[LOGO] NORD RESOURCES CORPORATION
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8150 washington village drive
dayton, ohio 45458
000-000-0000
fax: 000-000-0000
NORD RESOURCES CORPORATION ENTERS
INTO AGREEMENT TO SELL KAOLIN ASSETS
PRESS RELEASE
DAYTON, Ohio, March 6, 1997 -- Nord Resources Corporation (NYSE:NRD)
announced today that it has entered into an agreement to sell the operating
assets of the kaolin mining and Norplex-Registered Trademark- operations of
its 80% owned subsidiary Nord Kaolin Company ("NKC") to Dry Branch Kaolin
Company ("Dry Branch") for a purchase price of $20,000,000, subject to
adjustments and a royalty arrangement on the future sales of Norplex
products. The transaction is subject to obtaining certain consents of third
parties and regulatory approval. It is anticipated that closing will occur
within 30 days. In addition to the purchase price, at closing, Nord
Resources Corporation ("NRC") will be released from its guarantee obligations
under certain equipment leases of NKC in the approximate amount of
$12,000,000. As a result of the transaction, NRC will have a non-recurring
loss on disposal of these assets.
Xx. Xxxxx X. Xxxxx, President and CEO, stated, "The Company is pleased
to have arranged this transaction with Dry Branch. The sale of the kaolin
operations provides Nord with significant additional liquidity and will allow
the Company to concentrate its time, resources and attention to the reopening
of the mine in Sierra Leone owned by NRC's 50% owned affiliate, Sierra Rutile
Limited, and the expansion of the exploration and mining activities of NRC's
affiliate, Nord Pacific Limited. It also enables us to share in any future
successes with Norplex."
CONTACT: Xxxxxxx X. Xxxx, Senior Vice President - Finance, or Xxxxx X.
Xxxxx, Director of Investor Relations, both of Nord Resources Corporation,
000-000-0000
