TUCSON, Ariz., Feb. 16, 2006 (PRIMEZONE) -- Nord Resources Corporation (Pink Sheets:NRDS) is pleased to announce that Mr. Nick Tintor has joined Nord as President and Chief Executive Officer, effective immediately. Ronald A. Hirsch will continue as Chairman of the Board and Erland A. Anderson, formerly President of Nord, will remain as Executive Vice President and Chief Operating Officer. Mr. Tintor is a geologist who brings more than 25 years of experience in the mining industry having been involved in all facets of mining company management, finance and project acquisition.
We are also pleased to announce that Nord has filed three quarterly reports on Form 10-QSB with the SEC for the quarters ending March 31, 2005, June 30, 2005 and September 30, 2005. Due to financial difficulties, Nord had not been able to file the required reports under the Securities Exchange Act of 1934, as amended, since 1999.
In other developments, Nord has obtained credit approval from Nedbank Limited for a Project Debt Facility of up to US$14 million for the reactivation of the Johnson Camp Copper Mine Project in Arizona. Nedbank, based in Johannesburg, is one of South Africa's largest banks and premier resource financing institutions with assets of over $50 billion. The credit approval for the Project Debt Facility is subject to certain conditions precedent described in more detail in the quarterly reports on Form 10-QSB referred to above, including Nord raising a minimum of $18 million in additional financing.
Ron Hirsch commented that, "We are extremely pleased to have Nick join the Nord team. His solid reputation and wealth of mining experience will be invaluable as we continue to move the Company forward. This is a major milestone for Nord Resources, as we move closer to our near-term objective of resuming copper production at the Johnson Camp Mine."
Nick Tintor stated, "I'm delighted to be involved with Nord and look forward to working with the company's management team to bring the Johnson Camp mine back to commercial production."
Nord's near term objective is to resume mining and leaching operations at the Johnson Camp Mine, with the view to producing approximately 25 million pounds of cathode copper per year. Nord has obtained a feasibility study containing a mine plan for the Johnson Camp Mine that was completed in March 2000. The feasibility study was updated as of October 2005. The updated feasibility study includes an economic assessment of the Johnson Camp Mine based on the mine plan included in the original feasibility study and current capital and operating cost estimates, and the financial projections are based on the 36 month trailing average for copper prices. Nord has decided to proceed with the mine plan based on the updated feasibility study, subject to raising sufficient financing.
As disclosed in more detail in Nord's annual report for the year ended December 31, 2004, filed with the Securities and Exchange Commission on January 17, 2006, in order for Nord to resume full mining operations, it will have to complete the mine development plan outlined in the updated feasibility study. Additional risks and uncertainties are discussed in detail in the annual report.
Nord's management is planning to hold an annual and special meeting of its shareholders in late March, and will be filing a proxy statement on Schedule 14A with the SEC in due course.
About Nord Resources Corporation:
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 Coyote Springs property in Arizona and at its Mimbres property in New Mexico. The Company now also owns approximately 2.6 million shares of Allied Gold Limited, an Australian company. In addition, the Company maintains a small net profits interest in Sierra Rutile Limited, a Sierra Leone, West African company (described in Nord's Form 10-KSB for the year ended December 31, 2004).
This Press Release may contain, in addition, to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements are included in Nord's Form 10-KSB for the year ended December 31, 2004. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievement expressed or implied by such forward looking statements. In some cases, you can identify forward looking statements by terminology such as "may," "will," "should," "could," "intend," "expects," "plan," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of such terms or other comparable terminology. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements.