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NORD PACIFIC REACHES AGREEMENT ON TABAR ISLANDS GOLD PROJECT, PAPUA NEW GUINEA

 HAMILTON, Bermuda, April 8 /PRNewswire/ -- Nord Pacific Limited (NASDAQ: NORPF) announced today that one of its subsidiaries has reached agreement in principle to raise its interest from 29 percent to 100 percent ownership in the Tabar Islands Gold Project, Papua New Guinea. The 71 percent interest will be acquired from joint venture partners Kennecott Explorations (Australia) Ltd. (62.6 percent) and Niugini Mining (Australia) Pty. Limited (8.4 percent).
 The agreement provides for Nord to pay Kennecott and Niugini Mining a total of $1.4 million, payable in part at closing and the balance over time, upon the occurrence of certain events. Kennecott will have an option to re-acquire a 44 percent interest (and management rights), and Niugini Mining will have an option to re-acquire 6 percent interest in any proposed mine development which feasibility studies show could produce 150,000 ounces or more of gold annually. Exercise of the option would require Kennecott and Niugini Mining to pay Nord 2-1/2 times Nord's past expenditure on the mine development area.
 Dr. Pierce Carson, president of Nord Pacific, stated "we are very pleased to control 100 percent of the Tabar Project which will allow us to vigorously pursue feasibility work for open pit mining of oxide gold deposits on Simberi Island, while continuing exploration of underlying sulfide mineralization. Over $19 million has been spent on this project, much of it directed to shallow drilling of the Simberi oxide deposits and deeper drilling of underlying sulfide mineralization. A geologic resource of over 500,000 ounces of gold has been identified to date, and Nord anticipates that significant additional mineralization will be identified in further exploration of the deposits. Nord's preliminary feasibility studies on the oxide deposits are promising, and we are optimistic that an open pit mining operation could be viable."
 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- 4/8/93
 /CONTACT: Pierce Carson, president, or James Rosel, vice president, both of Nord Pacific Limited, 505-884-8446/
 (NORPF)


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

BM -- CL008 -- 4125 04/08/93 09:55 EDT
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Publication:PR Newswire
Date:Apr 8, 1993
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