NORSEMONT MINING PROVIDES CLARIFICATION OF NEWS RELEASE AND ADDITIONAL INFORMATION ON THE CONSTANCIA PROJECT
February 4, 2008
Toronto, Ontario and Lima, Peru, February 4, 2008 – Norsemont Mining Inc. (“the Company”) (TSX: NOM, BVL: NOM) today provided additional information about the Constancia copper/molybdenum/silver project in Southern Peru. On November 5th 2007 the company announced that SRK Consulting (SRK) had completed a scoping study (“the Report”) for the Constancia copper project in southern Peru and on January 30, 2008 the Company announced that it has exercised the final Rio Tinto option to increase its ownership in the project to 100 percent.
The Report describes an indicated resource of 70M tonnes @ 0.53% Cu (0.8 Billion lbs Cu) and an inferred resource of 250.2M tonnes @0.51% Cu (2.8 Billion lbs Cu) at a 0.2% Cu cutoff grade. According to the Report, the project has the capacity to produce in excess of 90,000 tonnes of copper annually. The Report indicates the project has a net present value of $530 million and an internal rate of return of 25.3 percent. The following long-term commodity price assumptions were used in the Report: copper $1.80 per pound, molybdenum $12 per pound and silver $11 per ounce
The Report is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The full Report dated December 11, 2008 titled “Preliminary Assessment of the Constancia Project, Department of Cusco, Peru” is available for viewing on SEDAR.
The technical information provided in this press release was reviewed and approved by Robert. W. Baxter (MAusIMM), the President and a director of the Company and a qualified person for the purposes of National Instrument 43-101.
****
For more information please contact:
Patrick Evans
Norsemont Mining
Phone: 416-670-5114
E-Mail: investors@norsemont.com
Web Site: www.norsemont.com
