FOR IMMEDIATE RELEASE
NEWS
RELEASE
Nord Resources Corporation
1 Wetmore Road, Suite 203
Tucson, Arizona 85705
Tel: (520) 292-0266 Fax: (520) 292-0268
Nord Resources Corporation Announces
Results of Phase 2 Geophysics Program and
Commencement of Drill Program at Coyote Springs Project
Tuesday, February 20, 2007
SOURCE: Nord Resources
Corporation
TUCSON,
Arizona., February 20, 2007- Mr. Erland A. Anderson, President and Chief Executive
Officer of Nord Resources Corporation ("Nord") (Other OTC:
NRDS.PK - News) today
that Nord has completed the phase 2 ground geophysical survey (Induced Polarization
– IP, and Resistivity) at the Coyote Springs property. Nord holds an
exclusive option to purchase the two State of Arizona exploration leases and
52 unpatented mining claims on the property, which is a porphyry copper-gold
exploration target with exposed, surface copper oxides and considerable potential
for deeper copper sulfides. The purpose of the survey was to confirm the initial
drill target located during the phase 1 geophysical survey, and was undertaken
as part of Nord’s preliminary exploration activities that are intended
to help it determine whether it should exercise the option. Additional information
regarding Nord’s option to purchase agreement may be found in the company’s
SEC filings.
The work was performed by Zonge Engineering & Research of Tucson, Arizona,
under the direction of Anthony M. Hauck III, Consulting Geophysicist and J.P.
Matthews, Consulting Geophysicist. The phase 2 survey confirmed anomalous
IP values at depths in excess of 1000 meters. The anomaly, which has been
located along a north 30 east line and two east – west lines on the
down-thrown side of the Foothills Fault, is, according to Mr. Hauck, “characteristic
of a deep, mineralized porphyry, and is considered a viable drill target”.
Further, “the inverted resistivity results for line 2 show an overlying
resistivity low at about 1000 meter elevation which could be due to an oxidized
porphyry.”
Based on the results of the phase 2 geophysics, a phase 1 drill program has
been planned to initially test the anomaly. The drilling is scheduled to commence
on or around February 21, 2007. The drilling will be conducted by Boart Longyear.
Mr. Anderson commented, “We are very pleased with the outcome of the
confirmatory geophysics at Coyote Springs and we are looking forward to the
results from our first drill hole.”
The Coyote Springs property covers over 5 square miles and borders Phelps
Dodge Corporation's Dos Pobres copper development project near Safford, Arizona.
Phelps Dodge is currently constructing the Dos Pobres mine and has announced
that full production is scheduled for the last half of 2008.
For information contact:
Erland Anderson, President & CEO, (520) 292 0266
Website: www.nordresources.com
Forward-Looking Statement Disclaimer
This release contains forward-looking information within the meaning of the
Private Securities Litigation Reform Act of 1995. The forward-looking statements
in this release are based on current estimates and actual results may differ
materially due to risks associated with the fact that the consummation of
the merger transaction is subject to numerous closing conditions, including,
among others, (i) the absence of a material adverse effect in Nord’s
business or operations, as described in the merger agreement; (ii) the risk
that the transaction may not be consummated even if the conditions to closing
are not satisfied or waived; (iii) the risk that Platinum has certain termination
rights in the definitive merger agreement including as a result of a material
adverse effect in Nord’s business or operations; (iv) other risks set
forth in Nord’s most recent Form 10-KSB, Form 10-QSB and other SEC filings
which are available through EDGAR at www.sec.gov.
These are among the primary risks we foresee at the present time. Nord assumes
no obligation to update the forward-looking statements.
SOURCE: Nord Resources Corporation