Norsemont Mining Exercises Final Option to Increase Control of Constancia to 100%

    Shares Issued and Outstanding: 38,477,878
    TSX: NOM
    BVL: NOM

    TORONTO, ON and LIMA, Peru Jan. 30 /CNW/ - Norsemont Mining Inc. ("the
Company") (TSX: NOM, BVL: NOM) today announced that the Company has exercised
the final Rio Tinto option thereby clearing the way to increase its ownership
over the Constancia copper/molybdenum/silver project to 100 percent.
    The Constancia Project is located in southern Peru and has a 43-101
compliant indicated resource of 70M tonnes (0.8 Billion lbs Cu) and an
inferred resource of 250M tonnes (2.8 Billion lbs Cu). Infill drilling to
improve confidence in the current resource is nearing completion following
which seven drill rigs will commence step-out drilling designed to increase
the global project resource.
    Norsemont entered into an option agreement with Rio Tinto in 2005 whereby
the Company could acquire Rio Tinto's 70 percent interest in the Constancia
Project through a series of cash payments, share issuances and project
expenditures. The remaining 30 percent interest in Constancia was held by
Mitsui and acquired by Norsemont in October 2007.
    In November 2007 Norsemont met the requirements to exercise the initial
51 percent Rio Tinto option thereby taking the Company's interest in
Constancia to 81 percent. Following the exercise of the initial option, Rio
Tinto had 60 days within which to decide whether to claw back a 17 percent
interest in Constancia. The Company has been advised by Rio Tinto that as
Constancia's current resource does not meet their size criteria it is not
exercising its claw-back right. Norsemont has now advised Rio Tinto that the
Company will be exercising the final option to acquire the remaining 19
percent interest in Constancia, which will take the Company's interest to 100
    Commenting, Norsemont CEO Patrick Evans said: "Acquisition of an
undivided 100 percent interest in the Constancia project represents a
significant milestone for Norsemont. Constancia is a large and robust project
with the capacity to produce in excess of 90,000 tonnes of copper per annum.
The copper concentrate that will be produced at Constancia has not been
committed to any off-take. The recently completed Constancia scoping study
indicates that the project has a net present value of $530M and an internal
rate of return in of 25.3 percent. The potential to increase the Constancia
resource is very good and we are about to commence a major drill campaign to
achieve this."

For further information:

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

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