Copper processing facility adjacent to Gunnison:
What an opportunity!This facility is worthless to others but could be gold for Excelsior in many ways. It would also be gold to regulatory types because other wise there is no one to take care of the environmental issues at Johnson Camp.
Mon Nov 24 18:38:00 2014 EDT
TUCSON, AZ, Nov. 24, 2014 (Canada NewsWire via COMTEX News Network) --
Nord Resources Corporation (OTCQB: NRDS), which is producing copper at its Johnson
Camp Mine in Arizona, today announced that effective November 18, 2014, with the
agreement of Nord, the principal secured lender of Nord has appointed Christopher
G. Linscott of Keegan, Linscott & Kenon, PC as the receiver of Nord Resources
Corporation. The appointment of Mr. Linscott follows the termination of discussions between
the Company and the principal secured lender of Nord's $52 million secured loan
facility. The discussions, the commencement of which was initially disclosed in
September 2009, were unsuccessfully concluded after the secured lenders rejected
the Company's proposal to provide additional liquidity and further extend the
time necessary to refinance the Company. Wayne Morrison, the Company's Chief Executive Officer, said, "the
recent deterioration of Nord's financial condition is primarily attributable
to two factors: a reduction in copper production due to lack of operating solutions
and a weakening in the copper price. As a result, the Company has been unable to
generate sufficient cash to service its working capital requirements. The Company's
management and its principal shareholders have made every effort to continue Nord's
operation as a going concern including searching for potential investors and attempting
to come to a rescheduling agreement with its secured lenders. Regretfully, all
these efforts have been unsuccessful; resulting in the Company's secured lenders
appointing a receiver." About Nord Resources Nord Resources Corporation is producing copper at the Johnson Camp Mine,
the company's primary asset, which is located in Dragoon, Arizona, approximately
65 miles east of Tucson. For further information, please visit our website at nordresources.com. Forward-Looking Statements This news release contains certain forward-looking statements and other information
(collectively "forward-looking information") about our current expectations,
estimates and projections. Forward looking information is often identified by words
AI
