Norsemont Mining Inc.
TSX VENTURE : NOM
FRANKFURT : N8S
OTC Bulletin Board : NOMFF

Norsemont Mining Inc.

December 07, 2006 10:48 ET

Norsemont Intersects 144 Metres at 0.86% Copper with 0.02% Molybdenum at the Constancia Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 7, 2006) - Norsemont Mining Inc. ("Norsemont" or "the Company")(TSX VENTURE:NOM)(OTCBB:NOMFF)(FWB:N8S)(WKN:A0DQKK)(ISIN:CA6565291045) is pleased to announce drill results from another 12 holes from the Phase II diamond drill program at the Constancia Copper-Molybdenum-Silver Porphyry Project in southern Peru.

The company released a 43-101 compliant resource estimate on October 3rd 2006. Since then drilling has continued on the project, with additional positive results being reported in step-out drilling and infill drilling.



Highlights:

- Hole CO-06-94: 144 metres at 0.86% Copper (1.04% Copper Equivalent)
- Hole CO-06-89: 151 metres at 0.45% Copper (0.55% Copper Equivalent)
- Hole CO-06-81: 155 metres at 0.50% Copper (0.67% Copper Equivalent)
- Hole CO-06-92: 152 metres at 0.50% Copper (0.68% Copper Equivalent)
- Hole CO-06-86: 44 metres at 1.17% Copper (as copper oxides)


"We continue to intercept impressive thicknesses of continuous mineralization. Hole CO-06-94 is predominantly skarn mineralization and demonstrates that a zone of near surface high grade start-up mineralization that is open to the south, occurs at Constancia" reports President Bob Baxter. "The company has completed 19,000 metres of a planned 20,000 metres drilling program and we are currently drilling hole CO-06-104.

Our plan is to update our resource estimate in the first Quarter of 2007, before starting our initial scoping study on the project.

The series of reported holes include results from the northern sector of the deposit (CO-06-91 and 93) and the northwestern sector of the deposit (CO-06-84, 86 and 87). Additional drilling in the northeastern sector (CO-06-89), the southeastern sector (CO-06-81 and 82), the southwestern sector (CO-06-94) and the San Jose zone (CO-06-88) all demonstrate that mineralization is still open in these directions.

Hole CO-06-92 was drilled under known hypogene mineralization in the central eastern part of the deposit, confirming good potential for significant hypogene porphyry Cu-Mo mineralization at depth in that area. Please note that due to laboratory delays results for hole CO-06-83 in the southern part of the deposit have not yet been received, although the hole exhibits visible mixed secondary and hypogene copper mineralization.

The company also wishes to report that it has contracted Snowden and Associates to carry out the next resource calculation and 43-101 technical report on the Constancia Copper Project. Independent Qualified Person Warwick Board is currently on site and in the process of reviewing on site procedures and Norsemont's database.



Table 1: Copper Intersections at the Constancia Project

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Drillhole Incli- Azimuth From To Intercept Cu % Mo % Ag CuEq
ID nation g/t
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CO-06-081 -60 300 25.30 37.55 12.25 0.59 0.00 54.91 1.11
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CO-06-081 131.00 286.00 155.00 0.50 0.02 4.38 0.67
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CO-06-081 318.00 352.00 34.00 0.33 0.01 3.76 0.41
---------------------------------------------------------------------------

---------------------------------------------------------------------------
CO-06-082 -45 315 91.00 106.75 15.75 1.27 0.00 5.79 1.33
---------------------------------------------------------------------------
CO-06-082 126.00 188.00 62.00 0.56 0.00 3.51 0.61
---------------------------------------------------------------------------

---------------------------------------------------------------------------
CO-06-084 -45 135 34.00 68.00 34.00 0.26 0.01 2.31 0.32
---------------------------------------------------------------------------
CO-06-084 74.00 84.00 10.00 0.33 0.00 2.60 0.38
---------------------------------------------------------------------------

---------------------------------------------------------------------------
CO-06-086 -60 155 0.00 44.00 44.00 1.17 0.00 1.62 1.20
---------------------------------------------------------------------------
CO-06-086 64.00 76.00 12.00 0.51 0.00 1.88 0.54
---------------------------------------------------------------------------
CO-06-086 90.00 108.00 18.00 0.31 0.01 2.57 0.38
---------------------------------------------------------------------------

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CO-06-087 -45 135 56.00 122.00 66.00 0.79 0.01 9.11 0.93
---------------------------------------------------------------------------
CO-06-087 168.00 280.00 112.00 0.29 0.02 2.61 0.44
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CO-06-088 -45 45 35.90 60.00 24.10 0.42 0.02 1.60 0.57
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CO-06-088 64.00 88.00 24.00 0.41 0.05 1.80 0.74
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CO-06-088 148.00 192.00 44.00 0.38 0.01 2.17 0.43
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CO-06-089 -45 225 192.00 343.00 151.00 0.45 0.01 4.48 0.55
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CO-06-090 -60 135 78.00 94.00 16.00 0.34 0.00 7.40 0.41
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CO-06-090 154.70 172.00 17.30 0.27 0.00 1.11 0.29
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CO-06-090 196.00 210.00 14.00 0.56 0.01 2.54 0.62
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CO-06-091 -60 225 43.40 72.00 28.60 0.71 0.01 3.25 0.80
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CO-06-091 124.00 166.00 42.00 0.33 0.02 3.00 0.49
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CO-06-092 -45 225 26.00 36.00 10.00 0.24 0.01 3.67 0.37
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CO-06-092 332.00 484.00 152.00 0.50 0.02 3.55 0.68
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CO-06-092 516.00 553.25 37.25 0.38 0.02 5.96 0.56
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CO-06-093 -80 180 44.00 90.00 46.00 0.29 0.01 2.19 0.36
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CO-06-094 -60 45 24.00 168.00 144.00 0.86 0.02 6.38 1.04
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CO-06-094 242.00 278.00 36.00 0.27 0.00 3.43 0.31
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Note 1: Copper equivalent Values (CuEQ) are estimated using long-term metal prices including: Copper US$1.20 per lb, Molybdenum US$8.00 per lb, Gold US$450 per oz., and Silver US$7.50 per oz. Adjustment factors to account for differences in relative metallurgical recoveries for gold, copper and molybdenum will depend upon the completion of definitive metallurgical testing. CuEQ equals Cu per cent plus Mo percent times (8.00/1.20) plus Au grams per tonne times 14.47/(1.20x22.05) plus Ag grams per tonne times 0.24/(1.20x22.05).

The drilling program and geological studies at the Constancia project are being supervised by Robert Baxter (MAusIMM) and Tom Henricksen P.Geo Norsemont's Qualified Person as defined by NI 43-101. Core samples are cut with a diamond saw, with one-half of the core placed in sealed bags, and shipped to ALS Chemex Assay Labs in Lima, Peru. The program includes an extensive quality control program for assaying which includes the systematic use of standards, blanks, and field duplicate samples. Secondary laboratories are also used for check assaying. All intersections were determined using a rolling 0.2% Cu cut-off and up to 2 metres of internal waste. Only intercepts above 10 metre thickness are reported.

Art C. Freeze, P. Geo., Director of Norsemont and Qualified Person as defined by NI 43-101 has reviewed and approved information contained in this news release.

A plan map with drill hole locations will be available shortly on Norsemont's website at www.norsemont.com.

About Norsemont Mining

Norsemont Mining is a well structured, well financed exploration company working in the America's, with a focus on Peru. The Company is currently drilling the Constancia Cu-Au-Mo deposit.

Sincerely,

Robert W Baxter, President

Norsemont Mining Inc.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. We seek Safe Harbor.

Contact Information

  • Norsemont Mining Inc.
    Bob Baxter
    President
    (604) 669-9788
    (604) 669-9768 (FAX)
    or
    Norsemont Mining Inc.
    Marc Levy
    CEO
    (604) 669-9788
    (604) 669-9768 (FAX)
    or
    Norsemont Mining Inc.
    Brian Soregaroli
    VP Corporate Communications
    (604) 669-9788
    (604) 669-9768 (FAX)
    Email: investors@norsemont.com
    Website: www.norsemont.com