Norsemont Mining Announces High Grade Cu-Au-Mo Discovery at Constancia Project in Peru



    
                             Highlights include:
            43.5 metres at 2.86% CuEq, 43.5 metres at 1.19% CuEq,
                          28.5 metres at 1.43% CuEq

    Share Issued and Outstanding: 53,829,578
    TSX: NOM
    BVL: NOM
    

    TORONTO, Ontario and LIMA, Peru, Jan. 27 /CNW/ - Norsemont Mining Inc.
("the Company") (TSX: NOM, BVL: NOM) today announced the discovery of high
grade copper, molybdenum and gold mineralisation at the Company's 100-percent
controlled Constancia Project in south-eastern Peru. The Pampacancha anomaly
has been discovered approximately three kilometres south-east of the
Constancia - San Jose deposit, which is currently the focus of a definitive
feasibility study.
    On October 10 the Company reported the discovery of highly anomalous
stream sediment and rock chip samples together with a number of geophysical
anomalies over a 27 square kilometre area at Pampacancha. The area tested in
this reconnaissance drilling program represents approximately 4 square
kilometres.
    The Pampacancha prospect area is comprised of scattered outcrops of
limestone intruded by dioritic and lesser monzonite intrusives where both
magnetite and garnet skarns are developed near their contacts. Outcropping
copper oxides in skarn bodies highlight the potential for significant copper
mineralisation. Additionally, high-grade gold and silver mineralization
associated with veins, shear zones and limestone replacements occur in an area
of about 6 square kilometres. The longest structure can be projected up to one
kilometre in length. Gold and silver returned values as high as 39 grams per
tonne gold and 38 ounces per tonne silver.
    At Pampacancha, the drill holes reported in the Table 1 below have
defined a high grade skarn and porphyry exploration target with preliminary
dimensions of approximately 1,000 by 400 metres. Holes PR-08-010 and PR-08-011
were drilled from the same platform approximately 420 metres from holes
PR-08-08 and PR-08-012. The results indicate that there are at least two zones
of skarn mineralisation over this 1,000 metre strike length that requires
follow-up drilling.

    
    Table 1

    -------------------------------------------------------------------------
                                            Cut-off
      HOLE   Bear- Inclin-  In-                %          Mo    Ag    Au   Cu
     NUMBER   ing  ation  terval Start   End  Cu  Cu %   ppm   ppm   ppb   Eq
    -------------------------------------------------------------------------
    PR-08-005   60  -70   15.00  18.00  33.00 0.2 0.69  478.0  8.14  463 1.33
    -------------------------------------------------------------------------
    PR-08-005             10.50  22.50  33.00 0.4 0.87  665.4 10.27  595 1.72
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    PR-08-008  155  -70   43.50 112.50 156.00 0.3 1.70 1001.0 10.35  757 2.86
    -------------------------------------------------------------------------
    PR-08-008      inclu-
                    ding  40.50 114.00 154.50 0.4 1.77  990.8 10.68  789 2.94
    -------------------------------------------------------------------------
    PR-08-008             16.50 165.00 181.50 0.2 0.51  256.5  1.46  406 0.91
    -------------------------------------------------------------------------
    PR-08-008             43.50 196.50 240.00 0.2 0.84   98.4  3.16  486 1.19
    -------------------------------------------------------------------------
    PR-08-008      inclu-
                    ding  13.50 198.00 211.50 0.5 2.17  168.2  7.03 1179 2.97
    -------------------------------------------------------------------------
    PR-08-008       also  37.50 198.00 235.50 0.3 0.95  110.4  3.52  535 1.34
    -------------------------------------------------------------------------
    PR-08-008             22.50 247.50 270.00 0.2 0.40  122.3  2.08  258 0.64
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    PR-08-010  315  -70   15.00 153.00 168.00 0.2 0.68    4.9 11.07  101 0.84
    -------------------------------------------------------------------------
    PR-08-010             10.50 283.50 294.00 0.2 0.90   24.7 10.04 1483 1.78
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    PR-08-011  120  -65   22.50  97.50 120.00 0.2 0.24  332.9  3.73   73 0.53
    -------------------------------------------------------------------------
    PR-08-011             18.00 210.00 228.00 0.2 0.67  344.5  3.38  294 1.08
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    PR-08-012   25  -70   28.50 105.00 133.50 0.2 1.17    1.0  9.27  345 1.43
    -------------------------------------------------------------------------
    PR-08-012             19.50 106.50 126.00 0.3 1.65    1.2 13.07  483 2.03
    -------------------------------------------------------------------------
    PR-08-012             18.00 213.00 231.00 0.2 0.46   10.0  3.85   77 0.54
    -------------------------------------------------------------------------

    Note 1: 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 and gold US$650 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.
    

    Commenting, Norsemont President and COO, Robert Baxter, said: "The high
grade copper, gold and molybdenum mineralisation encountered in this area,
which is hosted in porphyry-related skarn bodies, shows strong similarities to
the Corocohuayco project (155 million tonnes @ 1.57%Cu and 0.16gpt Au; BHP,
1999) located within the Tintaya District about 80 kilometres to the
south-east of Constancia and owned and operated by Xstrata. Excellent
potential exists for the discovery of additional mineralisation of this style
and/or porphyry copper-gold mineralisation in other phases of the porphyry
bodies."
    Among a number of narrow copper-gold and gold only intercepts encountered
in this reconnaissance drilling program, some of the most relevant are those
reported in hole PR-08-003, located 950 metres NE from hole PR-08-010, where
the last 19.5 metres (from 235.50 to 255.00m) averaged 0.78 g/t gold, with the
last sample (1.5m length) assaying 0.81 g/t; and hole PR-08-005, located about
1,000 metres to the west of hole PR-08-010 which intersected 15 metres of
high-grade Cu-Mo-Au skarn averaging 0.68% Cu, 0.048% Mo and 0.46g/t Au (1.35%
Cu-equivalent). The eastern and western areas, where these two holes were
drilled, constitute a new exploration targets within this highly prospective
mineralised area.
    While the Company's current activities are focussed on completing the
Definitive Feasibility Study on the Constancia - San Jose deposit, this
limited drill program at Pampacancha demonstrates the potential to increase
the global resource at the Constancia project. Maps showing the results of the
extended geophysical program and tables with drill results will be posted to
the Company's website in due course.
    The drilling program and geological studies at the Constancia project are
being supervised by Mr. Gaston Loyola (MAusIMM), Norsemont's Qualified Person
as defined by NI 43-101. Core samples are cut with a diamond saw, with
one-half of the core placed in sealed bags, and shipped to SGS Laboratories in
Lima, Peru. Core samples are collected at 1.0 metre intervals whereas Reverse
Circulation samples are collected at 1.5 metre intervals. 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% Cu cut-off and up to 5 metres of internal
waste and 10 metres of minimum intercept length.

    About Norsemont Mining

    Norsemont Mining is a Canadian mineral exploration and development
company focused on the 100 percent-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 0.5% Cu (2.85 Billion lbs Cu) and an inferred
resource of 156.5M tonnes at 0.33% Cu (1.14 Billion lbs Cu). A recently
completed scoping study anticipates a project producing in excess of 90,000
tonnes of copper annually. The study 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 study: copper
$1.80 per pound, molybdenum $12 per pound and silver $11 per ounce. The full
study, dated December 11, 2007, and titled "Preliminary Assessment of the
Constancia Project, Department of Cusco, Peru" is available for viewing on
SEDAR. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
    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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