Norsemont Mining Announces Bought-Deal Financing

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

    VANCOUVER and LIMA, Peru, Nov. 1 /CNW/ - Norsemont Mining Inc.
("Norsemont", the "Company") today announced the Company has entered into an
agreement with a syndicate of underwriters led by Paradigm Capital Inc. (the
"Underwriters") pursuant to which the Underwriters have agreed to buy on a
private placement basis 5,400,000 special warrants from Norsemont for resale
to accredited investors at a price of $2.90 per special warrant, representing
an aggregate issue amount of $15,660,000.
    Each special warrant shall be exercisable at no additional cost for one
unit of Norsemont until 5:00 p.m. (Vancouver time) on the earlier of (i) the
date which is five business days following the issuance of a decision document
for a final prospectus qualifying the units underlying the special warrants
and (ii) the date which is four months and one day following the closing of
the offering. Each unit shall consist of one common share of Norsemont and
one-half of one common share purchase warrant. Each whole warrant shall be
exercisable for one common share at an exercise price of $3.50 per share for a
period of 24 months following closing of the offering. Norsemont has agreed to
use its best efforts to file and clear a prospectus qualifying the units as
soon as practicable and, in any event, within 30 days following the closing of
the offering.
    Norsemont has also granted the Underwriters an option (the "Underwriters'
Option"), exercisable in whole or in part at any time prior to 24 hours before
the closing of the offering, to purchase for resale to accredited investors an
additional 810,000 special warrants for additional gross proceeds of up to
$2,349,000. The special warrants issued as part of the offering will be
subject to a 4 month statutory hold period from the date of closing. Closing
is expected to occur on or about November 15, 2007. The offering is subject to
stock exchange and other regulatory approval.
    The net proceeds of the offering will be used for the continued
development of the company's Constancia copper/molybdenum/silver project in
Peru and for general corporate purposes.

    About Norsemont

    Norsemont Mining is a Canadian mineral exploration and development
company focused on the Constancia copper/molybdenum/silver project in southern
Peru, which has been optioned from Rio Tinto Plc.

    Cautionary Notice
    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
being offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to,
or for the benefit of, U.S. persons unless registered under the U.S.
Securities Act or an exemption from such registration is available.

    This News Release contains certain forward-looking statements regarding
Norsemont's proposed equity offering and its proposed use of proceeds of the
offering, including statements of the Company's plans, objectives, strategies,
expectations and intentions, that involve risks and uncertainties. The words
"may", "would", "could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" and similar expressions, as they relate to the Company,
or its management, are intended to identify such forward-looking statements.
Actual results, performance, achievements and developments may differ
materially from those contemplated by these statements depending on, among
others, the risks that Norsemont will not be able to obtain the required
regulatory approval for the offering, may be unable to deploy the proceeds in
the manner currently planned, the proceeds may not be sufficient to carry out
Norsemont's plans, and other risk factors listed from time to time in
Norsemont's reports filed with applicable Canadian securities regulatory
authorities. The forward looking statements included in this News Release
represent Norsemont's views as of the date of this News Release. While
Norsemont anticipates that subsequent events and developments may cause its
views to change, it specifically disclaims any obligation to update these
forward-looking statements. These forward-looking statements should not be
relied upon as representing its views as of any date subsequent to the date of
this News Release. All subsequent written and oral forward looking statements
attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by this notice.

    The TSX does not accept responsibility for the adequacy or accuracy of
    this release.

For further information:

For further information: Patrick Evans, Tel: (416) 670-5114,,

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