DRAGOON, Ariz., Jan. 9, 2004 (PRIMEZONE) -- Nord Resources Corporation (Pink Sheets:NRDS) is pleased to announce that in the course of drilling an environmental monitoring well hole at its Johnson Camp SX-EW Copper Mine south of the existing Burro Pit, significant copper oxide mineralization was encountered. The monitor well hole was drilled in conjunction with Nord's Aquifer Protection Permit with the State of Arizona.
The monitor well hole was drilled 1,500 feet south, southeast of the Burro Pit, the source of essentially all of the previous 150 million pounds of copper produced at Johnson Camp. The copper oxide mineralization was encountered in the Lower Abrigo and Bolsa formations, both important sources of the previous Johnson Camp Mine copper ore production. The hole cut the following intervals:
From-To (ft) % Copper ppm Copper Formation
------------ -------- ---------- ---------
45'-50' 0.57 5700 Lower Abrigo
50'-55' 0.51 5100 Lower Abrigo
55'-60' 0.76 7600 Lower Abrigo
60'-65' 0.66 6600 Lower Abrigo
65'-70' 0.31 3100 Lower Abrigo
70'-75' 0.22 2150 contact 72' Lower Abrigo
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75'-80' 0.21 2100 Bolsa
80'-85' 0.40 3960 Bolsa
85'-90' 0.18 1750 Bolsa
90'-95' 0.23 2340 Bolsa
95'-100' 0.19 1920 Bolsa
100'-105' 0.29 2900 Bolsa
105'-110' 0.40 4000 Bolsa
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65 foot
intercept 0.38 aver. 3786 aver.
Drill cuttings were collected and sampled at 5-ft intervals by Clive R. G. Bailey, Certified Professional Geologist, and the analysis was conducted in the Johnson Camp laboratory by Gary Lindross, State of Arizona Registered Assayer.
Mr. Bailey, Nord's Exploration Manager, stated "We are very encouraged by this intercept of copper oxide mineralization in monitor well hole MW-8b. The ground surface in this area is highly altered and prospective. The unexplored strike length of the mineralized trend between the Burro Pit in the north and the Keystone claim in the south is over 3,300 feet. A comprehensive exploration plan is currently being developed with the goal of significantly increasing current ore reserves at Johnson Camp."
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. The Feasibility Study concluded that the Johnson Camp heap leach copper mine can be operated profitably at current copper prices. Nord Resources Corporation is currently in active discussions regarding financing for this project.
Other Interests
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.
In addition, Nord Resources owns approximately 24% of Nord Pacific Limited (Pink Sheets:NORPF). 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 Corporation supports the Plan of Arrangement.
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.