Business
Norsemont Mining Reports on Warrant Exercises
Share Issued and Outstanding: 50,422,713 TSX: NOM BVL: NOM
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShare Issued and Outstanding: 50,422,713\n\n\nTSX: NOM\n\n\nBVL: NOM\n\n\nTORONTO and LIMA, PERU, June 5 /CNW/ - Norsemont Mining Inc. ("the\nCompany") (TSX: NOM, BVL: NOM) today announced that the Company has received\n$4,753,000 through the exercise of the following share purchase warrants:\n\n\n- 1,079,500 warrants at an exercise price of $3.50\n- 500,000 warrants at an exercise price of $1.95\n\n\nA total of 7,219,000 warrants remain outstanding at an average exercise\nprice of $2.75. If the outstanding warrants are exercised the Company will\nreceive additional cash of $19,852,000 which will be used to fund an expanded\nexploration program at the Constancia copper/moly/silver/gold project in\nsouthern Peru.\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-Au deposit\nin southern Peru.\n\n\nThe Constancia Project currently has a 43-101 compliant indicated\nresource of 256.3M tonnes at 0.5% Cu (2.85 Billion lbs Cu) and an inferred\nresource of 156.5M tonnes at 0.33% Cu (1.14 Billion lbs Cu). A recently\ncompleted scoping study anticipates a project producing in excess of\n90,000 tonnes of copper annually. The study indicates the project has a net\npresent value of $530 million and an internal rate of return of 25.3 percent.\nThe following long-term commodity price assumptions were used in the study:\ncopper $1.80 per pound, molybdenum $12 per pound and silver $11 per ounce. The\nfull study, 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 of National Instrument 43-101.\n\n\n","length":2050,"tagName":"div"}]