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<title>Prepared by E-Services, LLC - www.edgar2.net</title>

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<p align="center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p align=center><b>&nbsp;Washington, D.C.&nbsp; 20549</b></p>

<p align=center><b>&nbsp;__________________</b></p>

<p align=center><b>&nbsp;FORM 8-K</b></p>

<p align=center><b>&nbsp;CURRENT REPORT</b></p>

<p align=center><b>&nbsp;PURSUANT TO SECTION 13 OR 15(d)<br>
OF THE SECURITIES EXCHANGE ACT OF 1934</b></p>

<p align=center><b>&nbsp;Date of Report (Date of earliest event reported) October 2, 2002</b></p>

<p align=center><b>&nbsp;<u>NORD PACIFIC LIMITED<br>
</u>(Exact name of registrant as specified in its charter)</b></p>

<p align=center><b>&nbsp;</b></p>

<p align=center><b>&nbsp;</b></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=213 valign=top>
  <b><u>New Brunswick, Canada</u></b></td>
  <td width=213 valign=top>
  <p align=center><b><u>000-19182</u></b></p>
  </td>
  <td width=48 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=213 valign=top>
  <p><b><u>Not Applicable</u></b></p>
  </td>
 </tr>
 <tr>
  <td width=213 valign=top>
  <p><b>(State or Other<br>
  Jurisdiction of<br>
  Incorporation)</b></p>
  </td>
  <td width=213 valign=top>
  <p align=center><b>(Commission<br>
  File Number)</b></p>
  </td>
  <td width=48 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=213 valign=top>
  <p><b>(IRS Employer<br>
  Identification Number</b></p>
  </td>
 </tr>
</table>

<p align=center><b>&nbsp;</b></p>

<p><b>&nbsp;</b></p>

<table border=0 cellspacing=0 cellpadding=0 width="687">
 <tr>
  <td width=473 valign=top>
  <p><b>40 Wellington Row, Suite 2100, Scotia Plaza</b></p>
  </td>
  <td width=214 valign=top>
  <p><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr>
  <td width=473 valign=top>
  <b><u>Saint John, New Brunswick, Canada</u><br>
  (Address of Principal Executive Offices)</b></td>
  <td width=214 valign=top>
  <p><b><u>&nbsp; E2L
  4S3&nbsp;&nbsp; <br>
  </u>(Zip Code)</b></p>
  </td>
 </tr>
</table>

<p><b>&nbsp;</b></p>

<p align="center"><b>&nbsp;Registrant's telephone number, including area code: (506) 633-3800</b></p>

<b><br clear=all>
</b>

<hr color="#000080"><p style="page-break-after: always"></p>

<p><b>ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Events</b></p>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
October 2, 2002, Nord Pacific Limited (&quot;<b>NORPF.PK&quot;</b>)
announced that following an exhaustive search for suitable partners and after
discussions with many parties, it&nbsp; entered into an option agreement with
PGM Ventures Corporation (&quot;<b>YPG.V</b>&quot;)
with respect to the Company's gold resources on the Tabar Islands in New
Ireland Province, Papua New Guinea.&nbsp; PGM
is engaged in mineral exploration, primarily in Canada, and is listed on the
Canadian TSX Venture Exchange (TSX-VEN).</p>



<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Tabar Islands are located in what is commonly referred to as the Lihir Gold Corridor, a chain of four gold-bearing island
groups extending from the Tabar Islands in a southeasterly direction to the Feni Islands.&nbsp; The
corridor is located off the northeastern side of New Ireland.&nbsp; One of the world's largest gold mines is
located on adjacent Lihir Island and the geology and prospectivity of the Tabar Islands is similar to that found
on Lihir.</p>



<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All
of the defined resources in the Tabar Islands are located on the northernmost Simberi Island, although extensive gold and copper
mineralization has also been identified on the other two main islands, Tatau and Tabar.&nbsp; The
resource delineated to date on Simberi Island is
estimated to contain about 1.5 million ounces of gold, about half of which is
in surface oxide mineralization. &nbsp;The
balance is contained in deeper, but higher grade, sulfide mineralization with
some bonanza grade gold intercepts having been encountered in drilling.</p>



<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nord Pacific has established
measured, indicated and inferred resources containing nearly 300,000 ounces of
gold in several surface oxide deposits which it believes can be converted to mineable reserves at current gold prices and currency
exchange rates, based on open pit optimization studies.&nbsp; Production is contemplated at an initial rate
of about 40,000 ounces per year and cash production costs are estimated to be
in the range of US$150-$175 per ounce at current currency exchange rates.&nbsp; The capital cost to construct facilities to
produce gold from several oxide deposits is estimated to be about $20 million.&nbsp; It will take approximately one year of
construction activities to develop the open pit oxide mines and processing
facilities following the procurement&nbsp; of project finance.&nbsp; The development project is largely
permitted.&nbsp; The Company has excellent relations
with the local landowners, who are very proactive towards the development of
the mine.</p>



<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
terms of the option provide that PGM will pay Nord Pacific a nonrefundable fee
of $125,000, within the next month, of which $50,000 has already been
paid.&nbsp; Under the option, PGM has the
right to acquire an initial 25% interest in Mining Lease 136 covering the Simberi Island oxide gold and underlying sulphide gold deposits by the payment of an additional
$250,000 on or before November 30, 2002.&nbsp;
If PGM exercises the option, it may also earn an additional 25% interest
in the mining lease over the Simberi deposits by
spending $1.5 million within 18 months on prefinancing
and predevelopment costs associated with the Simberi
oxide deposits.&nbsp; PGM will assume primary
responsibility for raising project development
finance, estimated to be approximately US$20 million, including debt and
equity.&nbsp; However, Nord Pacific is
expected to provide its share of equity.&nbsp;&nbsp;
If PGM is successful in completing project financing for development of
the oxide deposits, it will earn an additional 1% interest in ML 136.</p>



<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
agreement also provides that PGM can acquire up to a 50% interest in the
exploration license (EL 609) held by Nord Pacific over the balance of the Tabar
Islands if PGM has acquired not less than a 50% interest in ML 136 on Simberi Island and spends an additional $2 million for
exploration expenditures on all of the properties prior to the end of calendar
year 2006. </p>



<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
PGM exercises its option and ultimately acquires a 51% interest in ML 136, the
agreement contemplates a standard joint venture arrangement.&nbsp; Similar joint venture arrangements are
planned for exploration if PGM achieves the required threshold of ownership and
expenditures.&nbsp; The agreement is subject
to approval by Canadian regulatory authorities.&nbsp;
Under the agreement with PGM, the Company may have its interests in the
joint ventures further diluted if it is unable or unwilling to contribute its
share of costs after completion of PGM's sole funding
obligations.&nbsp; However, the interest of
the Company in any of the joint ventures shall not be diluted below 15%.</p>



<hr color="#000080"><p style="page-break-after: always"></p>



<p align="justify">&nbsp;</p>



<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nord Pacific has been
involved in gold exploration on the islands since 1983, much of which was in a
joint venture with Kennecott Explorations (now part of Rio Tinto)
and Niugini Mining.&nbsp;
Nearly US$30 million has been spent on the project.&nbsp; In 1993, Nord Pacific bought out Kennecott
and Nuigini, who have certain option rights should
Nord Pacific deliver to Kennecott and Nuigini a
Feasibility Study which has confirmed a projected annual level of production of
at least 150,000 ounces of gold (or other minerals of equivalent value) for a
minimum of 5 consecutive years from a defined Mine Development Area on the
Tabar Islands.&nbsp; Kennecott and Nuigini have six months in which to exercise their option
rights after receipt of the Feasibility Study by reimbursing the Company a
multiple of its expenditures.</p>



<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
connection with finding a suitable partner, the Company also held informal
discussions with Nord Resources Corporation, which is a shareholder in the
Company.&nbsp; Nord Resources has verbally
expressed objection to this agreement with PGM.&nbsp;
However, Nord Resources was either unwilling or unable to discuss any
business arrangement with Nord Pacific prior to the signing of the PGM
agreement.</p>



<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the view of Nord Pacific
management and Directors, the agreement with PGM provides a significant
opportunity for its shareholders to realize value from the known oxide gold
deposits on Simberi, as well as to participate in the
tremendous gold exploration potential of the Tabar Islands.&nbsp; It is the intent of both Nord Pacific and PGM
to move this development project forward as quickly as possible.</p>



<h4>EXHIBITS</h4>



<p>Exhibit 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement between PGM Ventures
Corporation and Nord Pacific Limited.</p>







<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="761" id="AutoNumber1">
  <tr>
    <td width="373">Dated:&nbsp; October 2, 2002&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="388">By:<u>&nbsp;&nbsp;&nbsp; /s/ Mark R. Welch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>&nbsp;</td>
  </tr>
  <tr>
    <td width="373">&nbsp;</td>
    <td width="388">Mark R. Welch</td>
  </tr>
  <tr>
    <td width="373">&nbsp;</td>
    <td width="388">President and Chief
Executive Officer</td>
  </tr>
</table>

</body>

</html>
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Prepared by E-Services, LLC - www.edgar2.net
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
__________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 2, 2002
NORD PACIFIC LIMITED
(Exact name of registrant as specified in its charter)
New Brunswick, Canada
000-19182
Not Applicable
(State or Other
Jurisdiction of
Incorporation)
(Commission
File Number)
(IRS Employer
Identification Number
40 Wellington Row, Suite 2100, Scotia Plaza
Saint John, New Brunswick, Canada
(Address of Principal Executive Offices)
E2L
  4S3
(Zip Code)
Registrant's telephone number, including area code: (506) 633-3800
ITEM 5.           Other Events
On
October 2, 2002, Nord Pacific Limited ("
NORPF.PK"
)
announced that following an exhaustive search for suitable partners and after
discussions with many parties, it  entered into an option agreement with
PGM Ventures Corporation ("
YPG.V
")
with respect to the Company's gold resources on the Tabar Islands in New
Ireland Province, Papua New Guinea.  PGM
is engaged in mineral exploration, primarily in Canada, and is listed on the
Canadian TSX Venture Exchange (TSX-VEN).
The
Tabar Islands are located in what is commonly referred to as the Lihir Gold Corridor, a chain of four gold-bearing island
groups extending from the Tabar Islands in a southeasterly direction to the Feni Islands.  The
corridor is located off the northeastern side of New Ireland.  One of the world's largest gold mines is
located on adjacent Lihir Island and the geology and prospectivity of the Tabar Islands is similar to that found
on Lihir.
All
of the defined resources in the Tabar Islands are located on the northernmost Simberi Island, although extensive gold and copper
mineralization has also been identified on the other two main islands, Tatau and Tabar.  The
resource delineated to date on Simberi Island is
estimated to contain about 1.5 million ounces of gold, about half of which is
in surface oxide mineralization.  The
balance is contained in deeper, but higher grade, sulfide mineralization with
some bonanza grade gold intercepts having been encountered in drilling.
Nord Pacific has established
measured, indicated and inferred resources containing nearly 300,000 ounces of
gold in several surface oxide deposits which it believes can be converted to mineable reserves at current gold prices and currency
exchange rates, based on open pit optimization studies.  Production is contemplated at an initial rate
of about 40,000 ounces per year and cash production costs are estimated to be
in the range of US$150-$175 per ounce at current currency exchange rates.  The capital cost to construct facilities to
produce gold from several oxide deposits is estimated to be about $20 million.  It will take approximately one year of
construction activities to develop the open pit oxide mines and processing
facilities following the procurement  of project finance.  The development project is largely
permitted.  The Company has excellent relations
with the local landowners, who are very proactive towards the development of
the mine.
The
terms of the option provide that PGM will pay Nord Pacific a nonrefundable fee
of $125,000, within the next month, of which $50,000 has already been
paid.  Under the option, PGM has the
right to acquire an initial 25% interest in Mining Lease 136 covering the Simberi Island oxide gold and underlying sulphide gold deposits by the payment of an additional
$250,000 on or before November 30, 2002. 
If PGM exercises the option, it may also earn an additional 25% interest
in the mining lease over the Simberi deposits by
spending $1.5 million within 18 months on prefinancing
and predevelopment costs associated with the Simberi
oxide deposits.  PGM will assume primary
responsibility for raising project development
finance, estimated to be approximately US$20 million, including debt and
equity.  However, Nord Pacific is
expected to provide its share of equity.  
If PGM is successful in completing project financing for development of
the oxide deposits, it will earn an additional 1% interest in ML 136.
The
agreement also provides that PGM can acquire up to a 50% interest in the
exploration license (EL 609) held by Nord Pacific over the balance of the Tabar
Islands if PGM has acquired not less than a 50% interest in ML 136 on Simberi Island and spends an additional $2 million for
exploration expenditures on all of the properties prior to the end of calendar
year 2006.
If
PGM exercises its option and ultimately acquires a 51% interest in ML 136, the
agreement contemplates a standard joint venture arrangement.  Similar joint venture arrangements are
planned for exploration if PGM achieves the required threshold of ownership and
expenditures.  The agreement is subject
to approval by Canadian regulatory authorities. 
Under the agreement with PGM, the Company may have its interests in the
joint ventures further diluted if it is unable or unwilling to contribute its
share of costs after completion of PGM's sole funding
obligations.  However, the interest of
the Company in any of the joint ventures shall not be diluted below 15%.
Nord Pacific has been
involved in gold exploration on the islands since 1983, much of which was in a
joint venture with Kennecott Explorations (now part of Rio Tinto)
and Niugini Mining. 
Nearly US$30 million has been spent on the project.  In 1993, Nord Pacific bought out Kennecott
and Nuigini, who have certain option rights should
Nord Pacific deliver to Kennecott and Nuigini a
Feasibility Study which has confirmed a projected annual level of production of
at least 150,000 ounces of gold (or other minerals of equivalent value) for a
minimum of 5 consecutive years from a defined Mine Development Area on the
Tabar Islands.  Kennecott and Nuigini have six months in which to exercise their option
rights after receipt of the Feasibility Study by reimbursing the Company a
multiple of its expenditures.
In
connection with finding a suitable partner, the Company also held informal
discussions with Nord Resources Corporation, which is a shareholder in the
Company.  Nord Resources has verbally
expressed objection to this agreement with PGM. 
However, Nord Resources was either unwilling or unable to discuss any
business arrangement with Nord Pacific prior to the signing of the PGM
agreement.
In the view of Nord Pacific
management and Directors, the agreement with PGM provides a significant
opportunity for its shareholders to realize value from the known oxide gold
deposits on Simberi, as well as to participate in the
tremendous gold exploration potential of the Tabar Islands.  It is the intent of both Nord Pacific and PGM
to move this development project forward as quickly as possible.
EXHIBITS
Exhibit 10.           Agreement between PGM Ventures
Corporation and Nord Pacific Limited.
Dated:  October 2, 2002
By:
/s/ Mark R. Welch
Mark R. Welch
President and Chief
Executive Officer