Nord Resources To Raise $20 Million In Financing


DRAGOON, Ariz., Feb. 2, 2004 (PRIMEZONE) -- Nord Resources Corporation (Pink Sheets:NRDS) is pleased to announce that it has engaged IBK Capital Corp. as agent to raise up to US$20 million in financing. The financing would be used to fund expenditures for the resumption of production at the Company's Johnson Camp copper mine as well as for general and working capital purposes.

IBK Capital Corp. is a Toronto, Canada based investment banking firm focused on the mining sector.

Ron Hirsch, Chairman & CEO, stated "We are extremely gratified to be working with IBK Capital. This fund-raising represents a major turning point for Nord Resources and will allow us to not only return the Johnson Camp mine to production, but enable us to take advantage of other opportunities in line with the company's strategic growth plan to improve shareholder value. I wish to thank the staff and management of Nord for their dedication and resolve. I especially value the continued support of our shareholders. We look forward to further positive developments in the coming weeks."

Erland Anderson, President & COO, commented "A return of the Johnson Camp mine to production will be a very positive event for Nord, our faithful shareholders, our suppliers and vendors and for Cochise County in Arizona. This financing will not only fund the restart of copper production at Johnson Camp, it will also allow Nord to focus on the acquisition of identified production and exploration targets in both copper and precious metals. We intend to be very proactive and aggressive in this regard."

Other Interests

Nord Resources Corporation owns the Johnson Camp SX-EW copper mine in Arizona. The mine is currently on care and maintenance. According to the Johnson Camp Feasibility Study conducted by The Winters Company, the project can be returned to production in approximately eight months from receipt of necessary financing. Actual production of 99.999% copper cathode can begin in three months of a restart. The Feasibility Study concluded that the Johnson Camp heap leach copper mine can be operated profitably and will generate noteworthy cash flows at current copper prices.

Nord Resources Corporation has recently acquired a five year option to earn 100% of the Coyote Springs porphyry copper-gold property located near Safford in Graham County, Arizona. The Coyote Springs Property is a significant, large tonnage porphyry copper-gold exploration target with exposed, surface copper oxides and considerable potential for deeper copper sulfides. Coyote Springs is situated immediately north and adjacent to the Phelps Dodge Corporation Safford Project which has been determined by the US Geological Survey to be the largest undeveloped porphyry copper mining district in the world with proven undeveloped reserves.

In addition, Nord Resources owns approximately 24% of Nord Pacific Limited (Pink SheetsNORPF). Nord Pacific is involved in the Simberi Gold Joint Venture located in Papua New Guinea and has recently agreed to a Plan of Arrangement with Allied Gold Limited, an Australian company, under which Nord Pacific will be acquired by Allied Gold.

Nord Resources also owns a 2.5 % royalty interest in Sierra Rutile Limited, which, based on current information, is slated to resume production of titanium dioxide in 2004. At one time, this project represented over 50% of the entire exports of Sierra Leone.

This release includes certain statements that may be deemed to be "forward-looking" statements within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements released, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Corporation expects, are forward-looking statements. Although Nord Resources Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include metals prices, exploitation and exploration successes, availability of capital and financing, and general economic, market or business conditions. Nord Resources Corporation does not undertake any responsibility to update the forward-looking statements in the future.



            

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