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NORD PACIFIC ANNOUNCES CONSTRUCTION TO BEGIN ON AUSTRALIAN COPPER PROJECT

 NORD PACIFIC ANNOUNCES CONSTRUCTION TO BEGIN
 ON AUSTRALIAN COPPER PROJECT
 HAMILTON, Bermuda, Sept. 2 /PRNewswire/ -- Nord Pacific Limited (NASDAQ: NORPF) announced today that contracts have been awarded for construction and mining of the Girilambone Copper Project in New South Wales, Australia. Construction work will begin immediately, and initial copper production is scheduled for July, 1993.
 Design and construction of processing facilities will be performed by the John Holland Group and CMPS&F, two of Australia's largest engineering and construction contractors. Contract mining will be performed by McMahon Construction Co., which has wide experience in open cut mining throughout Australia.
 The Girilambone Copper Project is a joint venture between Nord Pacific Limited (40 percent) and Straits Engineers Contracting PTE Ltd of Singapore (60 percent). As previously announced, debt financing for the project of U.S. $25 million has been arranged, subject to certain preconditions, by the R&I Bank of Western Australia. An additional U.S. $8 million (approximately) is being contributed by Straits. Capital requirements are estimated at about U.S. $30 million to cover construction costs and initial working capital.
 The Girilambone project is expected to produce an average of 32,000,000 pounds per year of cathode copper from five years of proven reserves. Cathode copper does not require smelting and can be directly marketed to consumers.
 Nord Pacific and Straits are also engaged in a 50/50 joint venture on a large exploration area adjacent to the mine on which copper and gold anomalies are being investigated, with initial funding being provided by Straits.
 Nord Pacific Limited is incorporated under the laws of Bermuda and is engaged in the exploration for precious metals, base metals and strategic minerals in Australia, Papua New Guinea and other areas of the South Pacific, Mexico and North America.
 -0- 9/2/92
 /CONTACT: Pierce Carson, president, or James Rosel, vice president, both of Nord Pacific Limited, 505-884-8446/
 (NORPF) CO: Nord Pacific Limited; Straits Engineers Contracting PTE Ltd. ST: IN: MNG SU: JVN


KK -- CL003 -- 5751 09/02/92 08:35 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
Words:340
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