DRAGOON, Ariz., Sept. 27, 2004 (PRIMEZONE) -- Nord Resources Corporation (Pink Sheets:NRDS) today announced an update to its recent activities.
Johnson Camp Financing
The Company continues to progress in negotiations regarding the financing of its Johnson Camp copper project with further announcements in this regard expected in the near future. At full production, Johnson Camp will produce approximately 20 million pounds of premium grade copper cathode per annum. The operation will generate significant cash flow at current copper prices which are approaching an eight year high. The Company believes there is excellent potential to increase current ore reserves which could result in a substantial increase in annual copper production.
Nord Pacific/Allied Gold Limited Arrangement Completed
Nord Pacific Limited and Allied Gold Limited (ASX:ALD) have completed a Plan of Arrangement under which Nord Pacific Limited was acquired by Allied Gold Limited. Nord Resources will receive Allied shares which represent an interest of over 9% in the Australian company.
Sierra Rutile Sale Announced
A Memorandum of Agreement to acquire 100% of the Sierra Rutile Limited ("SRL") assets located in Sierra Leone, West Africa was recently announced by WGI Heavy Minerals Incorporated (TSX:WG) ("WGI"). Under the announced terms, WGI will pay approximately US$90 million for the assets. For its interest in SRL, Nord Resources expects to receive approximately US$2.25 million from this transaction. The arrangement is slated to close in mid-November.
Nord Resources is an Arizona-based natural resource company focused on near-term copper production from its Johnson Camp Mine and the exploration for copper, gold and silver at its properties in Arizona and New Mexico.
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.