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Norsemont's Constancia Project Demonstrates Significant Upside
Drill Highlights include 128.7 meters at 0.8% Cu and 12 ppm Ag (0.93% Cu Eq) Significant New Cu-A...
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\n Drill Highlights include 128.7 meters at 0.8% Cu and\n 12 ppm Ag (0.93% Cu Eq)\n Significant New Cu-Au-Ag Anomalies Discovered at Constancia\nStrengthening Long-term Cu-Mo-Ag Prices increases Constancia NPV to $746M\n\n\nShares Issued and Outstanding: 48,837,547\n\n\nTSX: NOM\n\n\nBVL: NOM\n\n\nTORONTO, ONTARIO and LIMA, PERU, May 6 /CNW/ - Norsemont Mining Inc.\n("the Company") (TSX: NOM, BVL: NOM) today announced additional results from\nthe ongoing Phase III drill program at the Constancia copper-molybdenum-silver\nporphyry project in southern Peru. The company also updated shareholders on\nthe implication of recent exploration results, including the early results\nfrom the Constancia geophysical program.\n\n\nNorsemont currently has seven drill rigs at the Constancia site and has\ncompleted more than 4,400 meters of drilling since March 12, 2008, when drill\nresults were last released. Since the last resource estimate by GRD Minproc\ndisclosed on March 14, 2008, the majority of the drilling has been definition\ndrilling to test the north-western corridor between the Constancia and San\nJose zones. However, a step-out hole drilled 200 meters north of the limits of\nthe San Jose zone has returned a very promising drill intercept of\n128.7 meters at 0.8% Cu and 12 ppm Ag (0.93% Cu Eq) in hole CO-08-215 between\n217.3 and 346 meters depth. This intercept requires further follow-up to\ndetermine what the true thickness is. Other drilling has been in areas of\nlower grade or narrower intercepts, which has to be completed for the pit\noptimisation work in ongoing engineering studies during the feasibility study.\nThe results are included on Table 1 below with the full results (together with\nlocation map) available on the Company's website (www.norsemont.com).\n\n\nCommenting on the results, Norsemont's President and Chief Operating\nOfficer Bob Baxter said: "Our Constancia drilling program continues to return\nexciting results northwest of the Constancia zone and immediately north of the\nSan Jose zone. In view of our latest resource estimate and considering these\nnew results we are now confident that we will be able to extend the life of\nthe planned operation beyond that reported in our scoping study.\nInterestingly, while we do not include gold results in our resource tables we\nhave encountered potenti...