FOR IMMEDIATE RELEASE
NEWS
RELEASE
Nord Resources Corporation
1 Wetmore Road, Suite 107
Tucson, Arizona 85705
Tel: (520) 292-0266 Fax: (520) 292-0268
Nord Resources Announces New CEO, Filing of Form 10-QSB's and Updates Activities
Thursday, February 16, 2006
SOURCE:
Nord Resources Corporation
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).
FORWARD-LOOKING
STATEMENTS:
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.
For information contact: Ronald Hirsch, Chairman (949) 715-6745
Nick Tintor, President & CEO (416) 953-4244
Website: www.nordresources.com
SOURCE: Nord Resources Corporation