Norsemont Mining Secures Deferral of Mitsui Payment

About this update from Norsemont Mining Inc.

[{"type":"text","content":"\n\n\n\nShare Issued and Outstanding: 53,898,742\nTSX: NOM\nBVL: NOM\n\n\nTORONTO and LIMA, Peru, Dec. 10 /CNW/ - Norsemont Mining Inc. ("the\nCompany") (TSX: NOM, BVL: NOM) today announced that the Company has secured an\nagreement with Mitsui Mining and Smelting Co. Ltd. Peru ("Mitsui") whereby\nMitsui has consented to the deferral of a US$3M payment due on December 31,\n2008, until March 31, 2009. In consideration for the deferral, Norsemont will\npay interest to Mitsui on the outstanding balance due on March 31, 2009, at a\nrate of LIBOR plus 3 percent for the period January 1, 2009 to March 31, 2009.\n\n\nThe US$3M payment represents the fourth in a series of five payments\ntotalling US$9.8M due to Mitsui in consideration for the acquisition by\nNorsemont of Mitsui's 30 percent interest in the Constancia Project. A fifth\nand final payment of US$4M is due on June 30, 2009. Mitsui's interest in the\nConstancia Project has already been transferred to Norsemont.\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 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. Mineral resources that are not mineral reserves do not have\ndemonstrated economic viability.\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":2381,"tagName":"div"}]

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