TUCSON, Ariz., Sept. 20, 2006 (PRIMEZONE) -- Mr. Ronald Hirsch, Chairman of the Board of Directors of Nord Resources Corporation (Pink Sheets:NRDS), announced that the Annual Meeting of Stockholders (the "Annual Meeting") of Nord Resources Corporation (the "Company") has been scheduled to take place on October 18, 2006, at 10:00 a.m. (Mountain Time) at the Company's executive offices, located at 1 West Wetmore Road, Suite 203, Tucson, Arizona, 85705.
At the Annual Meeting, stockholders will be asked:
1. To elect Ronald A. Hirsch, Stephen D. Seymour, Wade D. Nesmith,
Douglas P. Hamilton and John F. Cook to the Company's Board
of Directors;
2. To approve the grant of discretionary authority to the
Company's Board of Directors to amend the Company's Amended
Certificate of Incorporation to effect a reverse stock split
of the Company's issued and outstanding shares of common stock
at a ratio within the range from one-for-two to one-for-six,
at any time prior to the Company's next annual meeting of
stockholders;
3. To approve an amendment to the Company's Amended Certificate
of Incorporation to increase the number of authorized shares
of common stock from 50,000,000 to 100,000,000;
4. To approve the Company's 2006 Stock Incentive Plan;
5. To ratify the selection of Mayer Hoffman McCann P.C. as
the Company's independent registered public accounting firm
for the fiscal year ending December 31, 2006; and
6. To transact any other business properly brought before the
Annual Meeting and any adjournment thereof.
The foregoing items of business are more fully described in the Company's definitive proxy statement filed with the Securities and Exchange Commission on September 14, 2006, and mailed to the stockholders on or about September 18, 2006. Only stockholders of record of the Company's common stock at the close of business on August 22, 2006, are entitled to notice of, and to vote at, the Annual Meeting and any adjournment thereof.
The Company has retained Morrow & Co., Inc. to assist the Company in soliciting proxies. If you would like a copy of the Company's proxy materials, please contact: Morrow & Co., Inc. at (631) 918-4031. These materials are also available on the Internet website maintained by the U.S. Securities & Exchange Commission at www.sec.gov.
About Nord Resources Corporation
Nord is an Arizona-based natural resource company. 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 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, capital and operating cost estimates as of the third quarter of 2005, and trailing average copper prices for the 36 months ended September 30, 2005.
As disclosed in more detail in Nord's annual report for the year ended December 31, 2005, and the amendments thereto, filed with the Securities and Exchange Commission, Nord will have to complete the mine development plan outlined in the updated feasibility study before it can resume full mining operations. Accordingly, although Nord has decided to proceed with the mine plan based on the updated feasibility study, management has not yet made a production decision since completion of the mine development plan is subject to raising sufficient financing. Additional risks and uncertainties are discussed in detail in the annual report.
Nord also has options to acquire interests in three exploration stage projects, Coyote Springs and the Texas Arizona Mines project, both located in Arizona, and Mimbres located in New Mexico. Nord is planning to conduct preliminary exploration activities at the Coyote Springs and Mimbres properties to help it determine whether it should exercise the options. Any such exploration activities are subject to the availability of sufficient financing, which cannot be assured.
This news release contains forward-looking statements. These statements are based on management's expectations or beliefs and can be identified in some cases by words such as "estimates," "projects," "expects," "intends," "believes," "plans," or their negatives or other comparable words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Forward-looking statements include statements regarding management's plans to proceed with the mine plan for Johnson Camp Mine based on the updated feasibility study, and other expectations, intentions and plans that are not historical fact. You are cautioned that any such forward-looking statements are not guarantees and may involve risks and uncertainties such as those relating to the market price of copper, availability of funds, government regulations, common share prices, operating costs, capital costs, outcomes of ore reserve development and other factors. Actual events or results may differ materially. In evaluating these statements, you should consider various risk factors and uncertainties, including those outlined in our annual report on Form 10-KSB for the year ended December 31, 2005, and the amendments thereto, and in other reports we file from time to time with the SEC. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We assume no obligation to update our forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements.