Norsemont Mining Announces Constancia Infill Drill Results and Updates Progress with Definitive Feasibility Study



    58.45 meters @ 1.59% Cu Eq, 74.45 meters @ 1.05% Cu Eq and
    212 meters @ 0.56% Cu Eq

    Full Feasibility Study Team Appointed

    Shares Issued and Outstanding: 50,722,713
    TSX: NOM
    BVL: NOM

    TORONTO, ON, and LIMA, Peru, July 3 /CNW/ - Norsemont Mining Inc. ("the
Company") (TSX: NOM, BVL: NOM) today announced additional results from the
ongoing Phase III infill drill program at the Constancia
copper-molybdenum-silver-gold porphyry project in southern Peru. The company
also updated shareholders on the progress of its ongoing definitive
feasibility study.
    Norsemont currently has eight drill rigs at the Constancia Project and
has completed almost 4,000 meters of drilling since the last release of drill
results on May 6, 2008. Since the last 43-101 resource estimate by GRD Minproc
disclosed on March 14, 2008, the majority of the drilling has been definition
drilling to test the north western peripheries of the Constancia zone towards
the San Jose zone. Other drilling has been in areas of lower grade or narrower
intercepts, which is being completed for the pit optimisation work in ongoing
engineering studies that form part of the feasibility study. The results are
summarized in Table 1 below with the full results (together with location map)
available on the Company's website www.norsemont.com.
    Commenting on the results, Norsemont's President and Chief Operating
Officer Bob Baxter said: "Our Constancia drilling program continues to return
excellent results in the northwest of the Constancia zone and immediately
north of the San Jose zone. We are confident that we will extend the life of
the planned operation beyond that reported in our December 2007 Scoping Study.
We are seeing thinner intercepts to the west of the Constancia resource and
this will allow us to focus on infilling the areas of inferred resources to
upgrade these to a minimum indicated status. This will be the main focus of
our drilling in the next six weeks".
    Mr. Baxter added: "We continue to see depth extensions of the Constancia
deposit, such as hole CO-08-233 which reported an intercept of 212 meters at
0.49% Cu (0.56% CuEq) from 252 meters. At the southern end of the porphyry
system we continue to see important intercepts of Cu, Au and Ag rich skarn
mineralisation in step-out drilling. Hole CO-08-229 reported 58.45 meters at
1.46% Cu, 0.33 ppm Au and 14.5 ppm Ag (1.59% CuEq) from 125.15 meters and
74.45 meters at 0.95% Cu, 0.21 ppm Au and 10.38 ppm Ag (1.05% CuEq) from
332.65 meters".

    
    Table 1: Significant Copper Intersections at the Constancia Project

    -------------------------------------------------------------------------
    HOLE_ID   Az   Dip   Length  From   To    COG  Cu   Mo    Au    Ag  Cu Eq
                                                   (%)  (%)  (ppm) (ppm)
    -------------------------------------------------------------------------
    CO-08-229  46  -70.5  58.45 125.15 183.60 0.5 1.46 0.0010 0.33 14.50 1.59
                          74.45 332.65 407.10 0.2 0.95 0.0004 0.21 10.68 1.05
               including  45.35 332.65 378.00 0.3 0.88 0.0003 0.23 11.74 0.99
                     and  24.90 352.00 376.90 0.4 1.36 0.0003 0.39 15.01 1.50
                          23.95 383.15 407.10 0.5 1.27 0.0004 0.23 10.83 1.37
                          20.20 443.80 464.00 0.2 0.85 0.0008 0.12  3.25 0.88
               including  18.20 443.80 462.00 0.3 0.88 0.0007 0.13  3.14 0.91
                     and  12.20 443.80 456.00 0.5 1.21 0.0009 0.17  4.22 1.25
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    CO-08-230 324  -72.1  42.00  78.00 120.00 0.2 0.44 0.0071 0.08  4.69 0.53
               including  40.00  80.00 120.00 0.3 0.44 0.0068 0.08  4.65 0.53
                     and  34.00  84.00 118.00 0.4 0.44 0.0053 0.08  4.73 0.52
                          16.00 268.00 284.00 0.2 0.24 0.0045 0.03  1.53 0.29
                          82.40 295.80 378.20 0.2 0.54 0.0197 0.07  3.80 0.71
               including  42.20 295.80 338.00 0.3 0.71 0.0275 0.11  4.38 0.94
                     and  37.50 295.80 333.30 0.5 0.75 0.0281 0.12  4.57 0.98
                          56.50 447.50 504.00 0.2 0.29 0.0051 0.09  1.40 0.34
               including  54.80 447.50 502.30 0.3 0.24 0.0041 0.07  1.19 0.28
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    CO-08-233  46  -70.1  37.70  24.00  61.70 0.2 0.37 0.0092 0.05  5.22 0.48
               including  30.00  24.00  54.00 0.3 0.38 0.0085 0.04  5.27 0.48
                     and  18.10  24.00  42.10 0.4 0.54 0.0105 0.07  7.08 0.68
                          62.00  70.00 132.00 0.2 0.61 0.0104 0.07  3.29 0.70
               including  48.35  75.05 123.40 0.3 0.67 0.0089 0.08  3.72 0.76
                     and  14.95  75.05  90.00 0.5 0.94 0.0099 0.07  6.15 1.06
                          24.15 221.85 246.00 0.2 0.37 0.0074 0.05  1.49 0.43
                         212.00 252.00 464.00 0.2 0.49 0.0080 0.07  2.48 0.56
               including 132.00 266.00 398.00 0.3 0.56 0.0103 0.07  2.46 0.65
                    also 124.00 272.00 396.00 0.4 0.52 0.0094 0.07  2.35 0.60
                     and  36.00 286.00 322.00 0.5 0.60 0.0127 0.06  3.33 0.71
                    also  28.00 330.00 358.00 0.5 0.59 0.0057 0.08  1.84 0.64
                    also  16.00 380.00 396.00 0.5 0.48 0.0028 0.10  1.30 0.51
                    also  46.00 414.00 460.00 0.4 0.52 0.0037 0.07  3.94 0.58
                     and  14.00 420.00 434.00 0.5 0.67 0.0027 0.07  5.50 0.74
                    also  18.00 442.00 460.00 0.5 0.38 0.0026 0.06  2.09 0.42
                         128.00 470.00 598.00 0.2 0.32 0.0080 0.05  3.15 0.40
               including  10.00 494.00 504.00 0.3 0.36 0.0051 0.07  2.26 0.41
                    also  50.00 512.00 562.00 0.3 0.43 0.0124 0.07  3.60 0.54
                     and  20.00 512.00 532.00 0.4 0.56 0.0053 0.11  5.26 0.65
                     and  16.00 544.00 560.00 0.4 0.37 0.0239 0.05  2.22 0.55
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    CO-08-234 324  -70.5  20.70 226.00 246.70 0.2 0.42 0.0194 0.03  4.43 0.59
                          59.50 256.50 316.00 0.2 0.31 0.0133 0.03  2.67 0.42
                          10.00 272.00 282.00 0.3 0.49 0.0149 0.04  4.58 0.63
                          14.00 288.00 302.00 0.3 0.36 0.0126 0.04  2.73 0.47
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    CO-08-235 324  -70.6  86.20 438.00 524.20 0.2 0.56 0.0014 0.08  2.37 0.59
               including  46.20 478.00 524.20 0.3 0.80 0.0008 0.12  2.90 0.83
                    also  27.90 492.10 520.00 0.5 0.93 0.0008 0.13  3.52 0.96
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    CO-08-236  46  -70.3  14.00 188.00 202.00 0.2 0.80 0.0005 0.06 14.38 0.93
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    CO-08-237 324.   -70  12.00 264.00 276.00 0.3 0.42 0.0207 0.02  4.23 0.59
                          13.65 282.00 295.65 0.2 0.24 0.0139 0.02  3.74 0.37
                          42.50 303.50 346.00 0.2 0.23 0.0188 0.06  1.87 0.37
    -------------------------------------------------------------------------
    

    Note: Copper equivalent values (CuEQ) are estimated using long-term metal
prices including: copper US$1.80 per lb, molybdenum US$12.00 per lb, and
silver US$11 per oz. Adjustment factors to account for differences in relative
metallurgical recoveries for copper, molybdenum and silver will depend upon
the completion of definitive metallurgical testing. CuEQ equals Cu percent
plus Mo percent times (8.00/1.20) plus Ag grams per tonne times 
0.24/(1.20(*)22.05). All mineralized intercepts are at least 10 meters long and
accept intervals of up to 5 meters internal dilution.

    Norsemont will shortly commence drilling at recently discovered Cu-Au
anomalies in the immediate vicinity of the existing Constancia resource. The
Company is currently compiling geological and geochemical data as a result of
recent stream sediment and rock chip sampling at three new targets. Also, a
reverse circulation rig is on site for the exploration and condemnation
drilling as part of the feasibility study. Two potential plant site locations
have been identified after 1,350 meters of reverse circulation drilling. A
geotechnical drilling program has commenced to determine potential pit
boundaries in the eastern, northern and southern ends of the proposed open
pit.
    The feasibility study is now in full momentum with the recent contracting
of the power and off-site access roads and traffic studies using Peruvian
consultants CESEL and SIGT, respectively. The feasibility study team is now
complete, consisting of GRD Minproc, Knight Piesold, SGS, CESEL and SIGT. To
date, the locations for main infrastructure have been determined, which
included two alternative plants site locations, the preferred tailing storage
facility (TSF), mine waste dump and two locations for the operating camp site.
Over the past quarter the Company has focused on process design criteria,
metallurgical testing, pilot plant testing criteria, TSF alternative study and
the geotechnical drilling program. Based on current progress, completion of
the feasibility study remains on target for the second quarter of 2009.

    About Norsemont Mining

    Norsemont Mining is a Canadian mineral exploration and development
company focused on the 100%-controlled Constancia Cu-Mo-Ag-Au deposit in
southern Peru. The Constancia Project currently has a 43-101 compliant
indicated resource of 256.3M tonnes at 0.50% Cu (2.85 Billion lbs Cu) and an
inferred resource of 156.5M tonnes at 0.33% Cu (1.15 Billion lbs Cu).
    A scoping study titled "Preliminary Assessment of the Constancia Project,
Department of Cusco, Peru" and dated December 11, 2007 (posted on SEDAR) using
the previous resource block model anticipates a project producing in excess of
90,000 tonnes of copper annually. That study indicated the project has a net
present value of up to $530 million and an internal rate of return of 25.3
percent, both including a 25% contingency. The following long-term commodity
price assumptions used in the study: copper $1.80 per pound, molybdenum $12
per pound and silver $11 per ounce. If a revised price deck of copper $2.00
per pound, molybdenum $15.00 per pound and silver $10.50 per ounce is used in
the same Discounted Cash Flow Model the net present value increases to
$746 million and an internal rate of return of 31% (including a 25%
contingency) based on the 55,000 tpd production case. The full study, dated
December 11, 2007, and is available for viewing on SEDAR.
    The drilling program and geological studies at the Constancia project are
reviewed and the results are approved by Leonardo Diaz (MAusIMM), Norsemont's
Qualified Person under NI 43-101. Core samples are cut with a diamond saw,
with one-half of the core placed in sealed bags and shipped to ALS Chemex
Assay Labs in Lima, Peru. The program includes an extensive quality control
program for assaying, which includes the systematic use of standards, blanks,
and field duplicate samples. Secondary laboratories are also used for
check-assaying. All intersections were determined using a rolling 0.2% copper
cut-off and up to 5 meters of internal waste. Due to the disseminated
characteristics of the deposit and homogeneity of the mineralisation, all
intersections are to be considered true width.
    Full disclosure of all 43-101 compliant drill results conducted on the
project to date that have or will be used in resource estimations are
available on the Company's website (www.norsemont.com) under "Constancia
Project" together with a drill-hole location map.
    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 further information:

For further information: Patrick Evans, Norsemont Mining, Phone: (416)
670-5114, E-Mail: investors@norsemont.com, Web Site: www.norsemont.com

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