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NORD PACIFIC RECEIVES $25 MILLION FINANCING FOR GIRILAMBONE COPPER PROJECT

 NORD PACIFIC RECEIVES $25 MILLION FINANCING
 FOR GIRILAMBONE COPPER PROJECT
 HAMILTON, Bermuda, Aug. 3 /PRNewswire/ -- Nord Pacific Limited (NASDAQ: NORPF) announced today that a $25 million loan for the construction and development of the Girilambone Copper Project in New South Wales, Australia has been agreed to with the R&I Bank of Western Australia Ltd. The Girilambone Copper Project is a joint venture between Nord Pacific Limited (40 percent) and Straits Engineers Contracting Pte Ltd. of Singapore (60 percent). Each of the parties will be liable only for the portion of the loan equal to their respective interests in the project.
 Drawdown of the loan is subject to finalization of loan documents and satisfaction of certain conditions precedent, including a requirement that Nord Pacific provide a standby letter of credit to the bank in the amount of $2 million until the project is constructed and meets certain completion tests. Upon completion of such tests, the loan will be nonrecourse except to the project assets.
 As previously announced, the joint venture agreement provides for Straits to contribute funds of approximately $8 million to the joint venture for project engineering and development, which has been underway since December of 1991. The agreement also provides for Straits to make payments and loans to Nord Pacific of approximately $2.7 million, which were received as of May 1, 1992.
 Construction of the mine is planned to begin promptly, with initial copper production expected in mid-1993. Using modern heap leaching, solvent extraction-electrowinning technology, output is projected to be 32,000,000 pounds of cathode copper annually with five years of proven reserves. In addition, Nord Pacific and Straits each own 50 percent of a joint venture exploring the neighboring area for copper and gold, where initial funding is being provided by Straits.
 Nord Pacific Limited is engaged in the exploration for precious metals, base metals and strategic minerals in Australia, Papua New Guinea, Mexico and the United States. The company is incorporated under the laws of Bermuda.
 -0- 8/3/92
 /CONTACT: Pierce Carson, president, or James M. Rosel, vice president, both of Nord Pacific, 505-884-8446/
 (NORPF) CO: Nord Pacific Limited; Straits Engineers Contracting Pte Ltd. ST: IN: MNG SU: JVN


KK -- CL003 -- 6013 08/03/92 09:16 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
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