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Attention Business Editors
Norsemont Extends Term of Share Purchase Warrants
Shares Issued and Outstanding: 70,020,705
TSX: NOM
BVL: NOM
TORONTO, Ontario and LIMA, Peru, July 3 /CNW/ - Norsemont Mining Inc.
("the Company") (TSX: NOM, BVL: NOM) today announced that it is extending the
expiry date of 1,975,000 outstanding share purchase warrants of the Company
(the "Warrants") which are scheduled to expire on July 19, 2009. The Warrants
are exercisable at C$1.95 per share. The expiry date will be extended to
permit them to continue to be exercisable at C$1.95 per share until January
19, 2010. The extension is subject to all customary stock exchange and
regulatory approval. Deemed insiders of the Company hold 625,000 of the
Warrants and their extension will remain subject to disinterested shareholder
approval, which will be sought at the next general meeting of shareholders of
the Company.
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 256.3M tonnes at 0.5% Cu (2.85 Billion lbs Cu) and an inferred
resource of 156.5M tonnes at 0.33% Cu (1.14 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
SEDAR. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
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.
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/For further information: Patrick Evans, Norsemont Mining, Phone: (416)
670-5114, E-Mail: investors@norsemont.com, Web Site: www.norsemont.com/
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