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NORD RESOURCES CORPORATION 1993 THIRD QUARTER RESULTS

 DAYTON, Ohio, Nov. 11 /PRNewswire/ -- Nord Resources Corporation (NYSE: NRD) today announced results of operations for the third quarter and nine months ended Sept. 30, 1993. Revenues for the third quarter of 1993 were $22,396,000 compared to 1992 third quarter revenues of $28,942,000. A loss from continuing operations for the 1993 third quarter of $17,000 was incurred compared to a loss of $738,000, or $.05 per share, in the 1992 third quarter. A gain of $106,000, or $.01 per share, was reported from discontinued operations for the 1993 third quarter while a loss in the 1992 third quarter was reported from discontinued operations of $1,500,000, or $.10 per share. For the 1993 third quarter in total, the company realized net earnings of $89,000, or $.01 per share, compared to a net loss of $2,238,000, or $.15 per share, in the 1992 third quarter. Results for the third quarters of 1993 and 1992, respectively, benefited from $3.2 million and $1 million settlements received by the company's wholly-owned subsidiary, Sierra Rutile Limited (SRL), in SRL's action against Bomar (formerly the exclusive sales agent for SRL). Also contributing to the 1993 third quarter was the sale of the Perlite operation in August resulting in a gain of $106,000.
 For the nine months ended Sept. 30, 1993, the company incurred a loss from continuing operations of $10,159,000, or $.67 per share, on revenues of $69,004,000 compared to a loss of $6,544,000, or $.43 per share, on revenues of $74,941,000 for the same period in 1992. The results for the first nine months of 1993 include receipt of $3.7 million settlement from SRL's legal action against its former sales agent compared to $1 million received in 1992. Included in the 1993 loss was $4.75 million which was accrued for a proposed settlement of stockholder litigation against the company. This litigation settlement and an increase in interest expense contributed to the higher loss in 1993. In 1993 compared to 1992, the company carried higher amounts of debt and no interest was capitalized. The company's loss in its investment in Nord Pacific in the 1993 nine month period was $1,340,000 compared to a loss of $677,000 in the same period in 1992. Included in the company's share of the loss in Nord Pacific is an unrealized loss of $395,000 on a foreign currency exchange contract. The primary reason for the company's increased loss despite higher volume from Norplex(R) products; however, is a result of lower sales volume and lower average prices received for both the rutile and the kaolin products, including Norplex(R).
 Rutile segment revenues for the 1993 third quarter were $14,800,000 compared to $21,400,000 in the 1992 third quarter. Revenues for the nine months ended Sept. 30, 1993 for the rutile segment were $44,900,000 compared to $52,300,000 in the same period of 1992. Average sales prices were 13 percent lower during the 1993 third quarter compared to the 1992 third quarter and the volume of tons sold decreased by 43 percent due primarily to a sale of 12,000 tons originally scheduled for the third quarter of 1993 being delayed into early October 1993. Over the nine month period, there was a 9 percent decrease in the average sales price of rutile as well as 13 percent less tons sold than last year. Average production costs were lower in this period due to lower repair and maintenance costs, shipping costs and cessation of some supplemental mining activity. The cost of sales percentage benefited from these lower production costs; however, the company anticipates lower average prices received for rutile will continue throughout the remainder of 1993. Approximately 30 percent of the rutile segment's annual sales volume is scheduled to ship in the 1993 fourth quarter.
 In June 1993, the company reached an agreement to sell 50 percent of its rutile segment, SRL, to Consolidated Rutile Limited (CRL) of Australia for a selling price of approximately $55 million. The closing of this sale is expected to occur during November 1993. A portion of the proceeds of this sale will be used to redeem the company's existing $20 million Debenture with CRL and to repay substantially all of the company's domestic bank debt.
 Revenues from kaolin for the third quarter 1993 increased to $7,486,000 compared to $6,941,000 for the same period in 1992. Revenues from Norplex(R) products have increased by 30 percent in the 1993 third quarter over the 1992 third quarter. The number of tons sold in the 1993 third quarter increased to 4,995 compared to 4,484 tons sold in the 1992 third quarter.
 Revenues from the kaolin segment increased to $23,565,000 in the nine months ended Sept. 30, 1993 compared to $20,539,000 during the same period in 1992. Revenues from Norplex(R) products in this period increased by 88 percent. The company sold 17,100 tons of Norplex(R) in the 1993 nine month period compared to 8,180 tons for the same period in 1992. Average sales prices for Norplex(R) products have declined due primarily to product mix and a decline in selling prices in the competing products. Revenues for conventional products declined in both the 1993 third quarter and the 1993 nine month period compared to the same periods in 1992 due to the company's marketing emphasis on the Norplex(R) line of products.
 Although the level of sales of Norplex(R) products is not sufficient yet to recover its production costs, the company believes, based upon recent successful testing of Norplex(R) products and probable future testing at a number of different customer locations, that a noted improvement in sales levels and operating results is attainable. The company cannot, however, precisely estimate when adequate sales levels of Norplex(R) products will be achieved. At its present rate, sales of all Norplex(R) products for 1993 should reach nearly 23,000 tons which would be almost twice the number of tons produced in 1992.
 A consolidated summary of operations follows:
 FOR THE QUARTER ENDED SEPT. 30, 1993 1992
 Revenues $22,396,000 $28,942,000
 (Loss) from Continuing Operations (17,000) (738,000)
 Gain (Loss) from Discontinued Operations 106,000 (1,500,000)
 Net Earnings (Loss) $ 89,000 ($2,238,000)
 Average Shares Outstanding 15,133,000 15,125,000
 FOR THE NINE MONTHS ENDED SEPT. 30, 1993 1992
 Revenues $69,004,000 $74,941,000
 (Loss) from Continuing Operations ($10,159,000) ($6,544,000)
 Gain (Loss) from Discontinued Operations 106,000 (1,500,000)
 Cumulative Effect of Change in
 Accounting Principle --- $23,480,000
 Net Earnings (Loss) ($10,053,000) $15,436,000
 Earnings (Loss) per Common Share:
 Primary:
 (Loss) from Continuing Operations ($.67) ($.43)
 Gain (Loss) from Discontinued Operations .01 (.10)
 (Loss) Before Cumulative
 Effect of Change in Accounting
 Principle ($.66) ($.53)
 Cumulative Effect of Change in
 Accounting Principle --- 1.55
 Net Earnings (Loss) ($.66) $1.02
 Average Shares Outstanding 15,132,000 15,151,000
 Fully Diluted:
 (Loss) from Continuing Operations --- ($.29)
 (Loss) from Discontinued Operations --- (.08)
 (Loss) Before Cumulative
 Effect of Change in Accounting
 Principle --- ($.37)
 Cumulative Effect of Change in
 Accounting Principle --- 1.29
 Net Earnings --- $.92
 Average Shares Outstanding --- 18,178,000
 Nord Resources Corporation is a major producer of kaolin and natural rutile (a premium titanium dioxide mineral), and holds a 47 percent interest in Nord Pacific Limited (NASDAQ: NORPF), a company engaged in the exploration for and development of precious, strategic and base metals, particularly copper.
 -0- 11/11/93
 /CONTACT: Terence H. Lang, senior vice president-finance, or Susan Shahan, director of investor relations, of Nord Resources Corp., 513-433-6307/
 (NRD)


CO: Nord Resources Corporation ST: Ohio IN: MNG SU: ERN

BM-AR -- CL009 -- 3167 11/11/93 11:02 EST
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Date:Nov 11, 1993
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