Norsemont Mining Provides Clarification of News Release and Additional Information on the Constancia Project

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    TSX: NOM
    BVL: NOM

    TORONTO, and LIMA, Peru, Feb. 4 /CNW/ - Norsemont Mining Inc. ("the
Company") (TSX: NOM, BVL: NOM) today provided additional information about the
Constancia copper/molybdenum/silver project in Southern Peru. On November 5th
2007 the company announced that SRK Consulting (SRK) had completed a scoping
study ("the Report") for the Constancia copper project in southern Peru and on
January 30, 2008 the Company announced that it has exercised the final Rio
Tinto option to increase its ownership in the project to 100 percent.
    The Report describes an indicated resource of 70M tonnes @ 0.53% Cu (0.8
Billion lbs Cu) and an inferred resource of 250.2M tonnes @0.51% Cu (2.8
Billion lbs Cu) at a 0.2% Cu cutoff grade. According to the Report, the
project has the capacity to produce in excess of 90,000 tonnes of copper
annually. The Report 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 Report: copper $1.80
per pound, molybdenum $12 per pound and silver $11 per ounce
    The Report is preliminary in nature, includes inferred mineral resources
that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
mineral reserves, and there is no certainty that the preliminary assessment
will be realized. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
    The full Report dated December 11, 2008 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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