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NORD PACIFIC LIMITED ANNOUNCES THIRD QUARTER RESULTS

 HAMILTON, Bermuda, Nov. 12 /PRNewswire/ -- Nord Pacific Limited (NASDAQ: NORPF) announced today a loss for the quarter ended Sept. 30, 1993 of $1,029,000 or $0.32 per share, as compared to a loss of $564,000 or $0.19 per share in the third quarter of 1992. For the three quarters ended Sept. 30, 1993 a net loss of $3,295,000 or $1.05 per share was reported, compared to a loss of $1,616,000 or $0.53 per share for the first three quarters of 1992.
 Production commenced at the Girilambone Copper Mine in May 1993. Earnings from Girilambone operations during the third quarter were $126,000 and in the period May through September totaled $71,000. Sales for the third quarter were $1,812,000 and for the nine month period totaled $2,412,000. The cost of sales for the nine months ended Sept. 30 was $1,919,000, and interest and administrative expense related to the project was $422,000. The company had no operations during the same periods of 1992.
 Results of operations for the nine months ended Sept. 30, 1993 also include a $962,000 unrealized loss from forward currency exchange contracts due to a decline in the value of the Australian dollar relative to the U.S. dollar. During the third quarter the unrealized loss from the currency exchange contract was $502,000.
 Write off of abandoned projects increased in the 1993 nine month period as compared to 1992, as did administrative expense. Administrative expenses were higher due to reduced reimbursement by the Girilambone joint venture partner, as scheduled, and severance costs associated with staff reductions in Australia. Interest expense also increased due to increased debt for the Girilambone project and borrowings from Nord Resources Corporation (NYSE: NRD), the 47.4 percent shareholder of Nord Pacific.
 A summary of the consolidated statement of operations follow:
 NORD PACIFIC LIMITED
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share data)
 Quarter Ended Three Quarters
 Sept. 30, Ended Sept. 30,
 1993 1992 1993 1992
 Revenues $ 1,837 $ 8 $ 2,480 $ 37
 Net (Loss) $(1,029) $ (564) $(3,295) $(1,616)
 Net (Loss) Per Common Share $(.32) $(.19) $(1.05) $(.53)
 Nord Pacific Limited is incorporated under the laws of Bermuda. It is engaged in the mining of copper in Australia and in exploration for precious metals, base metals & strategic minerals in Australia, Papua New Guinea and North America, including Mexico.
 -0- 11/12/93
 /CONTACT: Pierce Carson, president, or James Rosel, vice president, of Nord Pacific Limited, 505-884-8446/
 (NORPF)


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

BM-AR -- CL017 -- 3867 11/12/93 16:24 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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