Nord Resources Provides Update on Reactivation Progress at Johnson Camp Copper Mine
Nord Resources Corporation, which is reactivating copper mining at the Johnson Camp Mine in Arizona, today provided an update on its progress toward starting up production of new copper at its Johnson Camp Mine near Tucson, Arizona.
“As previously announced, on August 19, 2008, the Arizona Department of Environmental Quality (ADEQ) issued the air-quality permit required to proceed with construction at the Johnson Camp Mine,” said John Perry, President and Chief Executive Officer. “As a result, we are now making very good progress at the Mine, and are on schedule to commence mining new copper ore in the first quarter of 2009.
All of the major equipment to be installed during construction is onsite at the Mine. Crushers, screens, and agglomerator foundations have been completed. In August, installation and electrical work on the crushing and conveying systems commenced with completion scheduled by the end of this year. Based on current assessments, outlooks and forecasts with respect to the Johnson Camp Mine, the company believes it has access to sufficient funds to meet the estimated capital requirements for the reactivation of the Mine.
“With the start-up of mining of new ore in the first quarter of 2009, we are on track to ramp up to the currently planned full production rate of 25 million pounds per year by spring 2009,” Mr. Perry said.
In May this year, the company retained Bateman Engineering Inc. as consultants to determine if it could increase the Johnson Camp Mine’s planned annual production beyond 25 million pounds of copper per year, based on the current level of estimated proven and probable reserves. This study has not yet been finalized; the findings will be released when it is completed. The company also plans to begin a new program of exploratory drilling on the Johnson Camp property in 2009, as its cash flow and earnings improve, with the goal of increasing the current level of proven and probable reserves.
Nord Resources Corporation explores, develops, and operates mineral properties. The company’s primary asset is the Johnson Camp Mine, located approximately 65 miles east of Tucson, Arizona, which it is reactivating to produce copper. The company commenced commercial copper production from residual leaching of the existing ore heaps on February 1, 2008 and expects to reach full copper production at a rate of approximately 25 million pounds per annum in spring 2009. For further information, please visit our website at www.nordresources.com.