Norsemont Mining Increases Control over Constancia Project to 100%

    Final Option Payment made to Rio Tinto

    Share Issued and Outstanding: 48,489,147
    TSX: NOM
    BVL: NOM

    TORONTO, ONTARIO and LIMA, PERU, March 26 /CNW/ - Norsemont Mining Inc.
("the Company") (TSX: NOM, BVL: NOM) today announced that the final option
payment of US$8 million has been made to Rio Tinto, thereby increasing the
Company's control over the Constancia copper/molybdenum/silver project to an
undivided 100 percent.
    Commenting, Norsemont CEO Patrick Evans said: "This 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 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
    Mr. Evans added: "The potential to increase the Constancia resource is
very good and we have made a number of new discoveries in close proximity to
the current resource in recent months. Ground geophysics over the new
anomalies will commence shortly. All prospective targets will be drilled
immediately thereafter."

    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 70M tonnes at 0.53% Cu (0.8 Billion lbs Cu) and an inferred
resource of 250.2M tonnes at 0.51% Cu (2.8 Billion lbs Cu). A recently
completed 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
    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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