Drilling at Bonnie Dundee prospect in Australia encourages Nord Pacific

Results from drilling at the Bonnie Dundee prospect in Australia are lending encouragement to Nord Pacific (NASDAQ).

The deposit lies 20 km southwest of the company’s Girilambone copper mine in New South Wales.

Sulphide mineralization appears to extend from a depth of 250 to 600 metres below the surface, and gold and silver values correlate positively with those of copper.

To test the extent of the strike of the mineralization, the company will drill five additional holes on the Southern anomaly.

At the Girilambone operation, processing capacity is being increased by 15%, to 40 million from 36 million lb. of copper per annum.

Exploration from the Girilambone North project has boosted total leachable copper reserves to 281 million lb. of contained metal, which is equivalent to a mine life of eight years at current production levels. (Production capacity will increase from the current rate with the construction of Leach Pad No. 3, for the handling of additional reserves.)

Production levels were up 13% for the third quarter, compared with the same period last year. Nord Pacific’s 40% share of the copper production was 2.6 million lb. at a cash cost of US73 cents per lb. The company sold 2.6 million lb. at an average price of US$1.27 per lb.

Nord Pacific continues to carry out prefeasibility studies at its Tabar gold project on Simberi Island, as well as at the Ramu nickel-cobalt-chromite project in Papua New Guinea.

Bonnie Dundee results are as follows:

HoleIntervalThicknessCopperGoldSilver

(m)(m)(%)(g/t)(g/t)

E9289-29231.840.082.7

E9297-30030.820.071.3

10403-40963.710.5610.8

10494-50395.960.0316.7

12302-30751.740.419.0

13278-2881014.810.6854.0

14320-321110.500.7320.0

14326-350246.100.358.2

15261-26541.370.318.2

15267-27143.060.148.3

17645-64613.740.228.0

17649-65234.390.159.3