Shares Issued and Outstanding: 48.3M
TORONTO, Ontario and LIMA, Peru, March 10 /CNW/ - Norsemont Mining Inc.
("the Company") (TSX: NOM, BVL: NOM) is pleased to announce the appointment of
Mr. Ian Hume to the Company's Board of Directors.
Mr. Hume is a founding partner of The Sentient Group, a closed-end
private equity fund specialising in the natural resources sector. Prior to
founding The Sentient Group, Mr. Hume was a consultant to AMP Private Capital
Division, focusing on international resources and telecommunications. He also
managed a privately-controlled investment company, Devipo, and in the period
1985 - 1988 was a director of a Hong Kong listed international investment
company, Impala Pacific.
In addition to the Sentient Group and Devipo, Mr. Hume is also a director
of Apex Silver Mines Limited (AMEX: SIL), Andean Resources Limited (TSX: AND)
and IMH Investment Pty Limited.
Commenting, Norsemont's Chairman, George Bell, said: "We are very pleased
to welcome Ian Hume to the Norsemont Board. The Sentient Group is a
long-standing shareholder in Norsemont and has most recently increased its
position through participation in a non-brokered private placement completed
in February, 2008. Ian's wide international experience in the natural resource
sector will greatly benefit Norsemont Mining."
About Norsemont Mining
Norsemont Mining is a Canadian mineral exploration and development
company focused on the Constancia Cu-Mo-Ag deposit in southern Peru. Norsemont
currently controls an undivided 81% interest in the Constancia Project, which
interest is set to increase to 100% by March 31, 2008 through a final option
payment of US$8M to Rio Tinto.
The Constancia Project has a 43-101 compliant indicated resource of 70M
tonnes at 0.53% Cu (0.8 Billion lbs Cu) and an inferred resource of 250.2M
tonnes at 0.51% Cu (2.8 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,
2008, and 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 further information:
For further information: Patrick Evans, Norsemont Mining, Phone: (416)
670-5114, E-Mail: email@example.com, Web Site: www.norsemont.com