TUCSON, AZ, Feb. 3 /CNW/ - Nord Resources Corporation (TSX: NRD / OTC BB:
NRDS.OB), today announced that it has commenced the mining of new ore at its
Johnson Camp Mine near Tucson.
"We have met our milestones for reactivating the Johnson Camp Mine," said
John Perry, President and Chief Executive Officer. "We have commenced mining,
crushing and stacking new ore on the leach pads."
"This puts us on schedule for the production of copper cathode from new
ore for this quarter and to meet our plan to achieve a production rate of 25
million pounds of copper per year by this spring," he said.
"This is exciting progress for the Nord Resources' team," Mr. Perry
noted. "On February 1, 2008, we began commercial copper production from
residual leaching from ore heaps that had been mined in past years. During
2008, we produced approximately 2.9 million pounds of copper from residual
leaching, but this was a relatively expensive process on a unit cost basis as
the result of the low yield realized from leaching old ore."
"With our successful reactivation of the mining and processing of new
ore, and the anticipated higher yield from leaching new ore, we expect to see
steady and fairly dramatic reduction in our unit costs. We also anticipate to
benefit from the marked decline in the price of sulfuric acid which is one of
our largest operating costs. The price for sulfuric acid has declined from a
peak in 2008 of US$450 per ton to less than US$100 per ton," Mr. Perry said.
Fisher Industries of Dickenson, North Dakota, is acting as the mining
contractor for the Johnson Camp Mine.
Additionally, the Company has elected not to proceed with its option to
acquire the Coyote Springs exploration property in Arizona. The Coyote Springs
property is not material to the Company's overall operations. The Company
plans to focus its primary exploration efforts at Johnson Camp.
The technical information contained in this news release has been
reviewed by John Cook, P.E., a Director of the Company and a Qualified Person
under National Instrument 43-101 of the Canadian Securities Administrators,
Standards of Disclosure for Mineral Projects.
About Nord Resources
Nord Resources Corporation is a copper mining company. The company's
primary asset is the Johnson Camp Mine, located approximately 65 miles east of
Tucson, Arizona, which commenced the mining of new ore in January 2009.
Previously, since February 1, 2008, the company was commercially producing
copper from residual leaching of the existing ore heaps. The company expects
to reach full copper production at a rate of approximately 25 million pounds
per annum in spring 2009. For further information and pictures of the
reactivation at Johnson Camp, please visit our website at
This news release includes certain statements that may be deemed
"forward-looking". All statements in this release, other than those of
historical facts, may be considered forward-looking statements, including
those concerning Nord's expectations regarding commencement of copper
production from newly mined ore and copper production targets at the Johnson
Camp Mine, and statements concerning the potential of the Johnson Camp Mine.
Factors that could cause actual results to differ materially from those in
forward-looking statements include, but are not limited to, the market price
of copper, general economic, market, and business conditions, statements or
information with respect to known or unknown risks, uncertainties, and other
factors that may cause the actual results, performance or achievements of the
company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements or information. Investors are cautioned that any
such statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected in the
forward-looking statements. In addition, Nord's business and operations are
subject to the risks set forth in Nord's most recent Form 10-KSB, Form 10-Q,
and other SEC filings which are available through EDGAR at www.sec.gov, and in
Nord's prospectus and other filings with the British Columbia and Ontario
Securities Commissions, which are available through SEDAR at www.sedar.com.
Nord assumes no obligation to update the forward-looking statements except as
may be required by law.
For further information:
For further information: John Perry, President and Chief Executive
Officer, Nord Resources Corporation, (520) 292-0266, www.nordresources.com;
Investor and Media Relations, Richard Wertheim, Wertheim + Company Inc., (416)
594-1600 or (416) 518-8479 (cell) or by email at firstname.lastname@example.org.