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

Norsemont Mining Inc.

October 31, 2006 09:01 ET

Norsemont Reports Additional Drill Intercepts at the Constancia Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 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 13 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. Six holes in this current release were used in the October Resource Estimate. Since then, drilling has continued on the project with additional positive results from step-out drilling.



Highlights:

Hole CO-06-67: 110 metres at 0.57% Copper (0.70% Copper Equivalent)
Hole CO-06-70: 148 metres at 0.51% Copper (0.68% Copper Equivalent)
Hole CO-06-71: 195 metres at 0.50% Copper (0.66% Copper Equivalent)
Hole CO-06-76: 99 metres at 0.54% Copper (0.80% Copper Equivalent)
Hole CO-06-79: 265 metres at 0.38% Copper (0.59% Copper Equivalent)


"We continue to intercept impressive thicknesses of continuous mineralization which will enable us to increase the size of the Resource that we announced on October 3rd. Unfortunately, we have experienced delays in the reporting of results from the laboratory. However, we understand that the laboratory is upgrading its equipment and capacity within the next week and expect the result flow to improve from then onward", reports President Bob Baxter. "The company has currently completed 14,000 metres of a planned 20,000 metres drilling program. We expect to have completed approximately 19,000 metres before we break for Christmas and complete the remaining meterage in the the second half of January 2007. The majority of future holes will be step-out holes on 100 meter centres in order to build on our current resource and platforms on two larger step-outs are almost ready for drilling."

"Our plan is to update the Resource Estimate during February and March before starting our initial scoping study on the project. Metallurgical samples are currently being composited and will be shipped to the metallurgical laboratories for testing."

A complete list of the recent drill results are listed in Table 1, below.

TABLE 1: COPPER INTERSECTIONS AT THE CONSTANCIA PROJECT



-----------------------------------------------------------------
DRILL HOLE FROM (m) TO (m) INT.(m) Cu (%) Mo (%) Ag (g/t) CuEQ(1)
-----------------------------------------------------------------
-----------------------------------------------------------------
CO-06-67 62.0 71.2 9.2 0.79 0.0052 7.20 0.89
and 102.0 124.0 22.0 0.56 0.0070 9.70 0.70
and 138.0 248.0 110.0 0.56 0.0160 2.60 0.69

CO-06-68 8.0 30.0 22.0 0.25 0.0014 1.00 0.27
and 146.0 186.0 40.0 0.41 0.0150 4.91 0.55
and 192.0 256.0 64.0 0.48 0.0140 4.33 0.61

CO-06-69 148.0 270.0 122.0 0.49 0.0135 4.00 0.62
and 274.0 320.0 46.0 0.29 0.0108 2.00 0.38

CO-06-70 41.3 88.0 46.7 0.44 0.44
and 92.0 140.0 48.0 0.30 0.0027 1.00 0.33
and 150.0 298.0 148.0 0.51 0.0211 3.00 0.68

CO-06-71 164.0 359.0 195.0 0.50 0.0202 3.00 0.66

CO-06-72 136.0 244.0 108.0 0.45 0.0263 5.00 0.67
and 268.0 276.0 8.0 0.21 0.0094 2.00 0.29
and 284.0 350.0 66.0 0.38 0.0183 4.00 0.54

CO-06-73 65.7 80.0 14.3 0.32 2.00 0.34
and 176.0 196.0 20.0 0.40 0.0023 2.00 0.43
and 200.0 304.0 104.0 0.47 0.0183 3.00 0.62

CO-06-74 248.0 360.0 112.0 0.44 0.0152 3.00 0.57

CO-06-75 120.0 122.0 2.0 2.43 0.1639 27.00 3.77
and 127.6 138.8 11.2 0.26 0.0032 4.00 0.32
and 198.0 210.0 12.0 0.22 0.0023 3.00 0.26

CO-06-76 211.0 310.0 99.0 0.54 0.0332 4.00 0.80
and 320.0 332.0 12.0 0.51 0.0282 5.00 0.74

CO-06-77 100.0 128.0 28.0 0.33 0.0143 2.00 0.44

CO-06-79 14.0 50.0 36.0 0.81 0.0189 4.00 0.97
and 54.0 68.0 14.0 0.28 0.0030 1.00 0.31
and 72.0 337.0 265.0 0.38 0.0280 3.00 0.59

CO-06-80 204.0 214.0 10.0 0.47 0.0026 2.00 0.51
and 218.0 306.0 88.0 0.53 0.0125 2.00 0.63
-----------------------------------------------------------------


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/(1.20/22.05) plus Ag grams per tonne times 0.24/(1.20/22.05).

The drilling program and geological studies at the Constancia project are being supervised by Dr. Thomas A. 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.

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

A plan map with drill hole locations is available 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 Copper-Molybdenum-Silver project. An initial Resource Estimate for the project was released on October 3rd, 2006.

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
    or
    Norsemont Mining Inc.
    Marc Levy
    CEO
    (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