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

Norsemont Mining Inc.

March 06, 2007 09:47 ET

Norsemont Intersects 38.7m @ 1.6% Cu in New Zone

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 6, 2007) - Norsemont Mining Inc. ("Norsemont" or "the Company") (TSX VENTURE:NOM)(OTCBB:NOMFF)(FRANKFURT:N8S)(WKN:A0DQKK)(ISIN:CA6565291045) is pleased to announce drill results from an additional 7 holes from the Phase II diamond drill program at the Constancia Copper-Molybdenum-Silver Porphyry Project in southern Peru.

A large magnetic anomaly approximately 900 metres north of the San Jose zone was drill tested at its westerly limit co-incident with an IP anomaly with hole CO-07-109 encountering two zones of mineralization of which the most significant is a 38.7 metre intercept of 1.6% Cu. The host to the mineralization is a magnetite bearing skarn. The magnetic anomaly has dimensions of 1,000 metres by 400 metres. A more detailed IP program is being planned prior to further drilling.

The company also wishes to report that Snowden and Associates are continuing to work on the resource estimate with variography continuing ahead of resource classification and estimation. This updated estimate is expected to be completed now within the next two weeks.

The company released a 43-101 compliant resource estimate in October 2006 (see news release dated October 3, 2006). Since then, drilling has continued on the project with additional positive results being reported in both step-out drilling and minor infill drilling.

This press release includes results received since January 16, 2007. On January 15, 2007, the company put a freeze on the data to revise, check and submit the drilling and assay information to Snowden and Associates to carry out the next resource calculation and 43-101 technical report on the Constancia Copper Project.

Most holes since the October resource estimate have been drilled in 100 metres step outs, however some drill holes were used to better interpret the geological model.

Norsemont is also pleased to confirm that Vector is carrying the Environmental Impact Study with personnel on site permanently. The field work for the archaeological and water resource components are nearly finished. At the same time, Capital Social Group began its field reconnaissance on the effects of a project of this size in the communities and adjoining townships.



Drilling Highlights

CO-07-109: 38.7 metres at 1.69% Copper and 9.29 ppm silver
(1.81% Copper Equivalent)
CO-06-102: 92 metres at 0.32 % Copper (0.37% Copper Equivalent)
CO-06-104: 36 metres at 0.76% Copper and 0.07% Mo
(1.26% Copper Equivalent)
CO-06-105: 16 metres at 1.45% Copper (1.66% Copper Equivalent)
36 metres at 1.13% Copper (1.23% Copper Equivalent)
CO-06-107: 46 metres at 0.30% Copper (0.33% Copper Equivalent)
58 metres at 0.36% Copper (0.45% Copper Equivalent)


Drill holes 102 and 103 were drilled in 100 metres step-outs to the eastern side of the body where the mineralization seemed to thin out. However 102 shows an extension of mineralised zone in 074 (100 m to the north, 112 at 0.44% Cu), 070 (100 m to the west, 148 m at 0.51% Cu, plus another 100 metres in shallower intercepts) and 073 (100 m north and west, 104 m at 0.47% Cu). 103 has shorter intercepts and maybe limiting the body extension to the west.

Holes 105, 106 and 107 were drilled as step-out of the south-west Monzonite - sediments (skarn) boundary. All these holes show mineralization in the skarn developed along the Monzonite contact. Samples from these holes return high grade zinc (up to 5.4%) associated with silver up to 64 ppm.

Drillholes 104 and 108 were drilled in the southwest of the deposit, along a new, not well defined skarn zone. This zone, that may extend to the north-west and is characterised by higher silver content. Additional drilling will better delimit this zone.

Drill hole 109 was drilled to the north west of the main area, about 900 metres from the San Jose Pit, and 710 metres from the nearest drill hole. Aim of this hole was to test a large magnetic anomaly with associated skarn mineralization on surface. It intercepted a zone of high grade skarn (1.69% Cu over 38.7 metres) with long zinc intercepts that are not related to copper.



Table 1: Copper Intersections at the Constancia Project

---------------------------------------------------------------------------
Drillhole Inclin-
ID Azimuth ation From To Length Cu % Mo % Ag ppm CuEq
---------------------------------------------------------------------------
CO-06-102 225 -60 52.00 62.00 10.00 0.20 0.00 2.24 0.22
304.00 316.00 12.00 0.22 0.00 4.37 0.26
320.00 412.00 92.00 0.32 0.00 3.96 0.37

CO-06-103 315 -60 332.00 352.00 20.00 0.27 0.00 4.61 0.31
356.00 371.55 15.55 0.23 0.00 4.15 0.27

CO-06-104 45 -60 98.00 134.00 36.00 0.76 0.07 4.73 1.26
Including 102.00 112.00 10.00 0.46 0.07 2.38 0.94
and 116.00 122.00 6.00 0.73 0.06 4.20 1.19
and 126.00 134.00 8.00 1.62 0.04 10.02 1.99
249.10 278.00 28.90 0.42 0.00 2.93 0.46
Including 256.00 272.00 16.00 0.56 0.00 3.34 0.60
and 284.00 287.40 3.40 1.01 0.00 3.34 1.04

CO-06-105 315 -70 262.00 280.00 18.00 0.24 0.00 2.56 0.26
283.60 296.00 12.40 0.27 0.00 3.23 0.31
374.00 385.10 11.10 0.37 0.03 3.75 0.62
395.55 412.00 16.45 1.45 0.01 14.50 1.66
416.00 452.00 36.00 1.13 0.00 8.09 1.23

CO-06-106 315 -60 232.00 244.00 12.00 0.36 0.00 3.69 0.41
Including 232.00 236.05 4.05 0.73 0.00 7.55 0.83
250.00 264.00 14.00 0.34 0.00 3.90 0.37
276.00 322.00 46.00 0.30 0.00 3.06 0.33
328.00 386.00 58.00 0.36 0.01 3.62 0.45

CO-06-107 315 -60 316.00 328.00 12.00 0.49 0.00 4.02 0.52
Including 322.00 326.00 4.00 0.73 0.00 5.60 0.79
360.00 383.10 23.10 0.55 0.00 3.69 0.60
including 372.00 383.10 11.10 0.64 0.00 3.79 0.69

CO-07-108 45 -70 140.00 149.40 9.40 0.86 0.00 12.15 1.00

CO-07-109 135 -60 305.00 343.70 38.70 1.69 0.01 9.29 1.81
---------------------------------------------------------------------------
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).


Significant zinc intercepts were encountered in these last drill holes. As an exercise, mineralised intervals were calculated for zinc assuming a 0.1% cut-off, minimum 10 meter interval length and a minimum 0.2 % copper. The intervals are as follows:



Table 2: Significant Zinc Intercepts

---------------------------------------------------------------
Drillhole ID Length From To Zn % Cu % Ag ppm
---------------------------------------------------------------
CO-06-105 29.2 398.0 427.2 0.67 1.02 8.1
CO-07-108 45.0 104.4 149.4 1.83 0.41 14.4
CO-07-109 18.0 330.0 348.0 0.75 0.75 13.0
CO-07-109 12.0 68.0 80.0 0.42 0.25 9.1
---------------------------------------------------------------


Preliminary metallurgical testing suggests that a zinc by product may be recovered from the copper flotation tails.

The drilling program and geological studies at the Constancia project are being supervised by Robert Baxter (MAusIMM) 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.

Adam Johnston (MAusIMM) of Transmin Metallurgical Consultants is the company's qualified person on metallurgical aspects of this press 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 joint ventured from Rio Tinto.

ON BEHALF OF THE BOARD OF DIRECTORS,

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
    or
    Norsemont Mining Inc.
    Brian Soregaroli
    VP Corporate Communications
    (604) 669-9788
    (604) 669-9768 (FAX)
    Email: investors@norsemont.com
    Website: www.norsemont.com