NORSEMONT MINING CLOSES C$10 MILLION PRIVATE PLACEMENT

Proceeds to be used to complete acquisition of the Constancia Project and fund the definitive feasibility study

Toronto, Ontario and Lima, Peru: February 22, 2008 – Norsemont Mining Inc. (the "Company") (TSX and BVL: NOM) today announced that the Company has closed a non-brokered private placement of 3,437,069 Units at a price of C$2.90 per Unit, raising gross proceeds of C$9,967,500.10. Each Unit consists of one common share and one-half of one common-share purchase warrant. Each whole common-share purchase warrant entitles the holder, on exercise, to acquire one additional common share of the Company at an exercise price of C$3.50 per share at any time until the close of business on the day which is two years from the date of issuance of the warrant. The securities issued under the private placement are subject to a four month hold period. The proceeds from the private placement will be used complete acquisition obligations and fund the definitive feasibility study of the Constantia Project in Peru.

The securities sold have not, nor will they be registered under the United States Securities Act of 1933, as amended or applicable state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of a U.S. person, as such term is defined in Regulation S under the U.S. Securities Act, registration or an applicable exemption from U.S. federal and state registration requirements. This release does not constitute an offer for sale of securities in the United States.

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For more information please contact:

Patrick Evans, CEO or Chris Reynolds, CFO
Phone: 416-408-4088                    E-Mail: investors@norsemont.com
Fax: 416-408-4077                     Web Site: www.norsemont.com