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NORD SUBSIDIARY ARRANGES FINANCING FROM INTERNATIONAL FINANCE CORPORATION

 NORD SUBSIDIARY ARRANGES FINANCING FROM
 INTERNATIONAL FINANCE CORPORATION
 DAYTON, Ohio, April 21 /PRNewswire/ -- Nord Resources Corporation (NYSE: NRD) announced today that the board of directors of the International Finance Corporation ("IFC"), a member of the World Bank Group, has approved a loan of up to $20 million to Nord's wholly owned subsidiary, Sierra Rutile Limited ("SRL"), in connection with the ongoing improvements being made at SRL's rutile mining operations in Sierra Leone.
 The loan from IFC, together with the $15 million loan being guaranteed by the Overseas Private Investment Corporation ("OPIC"), an agency of the United States Government, which was announced on March 24, 1992 and the $13 million loan to be made by the Commonwealth Development Bank ("CDC"), the development bank of the Government of Great Britain, which was announced on Nov. 21, 1991, represent the total financing in the amount of approximately $48 million being finalized with international development banks.
 Under the terms of the various commitment letters, the loans are subject to negotiations and clarification of certain issues, preparation of definitive agreements and obtaining required consents from third parties.
 Based on the commitment letters, the company anticipates initial funding of the financial package during the second calendar quarter of 1992.
 Nord Resources Corporation is a major producer of rutile (a premium titanium dioxide mineral) and kaolin and holds a significant interest in Nord Pacific Limited (NASDAQ: NORPF), a company engaged in the exploration for and development of precious, strategic and base metals.
 -0- 4/21/92
 /CONTACT: Terence H. Lang, senior vice president-finance; or Susan Shahan, director of shareholder relations, 513-433-6307, both of Nord Resources Corporation/
 (NRD NORPF) CO: Nord Resources Corporation ST: Ohio IN: MNG SU:


LC -- CL009 -- 0468 04/21/92 10:00 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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