Norsemont (TSX-V: NOM) Completes Second Payment for Constancia Project to Rio Tinto; Financing Over Subscribed

VANCOUVER, May 5 /CNW/ - Norsemont Mining Inc. ("Norsemont") announces
that it has completed the first and second option payments of $100,000 USD and
$150,000 USD respectively for the Constancia Copper-Gold-Moly project in Peru
to Rio Tinto Mining and Exploration Ltd. ("Rio Tinto").
As well, Norsemont is pleased to announce the closing for subscriptions
of its non-brokered private placement, previously announced in Stockwatch on
April 13, 2005. The original announcement was for $2.7 million; however the
issue was significantly oversubscribed and is currently being closed at
approximately $3.2 million. Several key institutional investors in the venture
capital markets have subscribed for units. Each unit consists of one common
share of the Company and one whole share purchase warrant. The Company has
improved the terms of the offering by reducing the unit price to 80 cents and
the warrant exercise price to $1.10. Each unit will consist of one common
share and one common share purchase warrant. Each whole warrant will be
exercisable into one common share for two years from the date of closing at a
price of $1.10 per share. The Warrant will have an "accelerator" provision
such that if the closing price of Norsemont's common shares is $2.00 or higher
for 20 consecutive trading days at any time after the closing date, the Issuer
may, by issuance of a press release, give notice of "acceleration" of the
warrant expiry date to the day which is 20 calendar days following the date of
issuance of the press release.
"This financing is a significant milestone which will allow Norsemont to
execute on its plans for 2005, further develop the Constancia project and
other corporate objectives," said Marc E. Levy, CEO. "The fact that our
financing is over-subscribed in these markets demonstrates the ability of
management to raise significant capital for such a quality project as
Constancia."
Norsemont is currently working with its team to complete the exploration
and drilling plans for this summer on Constancia and the company will announce
more details shortly.
The financing proceeds will be used primarily to fund the company's
anticipated work program on the Constancia project, for investigation of asset
acquisition activities and general working capital. A finder's fee will be
payable on all or a portion of the private placement according to the TSX
Venture Exchange policies.

About Norsemont

Norsemont Mining (TSX-V: NOM) is an aggressive exploration company that
has recently acquired the large Constancia Copper-Gold-Moly porphyry deposit
in Peru from Rio Tinto. Constancia hosts an unaudited resource of 608 Million
tonnes of 0.48% Cu, 0.014% Mo, 0.05 g/t Au, 3.4 g/t Ag, with high-grade
intercepts up to 168m averaging 1.14% Cu, 0.014% Mo, 0.11 g/t Au, 8.0 g/t Ag.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release. We seek Safe
Harbor.