Business
Norsemont Mining Provides Clarification of News Release and Additional Information on the Constancia Project
Shares Issued and Outstanding: 38,515,878 TSX: NOM BVL: NOM
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShares Issued and Outstanding: 38,515,878\n\n\nTSX: NOM\n\n\nBVL: NOM\n\n\nTORONTO, and LIMA, Peru, Feb. 4 /CNW/ - Norsemont Mining Inc. ("the\nCompany") (TSX: NOM, BVL: NOM) today provided additional information about the\nConstancia copper/molybdenum/silver project in Southern Peru. On November 5th\n2007 the company announced that SRK Consulting (SRK) had completed a scoping\nstudy ("the Report") for the Constancia copper project in southern Peru and on\nJanuary 30, 2008 the Company announced that it has exercised the final Rio\nTinto option to increase its ownership in the project to 100 percent.\n\n\nThe Report describes an indicated resource of 70M tonnes @ 0.53% Cu (0.8\nBillion lbs Cu) and an inferred resource of 250.2M tonnes @0.51% Cu (2.8\nBillion lbs Cu) at a 0.2% Cu cutoff grade. According to the Report, the\nproject has the capacity to produce in excess of 90,000 tonnes of copper\nannually. The Report indicates the project has a net present value of\n$530 million and an internal rate of return of 25.3 percent. The following\nlong-term commodity price assumptions were used in the Report: copper $1.80\nper pound, molybdenum $12 per pound and silver $11 per ounce\n\n\nThe Report is preliminary in nature, includes inferred mineral resources\nthat are considered too speculative geologically to have the economic\nconsiderations applied to them that would enable them to be categorized as\nmineral reserves, and there is no certainty that the preliminary assessment\nwill be realized. Mineral resources that are not mineral reserves do not have\ndemonstrated economic viability.\n\n\nThe full Report dated December 11, 2008 titled "Preliminary Assessment of\nthe Constancia 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 of National Instrument 43-101.\n\n\n","length":2103,"tagName":"div"}]