4 metres at 5.29g/t gold, 3 metres at 13.72 g/t gold
at 1.14% CuEq
Share Issued and Outstanding: 80,428,189
TORONTO, and Lima, Peru, Aug. 30 /CNW/ - Norsemont Mining Inc. ("the
Company") (TSX: NOM, BVL: NOM) today announced the completion of the
first phase exploration drilling at the Company's Chilloroya South
discovery, located approx. 5 kilometres south of the Constancia deposit.
Three drill targets were tested with 6,989 metres of drilling which has
shown a high level of porphyry copper-gold mineralisation.
Of the three targets tested, one returned potentially economic
intersects. Hole SO-10-006 reported an intercept of 12 metres (from 302
to 314 metres) with 0.74% Cu, 0.010% Mo and 0.49gpt Au, (1.14% CuEq),
demonstrating high gold content in the copper mineralisation.
Additionally, several high grade gold intercepts have been encountered
in the current drilling program, including a 57.65 metre interval in
hole SO-10-002 (from 00.00 to 57.65m depth) which averaged 0.60gpt Au,
including a 4 metre interval from 16.00 to 20.00m depth averaging
5.29gpt Au, and a 3 metre interval at hole SR-10-006 (from 277 to 280
metres depth) which returned 13.72gpt Au. Drill results for the balance
of the exploration drill holes did not return potentially economic
intersects. The results of the Chilloroya South first phase drill
program are currently being studied to determine the focus of further
exploration drilling and shareholders will be updated in detail as soon
as those studies have been completed.
The Company also announced that exploration drilling at the highly
prospective Pampacancha discovery, located approx. 2.5 kilometres
south-east of the Constancia deposit, has recommenced. Results from this
program will be announced as soon as they are received.
Commenting, Norsemont President and COO Mr Baxter said: "Our exploration
program is progressing well with the current emphasis now back to
Pampacancha, which hosts shallow open-pittable mineralisation. Drilling
at Chilloroya South has confirmed a very large porphyry style
copper-gold system, which requires further expert analysis prior to
further drilling. The high gold content of the copper mineralisation
suggest the presence of a large tonnage target at depth which could be
an attractive underground proposition."
Norsemont is also pleased to report that the Company has received the
official observations to the Constancia Environmental and Social Impact
Assessment (ESIA) from Peru's Ministry of Energy and Mines (MINEM).
Together with its consultants Knight Piesold, Social Capital Group and
Cesel, Norsemont is currently preparing responses to these
observations. The Company expects to receive final approval of the
Constancia ESIA by October 2010.
Constancia Optimisation Study
The Company is also pleased to report that the Constancia optimisation
study is progressing well and delivery encouraging results.
Further interpretation of the Constancia work indices data suggests that
mine throughput to the mill can be increased and that the mill
configuration can be changed from a single large SAG mill with
wrap-around motors to a dual mechanical SAG and two ball mill
configuration, which will substantially reduce operational risks
associated with a single wrap around motor. If confirmed, this indicates
that production at Constancia could be maintained at 70,000 tonnes per
day throughout the life mine life, thereby substantially increasing
production from year six of the mine life and maintaining the higher
production profile of the earlier years.
The Company has retained Ausenco Minerals and Metals to produce a
feasibility study level optimisation report to improve throughput of the
concentrator comminution circuit. The report is expected to be completed
prior to the year end.
Commenting, Norsemont CEO Patrick Evans said: "We are pleased that the
Constancia ESIA approval process and optimisation study are proceeding
well. Approval of the ESIA and completion of the optimisation study will
enable us to move forward with the development of Constancia, which is
one of the premier copper development projects globally."
ABOUT NORSEMONT MINING - Norsemont is a mineral exploration and
development company advancing the Constancia Copper project in Southern
Peru. The Company's Constancia project is located in Cusco department,
approximately 100 kilometres south of Cusco, Peru. A definitive
feasibility study was completed in September 2009 confirming that
Constancia is a robust, open-pittable deposit. The company's shares are
traded on the Toronto Stock Exchange under the symbol NOM, and on the
Bolsa de Valores, Lima (BVL) also under the symbol NOM.
The technical information provided in this news release was reviewed and
approved by Robert. W. Baxter (MAusIMM), the President, COO and a
director of the Company and a qualified person for the purposes of
National Instrument 43-101.
SOURCE NORSEMONT MINING INC.
For further information: For further information:
Mr. Bob Baxter
President and COO
Norsemont Mining Inc
Phone: 011- 51-1-99352-6473
Web Site: www.norsemont.com