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NORD PACIFIC COMPLETES FINANCING FOR AUSTRALIAN COPPER PROJECT

 HAMILTON, Bermuda, Feb. 11 /PRNewswire/ -- Nord Pacific Limited (NASDAQ: NORPF) announced today that project financing has been finalized for the Girilambone Copper Project in New South Wales, Australia. The R&I Bank of Western Australia Ltd. and Rothschild Australia Limited provided the loans.
 The R&I facility consists of a $25 million limited recourse loan to the project participants -- 40 percent or $10 million to an Australian subsidiary of the Company and 60 percent or $15 million to the joint venture partner in the project. In addition, Rothschild Australia is providing the Company with a $2 million standby letter of credit overrun facility and a $1 million working capital line of credit. Nord Pacific previously announced agreements in principle with each bank.
 The Girilambone Copper Project is under construction and scheduled to commence production in June 1993. High quality cathode copper will be produced by open pit mining, heap leaching and solvent extraction-electrowinning. Production is estimated at 32 million pounds of copper per year on average, at a cash operating cost of $.43 per pound. Reserves at present are sufficient for 5.5 years of production. Exploration is currently being conducted on a large surrounding area in which the Company holds a 50 percent interest.
 Nord Pacific Limited is incorporated under the laws of Bermuda and is engaged in exploration for precious metals, base metals and strategic minerals in Australia, Papua New Guinea and North America, including Mexico.
 -0- 2/11/93
 /CONTACT: Pierce Carson, president, or James Rosel, vice president, both of Nord Pacific Limited, 505-884-8446/
 (NORPF)


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

DA -- CL005 -- 5585 02/11/93 10:04 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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