Sentient III acquires securities of Norsemont Mining Inc.

    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR
    DISSEMINATION IN THE UNITED STATES/
    

MONTREAL, Nov. 4 /CNW Telbec/ - Sentient Executive GP III Limited ("Sentient III") announces that, in connection with a bought-deal financing announced by Norsemont Mining Inc. ("Norsemont") on October 13, 2009, it has acquired control over 2,128,750 units ("Units") of Norsemont on November 3, 2009. Each Unit is comprised of one common share ("Common Share") of Norsemont and one-half of a common share purchase warrant ("November 2009 Warrant") of Norsemont. Each whole November 2009 Warrant entitles the holder thereof to acquire a Common Share at a price of $2.75 per share. The November 2009 Warrants are exercisable until April 30, 2011. As such, Sentient III acquired control over 2,128,750 Common Shares and 1,064,375 November 2009 Warrants.

Sentient III has control or direction over 9,543,850 Common Shares (representing approximately 12.13% of the outstanding Common Shares), the right to acquire 7,634,228 Common Shares through common share purchase warrants (including the November 2009 Warrants) (the "Sentient III Warrants"), a $6,000,000 principal amount convertible note (the "December 2008 Note") issued by Norsemont, and a $3,800,000 principal amount convertible note (the "March 2009 Note") issued by Norsemont. The December 2008 Note matures on December 19, 2011 and the principal amount thereof as well as accrued interest are convertible into fully paid and non-assessable Common Shares at a conversion price of $1.70 per share. The March 2009 Note matures on March 31, 2012 and the principal amount thereof is convertible into fully paid and non-assessable Common Shares at a conversion price of $1.70 per share. The accrued interest on the March 2009 Note is convertible, at the holder's option, into fully paid and non-assessable Common Shares at a conversion price equal to the market price of the Common Shares at the time of conversion, less a discount.

In the event all of the Sentient III Warrants are fully exercised and assuming the conversion in full of the maximum principal amount of and interest on the December 2008 Note and the conversion in full of the principal amount of the March 2009 Note, Sentient III would acquire control over a maximum of 23,789,843 Common Shares (including the 9,543,850 Common Shares over which Sentient III has control or direction). These combined holdings would represent approximately 25.60% of the outstanding Common Shares, calculated on a partially diluted basis assuming the full exercise of the Sentient III Warrants and the full conversion of the maximum principal amount of and interest on the December 2008 Note and the conversion in full of the principal amount of the March 2009 Note only.

Under relevant securities laws, Sentient Executive GP I Limited ("Sentient I") and Sentient (Aust) Pty Limited ("Sentient Pty"), related entities of Sentient III, may be considered as acting jointly or in concert with Sentient III.

Sentient III, Sentient I and Sentient Pty have control or direction over 15,293,850 Common Shares in the aggregate (representing approximately 19.44% of the outstanding Common Shares), in the aggregate 8,759,227 Sentient III Warrants, Sentient I Warrants and Sentient Pty Warrants, the December 2008 Note, and the March 2009 Note. In the event all of the Sentient III Warrants, Sentient I Warrants and Sentient Pty Warrants are fully exercised and assuming the conversion in full of the maximum principal amount of and interest on the December 2008 Note and the conversion in full of the principal amount of the March 2009 Note, these combined holdings would represent approximately 32.60% of the outstanding Common Shares, calculated on a partially diluted basis assuming the full exercise of the Sentient III Warrants, Sentient I Warrants and Sentient Pty Warrants and the full conversion of the maximum principal amount of and interest on the December 2008 Note and the conversion in full of the principal amount of the March 2009 Note only.

Sentient III acquired the 2,128,750 Units for investment purposes only and not with a view to materially affecting control of Norsemont. Sentient III and its joint actors have no present intention of acquiring beneficial ownership or control over additional securities of Norsemont.

SOURCE Sentient Executive GP III Limited

For further information: For further information: Sue Bjuro, (345) 946-0933

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Sentient Executive GP III Limited

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