TUCSON, AZ, March 21, 2013 /CNW/ - Nord Resources Corporation (OTC Pink
Market: NRDS), which is producing copper at its Johnson Camp Mine in
Arizona, today announced that it has amended its copper cathode sales
agreement with Red Kite Master Fund Limited for 100% of the production
from the Johnson Camp Mine, to extend its termination date from March
31, 2013 to June 30, 2013.
After June 30, 2013, the agreement is renewable by mutual agreement of
both parties. Pursuant to the agreement, Red Kite accepts delivery of
the cathodes at the Johnson Camp Mine, and pricing is based on the
COMEX price for high-grade copper on the date of sale.
In July 2010, Nord suspended mining new ore at the Johnson Camp Mine as
it sought financing to permit the company to restructure its debt and
provide additional capital for constructing a new leaching pad. It
continues to leach copper from the material previously placed on the
existing three pads on its property, processing it through the Johnson
Camp Mine's SX-EW plant. As expected, the level of copper production
and sales continue to decline at a steady rate.
About Nord Resources
Nord Resources Corporation is producing copper at the Johnson Camp Mine,
the company's primary asset, which is located in Dragoon, Arizona,
approximately 65 miles east of Tucson. For further information, please
visit our website at nordresources.com.
All statements in this release, other than those of historical facts,
may be considered to be "forward-looking".
Nord's continuation as a going concern is dependent upon its ability to
refinance the obligations under its Credit Agreement with Nedbank, the
Copper Hedge Agreement with Nedbank Capital and its unsecured note
payable to Fisher Sand & Gravel Company, raise additional capital, and
on its ability to produce copper to sell at a level where the company
becomes profitable and generates cash flows from operations. To
succeed, Nord must be able to proceed with its plans to build
additional leach pad capacity, resume full operations, and achieve its
operating plan. If management cannot achieve its operating plan because
of the company's inability to obtain the required financing, or because
of sales shortfalls, a reduction in copper prices, or other unfavorable
events, the company may find it necessary to dispose of assets, or
undertake other actions as may be appropriate.
Nord's business and operations are subject to the risk factors set forth
in Nord's most recent Form 10-K 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.
SOURCE: Nord Resources Corporation
For further information:
Chief Executive Officer and Chief Financial Officer
Nord Resources Corporation
Investor and Media Relations
Wertheim + Company Inc.
(416) 594-1600 ext.223
(416) 518-8479 (cell)
or by email at firstname.lastname@example.org