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Norsemont Mining Increases Control over Constancia Project to 100%
Final Option Payment made to Rio Tinto Share Issued and Outstanding: 48,489,147 TSX: NOM
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nFinal Option Payment made to Rio Tinto\n\n\nShare Issued and Outstanding: 48,489,147\n\n\nTSX: NOM\n\n\nBVL: NOM\n\n\nTORONTO, ONTARIO and LIMA, PERU, March 26 /CNW/ - Norsemont Mining Inc.\n("the Company") (TSX: NOM, BVL: NOM) today announced that the final option\npayment of US$8 million has been made to Rio Tinto, thereby increasing the\nCompany's control over the Constancia copper/molybdenum/silver project to an\nundivided 100 percent.\n\n\nCommenting, Norsemont CEO Patrick Evans said: "This represents a\nsignificant milestone for Norsemont. Constancia is a large and robust project\nwith the capacity to produce in excess of 90,000 tonnes of copper per annum.\nThe recently completed Constancia scoping study indicates that the project has\na net present value of $530M and an internal rate of return in of 25.3\npercent."\n\n\nMr. Evans added: "The potential to increase the Constancia resource is\nvery good and we have made a number of new discoveries in close proximity to\nthe current resource in recent months. Ground geophysics over the new\nanomalies will commence shortly. All prospective targets will be drilled\nimmediately thereafter."\n\n\nAbout Norsemont Mining\n\n\nNorsemont Mining is a Canadian mineral exploration and development\ncompany focused on the 100 percent-controlled Constancia Cu-Mo-Ag deposit in\nsouthern Peru.\n\n\nThe Constancia Project currently has a 43-101 compliant indicated\nresource of 70M tonnes at 0.53% Cu (0.8 Billion lbs Cu) and an inferred\nresource of 250.2M tonnes at 0.51% Cu (2.8 Billion lbs Cu). A recently\ncompleted scoping study anticipates a project producing in excess of 90,000\ntonnes of copper annually. The study indicates the project has a net present\nvalue of $530 million and an internal rate of return of 25.3 percent. The\nfollowing long-term commodity price assumptions were used in the study: copper\n$1.80 per pound, molybdenum $12 per pound and silver $11 per ounce. The full\nstudy, dated December 11, 2007, and titled "Preliminary Assessment of the\nConstancia Project, Department of Cusco, Peru" is available for viewing on\nSEDAR.\n\n\nThe technical information provided in this press release was reviewed and\napproved by Robert. W. Baxter (MAusIMM), the President and a director of the\nCompany and a qualified person for the purposes ...