DRAGOON, Ariz., Dec. 16, 2003 (PRIMEZONE) -- Nord Resources Corporation (Pink Sheets:NRDS) is pleased to announce that Ronald A. Hirsch has assumed the duties of Chairman & Chief Executive Officer, Erland A. Anderson was appointed President & Chief Operating Officer and Stephen D. Seymour and Mr. Anderson have joined the Board of Directors. In addition, Mr. Michael Attaway, P.E., was appointed Vice President and General Manager -- Johnson Camp Mine and Mr. Clive R.G. Bailey, C.P.G., was appointed Manager of Exploration for the Corporation.
Mr. Hirsch stated that these recent appointments signal a new direction for the Corporation and serve to emphasize and focus on a new growth and development strategy now being implemented. To capitalize on the recent improvement in the price of copper, the Corporation is currently pursuing financing for its wholly-owned Johnson Camp copper mine in Arizona, with production of copper cathode scheduled to start eight months after receipt of funding at the rate of 20 million pounds of 99.999% copper cathode per annum. The Corporation also holds a 2.5% carried interest in Sierra Rutile Limited, a company focused on the recommencement of its high grade rutile operations in Sierra Leone which is expected to occur over the next few months. Prior to the recently concluded civil war in Sierra Leone, Sierra Rutile Limited produced well over 50% of the total exports of the country. In addition, the Corporation owns 23.9% of Nord Pacific Limited (Pink Sheets:NORPF), a resource company which holds interests in gold and other metals projects in Papua New Guinea, Australia, Mexico, Canada and the United States.
Director, Chairman & CEO Ronald Hirsch, a significant and long-term shareholder in the Corporation, has over thirty years experience in the investment and corporate finance community. Currently he is the president of Hirsch Enterprises, a private investment firm based in Laguna Beach, California. Until 1997, Mr. Hirsch was Senior Vice President -- Investments with Lehman Brothers in New York where he was employed for twenty years and previous to that was with Dean Witter for five years.
Director and President Erland Anderson, with thirty-plus years of mining experience, has held senior operating positions with several foreign and domestic mining companies and consulting firms including St. Joe Minerals Corporation, Compania Minera Aguilar, SA, Walhalla Mining Company, Compania Minera Roca Roja, SA de CV, Nord Pacific Limited and ACA Howe International.
Director Stephen Seymour has been President of Rockland Investments for over twenty-five years. Rockland Investments specializes in returning under-capitalized and under-managed companies and companies in bankruptcy to profitability. In addition, Mr. Seymour was a member of the Board of Directors of Westinghouse Broadcasting for sixteen years.
Mike Attaway, Vice President and General Manager -- Johnson Camp Mine, is a registered Professional Engineer with over thirty years of mine operations and engineering experience. He has held a number of senior mine operating positions with companies such as Homestake Mining Company, Bond Gold, Inc., Chemical Lime Company, Brohm Mining Corporation and Viceroy Gold Corporation, all located in the United States.
Clive Bailey, Manager of Exploration and a Certified Professional Geologist, has been a minerals explorationist for over thirty years. He has been employed by several minerals companies including General Electric, Horizon Gold, Inc., Energy Fuels, Inc., General Minerals Corporation and Pegasus Gold, Inc. Mr. Bailey has directed mineral exploration projects in Nevada, Utah, Arizona and Montana and internationally in Bolivia, China, Chile and Mexico.
This release includes certain statements that may be deemed to be "forward-looking" statements within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements released, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Corporation expects, are forward-looking statements. Although Nord Resources Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include metals prices, exploitation and exploration successes, availability of capital and financing, and general economic, market or business conditions. Nord Resources Corporation does not undertake any responsibility to update the forward-looking statements in the future.