Norsemont Mining Acquires Mitsui's 30 Percent Interest in Constancia Copper Project

    Rio Tinto Option Provides Norsemont with Opportunity to Control 100% of
    Constancia Project in Southern Peru

    Shares Issued and Outstanding: 37,912,878
    TSX: NOM

    VANCOUVER, BC, and LIMA, Peru, Nov. 1 /CNW/ - Norsemont Mining Inc. ("the
Company") (TSX: NOM, BSM: NOM) today announced the conclusion of an agreement
whereby the Company has acquired Mitsui's 30 percent interest in the
Constancia copper/moly/silver project in southern Peru. Combined with
Company's option over Rio Tinto's 70 percent interest in the Constancia
project, this agreement provides Norsemont with the opportunity to establish
control over 100 percent of the Constancia project.
    Under the acquisition agreement with Mitsui, the Company will pay Mitsui
a total consideration of US$9.8M over the next twenty months, with the final
payment due by June 30, 2009.

    About Norsemont Mining

    Norsemont Mining is a Canadian mineral exploration and development
company focused on the Constancia Cu-Mo-Ag deposit in southern Peru, which has
been optioned from Rio Tinto Plc.

For further information:

For further information: Patrick Evans, Phone: (416) 670-5114, E-Mail:, Web Site:

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