TUCSON, AZ,, April 30 /CNW/ - Nord Resources Corporation (TSX:NRD/OTCBB:NRDS.OB), which is ramping up copper mining and processing operations at the Johnson Camp Mine in Arizona, today announced that the Continued Listing Committee of the Toronto Stock Exchange has determined to further defer its listing-review decision. The committee expects to inform Nord of its decision no later than May 31, 2010. Nord has been informed that the Committee will not be able to provide any extensions beyond that date unless there is disclosure regarding an event that would allow the company to comply with the Exchange's continued listing requirements.
As previously announced, the company received an exemption from certain shareholder approval requirements under the rules of the TSX in connection with Nord's US$12 million private placement completed in November 2009, on the basis of financial hardship. Reliance on this exemption automatically triggered a TSX listing review to confirm that Nord continues to meet the TSX listing requirements. The company believes it will be in compliance at that time.
About Nord Resources
Nord Resources Corporation is a copper mining company whose primary asset is the Johnson Camp Mine, located approximately 65 miles east of Tucson, Arizona. Nord commenced mining new ore on February 1, 2009. For further information, please visit our website at www.nordresources.com.
All statements in this news release, other than those of historical facts, may be considered "forward-looking", including statements regarding our Company's expectation that we will be in compliance with TSX listing requirements at the time of the TSX's listing review. Our expectation that we will meet TSX listing requirements is based primarily on our assumption that we will be able to renegotiate or restructure our amended and restated credit agreement with Nedbank Limited and the related copper hedge agreement with Nedbank Capital Limited, and that we will have sufficient cash flow to meet our other obligations. This, in turn, is dependent on our assumption that our copper production levels will continue to rise as predicted, given the measures that we have taken to address the problems we have encountered in our mining and processing operations, and on our assumption that current input costs and copper prices will remain constant in the foreseeable future.
In addition, Nord's business and operations are subject to the risks set forth in Nord's most recent Form 10-K, 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.
SOURCE Nord Resources Corporation
For further information: For further information: Wayne Morrison, Chief Financial Officer, Nord Resources Corporation, (520) 292-0266, www.nordresources.com; Investor and Media Relations, Richard Wertheim, Wertheim + Company Inc., (416) 594-1600 ext. 223, or (416) 518-8479 (cell), or by email at email@example.com