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NORD PACIFIC ANNOUNCES GOLD PROJECT IN MEXICO

 HAMILTON, Bermuda, March 12 /PRNewswire/ -- Nord Pacific Limited (NASDAQ: NORPF) announced today that one of its subsidiaries reached agreement in principle to acquire a 60 percent interest in the Amelia Gold Project, Sonora, Mexico, from Walhalla Mining Company N.L. of Australia. Closing is subject to completion of due diligence and final documentation. Consultants to Walhalla have estimated that a drilled geologic resource of 186,000 ounces of gold is contained on wholly owned leases. In addition, the project controls over 30 square miles of ground under option agreements.
 Under the proposed agreement, at closing Nord Pacific will issue to Walhalla unregistered shares with a value of $500,000 and thereafter contribute $2.9 million towards feasibility work, development and exploration. When production commences, Nord will receive 85 percent of cash flow until its $3.4 million investment is returned. Walhalla will then receive 70 percent of cash flow until recoupment of its previous $2.3 million investment, and thereafter cash flow will be Nord 60 percent, Walhalla 40 percent. Nord Pacific will issue to Walhalla additional unregistered shares with a value of $500,000 when a total of 150,000 ounces of recoverable gold is included in the mine plan of an active mining operation. Nord will manage the project.
 Dr. W. Pierce Carson, president of Nord Pacific, stated, "We are very pleased to have reached agreement on Amelia. Using the existing mill, the project has potential to be producing gold in significant quantities within a relatively short time. Amelia is located on ground adjacent to one of Mexico's largest gold mines and apparently lies along the same geologic trend. We believe the exploration potential is very promising and expect to be able to add to the known gold resource. Amelia should fit nicely into our long term plans for mining in Mexico."
 Nord Pacific Limited is developing a copper mine in Australia, scheduled for start up in June 1993, and is engaged in exploration and development of precious and base metals in Australia, Papua New Guinea and North America, including Mexico.
 -0- 3/12/93
 /CONTACT: Pierce Carson, president, or James Rosel, vice president and secretary, 505-884-8446, both of Nord Pacific Limited/
 (NORPF)


CO: Nord Pacific Limited ST: IN: MNG SU:

KK -- CL006 -- 5461 03/12/93 11:08 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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