Slide 1: Constancia Copper Project
Constancia Copper Project Indicated Cu Resource of 256 Million Tonnes (2.85 Billion lbs Cu) TSX: NOM Inferred Cu Resource of 156 Million Tonnes (1.15 Billion lbs Cu) 1
Slide 2: Constancia Corporate Highlights
Norsemont Mining Constancia Corporate Highlights ¾ Single asset Company ¾ No controlling shareholders ¾ Undivided 100% interest in Constancia ¾ Current resource 412M tonnes (5 Billion lbs CuEq) ¾ Can produce + 90K tonnes Cu a year over +20 years ¾ Dec 2007 NPV $618M ($1.80 Cu) ¾ No off-take obligati
Slide 3: Constancia Progress over past 12 months
Norsemont Mining Constancia Progress over past 12 months ¾ Acquired Rio Tinto 70% interest ¾ Agreement to acquire Mitsui 30% interest ¾ Completed 43-101 Scoping Study ¾ Completed 43-101 Resource Update ¾ Hired senior operating team ¾ Commenced Definitive Feasibility Study ¾ Constancia title from 5K
Slide 4: Capital Structure
Capital Structure Constancia Strong Institutional Support Issued and Outstanding 53.8M shares Warrants 8.4M Options 8.9M Fully diluted 71.3M shares Cash and investments (March 2009) $10M Major Shareholders Norsemont Camp ¾ Sentient Group (11.6%) ¾ Salida Capital (9.9%) ¾ Millennium Partners (7.5%) ¾
Slide 5: Experienced Mining Leadership
Norsemont Board Constancia Experienced Mining Leadership ¾ George Bell, Chairman ¾ Patrick Evans, CEO, Director ¾ Bob Baxter, President/COO, Director ¾ Robert Parsons, Director ¾ Malcolm Siverns, Director ¾ Brian Kerzner, Director ¾ Augusto Baertl, Director ¾ Ian Hume, Director TSX: NOM 5
Slide 6: Experienced Operational Leadership
Norsemont Management Constancia Experienced Operational Leadership ¾ Patrick Evans, CEO ¾ Bob Baxter, President and COO ¾ Chris Reynolds, CFO ¾ Sean Spragget, VP Engineering ¾ Gaston Loyola, VP Exploration ¾ Carol Fries, VP Soc & Environmental ¾ Max Pinsky, Corporate Secretary & Counsel TSX: NOM 6
Slide 7: Strategic Location
Project Location Constancia Strategic Location Projects Southern Highlands Elevation ~ 12,500 ft TSX: NOM 7
Slide 8: Strategic Location
Strategic Location Constancia Xstrata Purchased for US$121 Million in 2004. 300 Mt @ 1.1% Cu Inferred Resource. Mitsui Undergoing feasibility study Xstrata Purchased for US$750 Million in 2006. 120,000 tpa Cu QUECHUA PROJECT production. TSX: NOM Proposed pipeline --------------- 8
Slide 9: Constancia Claims Norsemont 100% Controlled
Constancia Claims Constancia Norsemont 100% Controlled E 200,000 E 205,000 E 210,000 E 195,000 E 215,000 N 8'410,000 N 8'410,000 CONSTANCIAS 15 CONSTANCIAS 16 CONSTANCIAS 5 N 8'405,000 N 8'405,000 PETA 5 ACEROS L-3 CONSTANCIAS 14 KATANGA T KATANGA V SANTIAGO 4 CONSTANCIAS 6 KATANG AJ SANTIAGO 5 CONS
Slide 10: Significant Moly and Silver Credits
Constancia Resource Constancia Significant Moly and Silver Credits Cut-off Grade Tonnes Cu Grade Moly Grade Silver Grade Copper (% Cu) (Million) (% Cu) (%Mo) (g/t Ag) Equivalent Indicated Res. 0.5 92.0 0.81 0.013 6.0 0.95 0.4 132.3 0.70 0.013 5.5 0.84 0.3 193.7 0.59 0.013 4.9 0.72 0.25 229.9 0.54 0.
Slide 11: Constancia Drilling Program
Constancia Resource Constancia Drilling Program ¾ INFILL DRILLING completed December 2008. Total meterage since commencement of resource drilling in 2003 (~109,300 metres - 317 holes) ¾ METALLURGICAL DRILLING completed November 2008 (3,500 metres – 21 holes). 35 tonnes of mineralized material being
Slide 12: Constancia Pit Outline
Constancia Resource Constancia Constancia Pit Outline TSX: NOM 12
Slide 13: 2007 Preliminary Assessment
2007 Preliminary Assessment Constancia Dec 2007 Project Economics - Ungeared 30,000 tpd SA 30,000 tpd Exp 55,000 tpd SA NPV (8% Discount) $473M $467M $618M NPV (Including 25% contingency) $404M $396M $530M IRR 26.7% 26.1% 31.8% IRR (Including 25% contingency) 21.4% 20.9% 25.3% Payback 5 years 5 year
Slide 14: 2007 Preliminary Assessment Project Parameters
2007 Preliminary Assessment Constancia Project Parameters 30,000 tpd SA 30,000 tpd Ex 55,000 tpd SA Capital $505M $513M $611M Capital $606M $617M $740M (Including 25% contingency) Operating Cost $0.74/lb $0.74/lb $0.67/lb Annual Copper 54,000 tonnes 74,000 tonnes 90,400 tonnes Production LOM 20 year
Slide 15: 2009 Copper Cost Curve Forecast
2009 Copper Cost Curve Forecast (inclusive of by-product credits) $3.00 $2.50 FCX Morenci: $2.00 $1.90/lb NOM Constancia: $0.67/lb FCX Average: $1.50 $1.30/lb FCX South FCX Cerro America: $1.15/lb Verde: $1.00/lb Cash Cost (US$/lb) $1.00 FCX Grasberg: $0.60/lb $0.50 $0.00 0 3,369 6,738 10,000 10,106
Slide 16: High Sensitivity to Copper Price
Constancia Economics Constancia High Sensitivity to Copper Price 55,000 tpd SA 55,000 tpd SA 55,000 tpd SA Cu $1.80 Cu $1.90 Cu $2.00 NPV (8% Discount) $618M $718M $834M NPV (Including 25% $530M $630M $746M contingency) IRR 31.80% 35% 38.4% IRR (Including 25% 25.30% 28% 31% contingency) Payback 4 ye
Slide 17: Definitive Feasibility Study Engineering
Definitive Feasibility Study Constancia Engineering ¾ GRD Minproc – 80% complete Main focus cost estimating and vendors list ¾ Knight Piesold – 50% complete Main focus TSF design, waste characterization and water balance ¾ CESEL – 100% complete Power supply ¾ SIGT – 100% complete Road access
Slide 18: Plant and Mine Camp
Plant and Mine Camp Constancia Pit Outline TSX: NOM Plant throughput 60,000t/day first 5 years then 55,000t/day 15 years plus 18
Slide 19: Mine Camp
Constancia Mine Camp Constancia Mine camp for operations up of 400 TSX: NOM Maximum staffing during construction up to 1500 19
Slide 20: Power Line
Constancia Power Line Constancia Supply 100MW TSX: NOM 75 km 220kv line ~$150,000/km (~$11.3M) 20
Slide 21: Access Road
Constancia Access Road Constancia Approximately 83 km – Four new bridges TSX: NOM Caplital Costs ~$23M 21
Slide 22: Environmental Impact Assessment
Environmental Constancia Environmental Impact Assessment ¾ Bio-physical baseline data for EIA completed ¾ No ¨red flag¨ issues identified ¾ EIA baseline studies completed December 2008 TSX: NOM EIA Underway 22
Slide 23: Constancia Exploration Program
Constancia Project Constancia Exploration Program ¾ 2,570 ha mapped from April to December 2008, with the collection of 922 rock chips and 41 stream sediment samples. To date total 3,300 hectares mapped ¾ Pampacancha mapped, sampled and drilled between May and December2008. Sampling included 41 stre
Slide 24: Resource Upside
Constancia Resource Upside Constancia Phase 2 Phase 5 Phase 3 Phase 1 Phase 4 TSX: NOM Significant Growth Potential 24
Slide 25: Resource Upside
Constancia Resource Upside Phase 2 Constancia 128.7m @ 0.8% Cu, 12 gpt Ag 38.7m @ 1.69% Cu, 9 gpt Ag Phase 1 TSX: NOM Significant Growth Potential 25
Slide 26: Newly Discovered Cu and Gold Targets
Constancia Resource Upside Constancia Newly Discovered Cu and Gold Targets TSX: NOM 26
Slide 27: Pampacancha Prospect
Pampacancha Prospect Constancia TSX: NOM 27
Slide 28: Pampacancha Prospect Geology
Pampacancha Prospect Constancia Geology ¾ Pampacancha is located 2.7km SE of the Constancia Porphyry. Scattered outcrops of limestone intruded by dioritic and lesser monzonite intrusives where both magnetite and garnet skarns are developed at their contacts. Preliminary dimensions for the Cu-Au-Mo t
Slide 29: Pampacancha Artisanal Activity
Pampacancha Prospect Constancia Artisanal Activity TSX: NOM 29
Slide 30: Pampacancha First Drill Results: January 2009
Pampacancha Prospect Constancia First Drill Results: January 2009 ► 43.5m grading 1.7% Cu, 0.1% Mo, 10.35g/t Ag, 0.757g/t Au (2.86% CuEq) ► 13.5m grading 2.17% Cu, 0.0168% Mo, 7.03g/t Ag, 1.12g/t Au (2.97% CuEq) ► 19.5m grading 1.65% Cu, 0.0012% Mo,13.0g/t Ag,0.48g/t Au (2.03% CuEq) TSX: NOM 30
Slide 31: New Copper Discovery
Constancia Resource Upside Constancia New Copper Discovery SE Looking to the SW NW Sediments with quartz-LIMs veining Several zones showing quartz-LIMs veining occur intermitently along approx. 500m by 300m affecting the sedimentary basement. In the lower parts some artisanal diggings exposed copper
Slide 32: Summary: Major Copper Deposit
Summary Constancia Major Copper Deposit ¾ Contained metal (at 0.2% Cu COG) 2.85 billion lbs (indicated)- 1.14 billion lbs Cu (inferred) 68.2M lbs Mo (indicated) – 33.4M lbs (inferred) 36.5M oz Ag (indicated) – 16.2M oz Ag (inferred) Projects ¾ Cu grades during first 5 years + 0.7% (+0.8% CuEq)
Slide 33: Corporate Information
Corporate Information Norsemont Mining Inc Corporate Office 40 University Ave Suite 1002 Toronto Ontario M5J 1T1 Tel: (416) 408-4088 Fax: (416) 408-4077 Email: pevans@norsemont.com TSX: NOM www.norsemont.com 33
Slide 34: Cautionary Notice
Cautionary Notice Constancia Forward Looking Statements This presentation may contain “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Norsemont Mining Inc to be materially different f