Norsemont Mining Clarifies Listing Review

Share Issued and Outstanding: 53,898,742
TSX: NOM
BVL: NOM

TORONTO and LIMA, Peru, Dec. 19 /CNW/ - In response to questions from shareholders, Norsemont Mining Inc. ("the Company") (TSX: NOM, BVL: NOM) today provided clarification concerning the listings review to be undertaken by the Toronto Stock Exchange ("TSX") on July 8, 2009.

On December 12, 2008, Norsemont Mining announced a $6 million non-brokered private placement with the Company's major shareholder, the Sentient Group ("Sentient"). Under the TSX rules, a company is limited in its ability to issue more that 10 percent of its shares to an insider within any six month period without first obtaining shareholder approval. However, provision exists for a company to obtain exemption from having to seek shareholder approval in the event of financial hardship. Once a company is granted such an exemption, the TSX automatically conducts a listing review to ensure that the company continues to meet the TSX listing requirements.

As Norsemont has been unable to redeem $7 million invested in asset backed commercial paper through Canaccord Capital, the Company sought and was granted TSX approval to conclude the $6 million private placement with Sentient relying on the financial hardship exemption. As a consequence, the TSX announced on December 17, 2008, that it will conduct a listings review on July 8, 2009 unless it receives confirmation from Norsemont, prior to that date, that the Company meets its listings requirements. Norsemont has no reason to believe that the Company will not continue to meet the TSX listing requirements following the closing of the Sentient financing, which is expected today.

Shareholders seeking further clarification should contact Norsemont by email (investors@norsemont.com) or by telephone (416-670-5114).

About Norsemont Mining

Norsemont Mining is a Canadian mineral exploration and development company focused on the 100 percent-controlled Constancia Cu-Mo-Ag-Au 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.