Business
Norsemont Mining Appoints Ian Hume to Board of Directors
Shares Issued and Outstanding: 48.3M TSX: NOM BVL: NOM
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShares Issued and Outstanding: 48.3M\n\n\nTSX: NOM\n\n\nBVL: NOM\n\n\nTORONTO, Ontario and LIMA, Peru, March 10 /CNW/ - Norsemont Mining Inc.\n("the Company") (TSX: NOM, BVL: NOM) is pleased to announce the appointment of\nMr. Ian Hume to the Company's Board of Directors.\n\n\nMr. Hume is a founding partner of The Sentient Group, a closed-end\nprivate equity fund specialising in the natural resources sector. Prior to\nfounding The Sentient Group, Mr. Hume was a consultant to AMP Private Capital\nDivision, focusing on international resources and telecommunications. He also\nmanaged a privately-controlled investment company, Devipo, and in the period\n1985 - 1988 was a director of a Hong Kong listed international investment\ncompany, Impala Pacific.\n\n\nIn addition to the Sentient Group and Devipo, Mr. Hume is also a director\nof Apex Silver Mines Limited (AMEX: SIL), Andean Resources Limited (TSX: AND)\nand IMH Investment Pty Limited.\n\n\nCommenting, Norsemont's Chairman, George Bell, said: "We are very pleased\nto welcome Ian Hume to the Norsemont Board. The Sentient Group is a\nlong-standing shareholder in Norsemont and has most recently increased its\nposition through participation in a non-brokered private placement completed\nin February, 2008. Ian's wide international experience in the natural resource\nsector will greatly benefit Norsemont Mining."\n\n\nAbout Norsemont Mining\n\n\nNorsemont Mining is a Canadian mineral exploration and development\ncompany focused on the Constancia Cu-Mo-Ag deposit in southern Peru. Norsemont\ncurrently controls an undivided 81% interest in the Constancia Project, which\ninterest is set to increase to 100% by March 31, 2008 through a final option\npayment of US$8M to Rio Tinto.\n\n\nThe Constancia Project has a 43-101 compliant indicated resource of 70M\ntonnes at 0.53% Cu (0.8 Billion lbs Cu) and an inferred resource of 250.2M\ntonnes at 0.51% Cu (2.8 Billion lbs Cu). A recently completed scoping study\nanticipates a project producing in excess of 90,000 tonnes of copper annually.\nThe study indicates the project has a net present value of $530 million and an\ninternal rate of return of 25.3 percent. The following long-term commodity\nprice assumptions were used in the study: copper $1.80 per pound, molybdenum\n$12 per pound and silver $11 per ounce. The full ...