Norsemont closes $16 million rights offering

    Shares Issued and Outstanding: 70,020,705

    97% of Rights Exercised

    TORONTO and LIMA, Peru, June 29 /CNW/ - Norsemont Mining Inc.
("Norsemont" or the "Company") today announced the completion of its
previously announced rights offering, for aggregate proceeds of $15.6 million,
representing 97% subscription.
    An aggregate of 9,746,760 units, each unit comprising one common share
and one-half of one warrant, were issued to rights-holders. Each whole warrant
entitles the holder to purchase one common share for a term of two years at a
price of $1.90.
    Proceeds 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 Constancia environmental
impact assessment (US$1M), fund ongoing exploration at the Constancia project
and for general corporate purposes.
    As a result of the completion of the rights offering, a total of
70,020,705 common shares of Norsemont are now issued and outstanding.

    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 December 2007
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
    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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