(All dollar amounts are in United States dollars unless otherwise
Shares Issued and Outstanding: 91,149,954
TORONTO, ON and LIMA, Peru, June 15, 2011 /CNW/ - Norsemont Mining Inc.
("Norsemont") (TSX: NOM) (BVL: NOM) today announced exploration results
from the Pampacancha zone at the company's Constancia project in Peru.
Hole PO-11-072 intersected two main intervals of mineralization,
including 121.45 meters of 1.62% copper, 13.62 g/t silver and 1.02 g/t
gold (2.4% copper equivalent1) and 87.50 meters of 0.46% copper, 2.30 g/t silver and 0.22 g/t gold
(0.65% copper equivalent).
Pampacancha is located 2.5 kilometers from the proposed Constancia open
pit. The possible extension of the skarn mineralization intersected in
Hole 11-072 is open to the west for up to 350 meters, where Hole 10-017
did not intersect significant mineralization. The area also remains
open for up to 500 meters to the south.
Additional drill results and a plan map showing the location of the
Pampacancha drill holes can be viewed at http://www.hudbayminerals.com/ourBusiness/exploration.php#.
The 2011 exploration program is designed to test the total extent of
mineralization at Pampacancha. The permits required to continue
exploration at Pampacancha have been obtained and two drill rigs are
scheduled to begin operating and drilling targets the week of June 20,
2011, with a third rig to follow before the end of this month. Priority
will be given to testing mineral extensions to the west and south of
A geophysical crew is onsite testing resistivity and chargeability
anomalies at the nearby Chilloroya South prospect (three kilometers
from the proposed Constancia open pit). The total 2011 program of 19
kilometers of line geophysics is nearly half complete with the aim of
generating exploration targets for the 2012 exploration program.
Pre-construction activities at Constancia are ongoing and the
engineering firm Ausenco has been engaged to conduct basic engineering
and prepare for the procurement of long-lead equipment with the goal of
being in a position to make a construction decision by early 2012.
Geotechnical and condemnation drilling is continuing with results
meeting expectations to date.
1Calculated using US$1,000/oz Au, US$18.00/oz Ag, US$2.25/lb Cu and
Highlights from Hole PO-11-072 include the following:
1Calculated using commodity prices of US$1,000/oz Au, US$18.00/oz Ag,
US$2.25/lb Cu and US$15.00/lb Mo. Reported intersections are core
lengths. True widths are unknown.
For additional detail on Pampacancha and the Constancia project
generally, refer to Norsemont Mining Inc.'s NI 43-101 technical report
entitled "Norsemont Mining Constancia Project Technical Report 21
February 2011", (the "Constancia Technical Report") available under
Norsemont's profile at www.sedar.com.
The technical and scientific information in this news release has been
prepared by or under the supervision of Cashel Meagher, P.Geo. Mr.
Meagher is a "qualified person" for the purposes of National Instrument
43-101 Standards of Disclosure for Mineral Projects.
Quality Assurance and Quality Control
The exploration data contained in this news release was verified in the
manner described in the Constancia Technical Report.
This news release contains "forward-looking information" within the
meaning of applicable Canadian and United States securities
legislation. Forward-looking information includes, but is not limited
to, information with respect to the Company's intentions respecting
Norsemont and its Constancia project, the Company's ability to develop
its key projects, the ability of management to execute on key strategic
and operational objectives and meet production forecasts, exploration
expenditures and activities and the possible success of such
exploration activities, and mineral pricing. Often, but not always,
forward-looking information can be identified by the use of
forward-looking words like "plans", "expects", or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "understands", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might", or
"will be taken", "occur", or "be achieved". Forward-looking information
is based on the opinions and estimates of management as of the date
such information is provided and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Norsemont to be
materially different from those expressed or implied by such
forward-looking information, including the ability to develop and
operate the Lalor, Constancia and Fenix projects on an economic basis
and in accordance with applicable timelines, geological and technical
conditions, the ability to meet required solvency tests to support a
dividend payment, risks associated with the mining industry such as
economic factors (including future commodity prices, currency
fluctuations and energy prices), failure of plant, equipment, processes
and transportation services to operate as anticipated, dependence on
key personnel and employee relations, environmental risks, government
regulation, actual results of current exploration activities, possible
variations in ore grade or recovery rates, permitting timelines,
capital expenditures, reclamation activities, land titles, and social
and political developments and other risks of the mining industry as
well as those risk factors discussed or referred to in HudBay's Annual
Information Form under the heading "Risk Factors".
Although Norsemont has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. In addition,
certain forward-looking information in this news release relate to
prospective results of operations, financial position or cash flows
based on assumptions about future economic conditions or courses of
Such information is provided in attempt to assist the reader in
identifying trends and anticipated events that may affect Norsemont's
business, results of operations and financial position and may not be
appropriate for other purposes. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such nformation. Accordingly, readers should not place
undue reliance on forward-looking information. Norsemont does not
undertake to update any forward-looking information, except as required
by applicable securities laws, or to comment on analyses, expectations
or statements made by third parties in respect of Norsemont, its
financial or operating results or its securities.
SOURCE Norsemont Mining Inc.
For further information:
HudBay Minerals Inc.
Vice President, Investor Relations and Corporate Communications
(416) 362 0615