Norsemont Mining Closes C$10 Million Private Placement

    Proceeds to be used to complete acquisition of the Constancia Project and
    fund the definitive feasibility study

    Shares Issued and Outstanding: 48,332,947
    TSX: NOM
    BVL: NOM

    TORONTO, and LIMA, Peru, Feb. 22 /CNW/ - Norsemont Mining Inc. (the
"Company") (TSX and BVL: NOM) today announced that the Company has closed a
non-brokered private placement of 3,437,069 Units at a price of C$2.90 per
Unit, raising gross proceeds of C$9,967,500.10. Each Unit consists of one
common share and one-half of one common-share purchase warrant. Each whole
common-share purchase warrant entitles the holder, on exercise, to acquire one
additional common share of the Company at an exercise price of C$3.50 per
share at any time until the close of business on the day which is two years
from the date of issuance of the warrant. The securities issued under the
private placement are subject to a four month hold period. The proceeds from
the private placement will be used complete acquisition obligations and fund
the definitive feasibility study of the Constantia Project in Peru.

    The securities sold have not, nor will they be registered under the
United States Securities Act of 1933, as amended or applicable state
securities laws, and may not be offered or sold within the United States or
to, or for the account or benefit of a U.S. person, as such term is defined in
Regulation S under the U.S. Securities Act, registration or an applicable
exemption from U.S. federal and state registration requirements. This release
does not constitute an offer for sale of securities in the United States.

For further information:

For further information: Patrick Evans, CEO or Chris Reynolds, CFO,
Phone: (416) 408-4088, E-Mail:, Fax: (416) 408-4077,
Web Site:

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