$1,654,000 or three cents a share, compared with earnings of $265,000 or a penny a share for the same period in 1994.

Operating earnings for the quarter to September 30 were $843,000 on revenues of $3,335,000, compared against third quarter operating losses in 1994 of $154,000 on revenues of $2,420,000.

The turnaround in operating earnings, the company said, resulted primarily from greater production levels from the company's 40 percent owned Girilambone copper mine in Australia and an increase in sales revenues due to higher copper prices.

Commenting on the positive operating results, president Dr. Pierce Carson, stated,"Copper production increased in 1995 primarily because of plant upgrades completed early in the year. We also have realised higher copper prices.

"Our average selling price of copper, net of hedging costs, was $1.27 per pound during the third quarter of 1995, compared to $1.09 during the same period in 1994.'' Nord Pacific also recently announced plans to expand the copper processing capacity of the Girilambone mine by about 15 percent to 36 million pounds per year. This expansion is to accommodate additional resources identified at the Girilambone mine and at the 50 percent owned Girilambone North Project.

Total leachable copper reserves now amount to 281 million pounds of contained copper metal, sufficient for eight years of future production.

At the recently announced exploration discovery at the 50 percent owned Bonnie Dundee prospect, 12 miles southwest of Girilambone, a number of drill holes have intersected high grade copper, and associated gold and silver mineralisation.

The company considers the initial drilling results to be very promising and is continuing drilling activities to determine the lateral extent and depth of the mineralisation.