Norsemont announces $16 million rights offering

    Shares Issued and Outstanding: 60,266,947

    TORONTO and LIMA, Peru, May 26 /CNW/ - Norsemont Mining Inc. ("Norsemont"
or the "Company") today announced that it will be offering rights to holders
of its common shares of record at the close of business on June 1, 2009 (the
"Record Date"), expiring June 26, 2009 ("Expiry Date"). Shareholders of record
on June 1, 2009 will receive one right for each common share held. Six (6)
rights will entitle the holder to purchase one Unit at a price of Cnd$1.60 per
Unit. Each Unit will be comprised of one common share and one-half of a common
share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder
to purchase one common share for a term of two years following the Expiry Date
at a price of Cnd$1.90. The offering will be made in all provinces of Canada
(except in Québec) and in such other jurisdictions where the Company is
eligible to make such offering.
    A fully subscribed rights offering will raise gross proceeds of
Cnd$16,071,185, which will be used to make the final property acquisition
payment to Mitsui (US$4M), complete surface rights payments (US$1.65M),
complete the Constancia feasibility study (US$5M), complete the environmental
impact assessment (US$1M), fund ongoing exploration at the Constancia project
and for general corporate purposes.
    Shareholders who fully exercise their rights are entitled to subscribe
pro-rata for additional Units, if available, that were not subscribed for
initially on or before the Expiry Date. The Sentient Group, currently
Norsemont's largest shareholder, has advised the Company that it intends to
fully exercise its rights under the offering. Exercise of the rights and
purchase of the Units must be completed by 4:00 p.m. (Toronto time) on the
Expiry Date.
    The common shares are expected to commence trading on the TSX on an
ex-rights basis at the opening of business on May 28, 2009. This means that
common shares purchased on, or following May 28, 2009 will not be entitled to
receive the rights under this offering. At that time, the rights are expected
to be posted for trading on a "when issued" basis and will thereafter trade
under the symbol "NOM.RT". Trading of the rights is expected to continue until
12:00 noon (Toronto time) on the Expiry Date.
    A rights offering circular together with rights certificates will be
mailed to eligible shareholders on or about June 5, 2009. Registered
shareholders wishing to exercise their rights must forward the completed
rights certificates, along with the applicable funds to Computershare Investor
Services Inc. by the Expiry Date. Shareholders who own their shares through an
intermediary, such as a bank, trust company, securities dealer or broker, will
receive materials and instructions from their intermediary.

    No U.S. Registration or Sales

    The securities offered will not be or have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), or the securities
laws of any state, and may not be offered or sold in the United States or to,
or for the account or benefit of, any U.S. Person (as defined in Regulation S
of the Securities Act) or person in the United States. Neither the rights
offering circular nor the rights certificates are being sent to any person in
the United States, U.S. Person, or person holding for the account or benefit
of any U.S. Person or person in the United States.

    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
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:, Web Site:

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