishery.

A number of Alaska Native groups are opposed to Pebble, as well as commercial fishermen who fear the mine will threaten their livelihoods. However, a state initiative specifically aimed at stopping Pebble's development through toughening of clean water regulations government mining was defeated by Alaska voters in 2008.

The Pebble Partnership said the project will require a capital investment of $3 billion to $5 billion and provide 1,000 skilled and high-paying jobs for the anticipated 50 to 80 years of project life