Shares Issued and Outstanding: 60,293,448
TORONTO and Lima, Peru, April 8 /CNW/ - Norsemont Mining Inc. (the
"Company") (TSX and BVL: NOM) today announced that the Company has closed its
previously announced private placement of 6,365,706 Units at a price of C$1.60
per Unit, and a $3.8 million unsecured convertible promissory note, raising
gross proceeds of C$13,983,530. The securities issued under the private
placement are subject to a four month hold period. D&D Securities Company and
Allied Capital Corporation acted as agents on a portion of the Unit offering.
The proceeds from the private placement will be used to complete
acquisition obligations, to support continued exploration and development of
the Constancia project and for general working capital purposes.
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, other than through 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
About Norsemont Mining
Norsemont Mining is a Canadian mineral exploration and development
company focused on the 100 percent-controlled Constancia Cu-Mo-Ag deposit in
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: email@example.com, Web Site: www.norsemont.com