VANCOUVER, June 16 /CNW/ - Norsemont Mining Inc. ("Norsemont" or "the
Company") (TSX-V: NOM; Frankfurt: N8S; WKN: A0DQKK; OTC-BB: NOMFF; ISIN:
CA6565291045) is pleased to announce that encouraging results have been
received from the first three Phase II diamond drill holes targeting the
Constancia Zone at the Constancia Copper-Molybdenum-Silver-Gold Porphyry
Project in southern Peru.
Highlights include:
- Hole CO-06-42: 317.00 metres of 0.44% Cu and 0.028% Mo (0.65% CuEQ1)
- Hole CO-06-43: 108.00 metres of 0.93% Cu and 0.013% Mo (1.08% CuEQ1)
- Hole CO-06-44: 210.00 metres of 0.58% Cu (0.68% CuEQ1).
Drill hole CO-06-042 is a step-out hole on the west side of the
Constancia zone, which hit 317.0 metres of mineralization (Table 1). Drill
holes CO-06-043 and 044 are infill holes within the Constancia zone.
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TABLE 1 COPPER INTERSECTIONS AT CONSTANCIA PROJECT
DRILL Au Ag
HOLE FROM(m) TO(m) INT.(m) Cu (%) Mo (%) (g/t) (g/t) CuEQ(1)
-------------------------------------------------------------------------
CO-06-42 24.25 341.25 317.00 0.44 0.028 0.034 2.70 0.67
CO-06-43 0.00 108.00 108.00 0.93 0.013 0.060 4.24 1.09
116.00 186.00 70.00 0.73 0.018 0.024 6.90 0.93
CO-06-44 0.00 18.00 18.00 0.60 0.003 0.590 4.86 0.99
40.00 68.00 28.00 0.60 0.002 0.150 6.48 0.75
76.00 210.00 134.00 0.58 0.001 0.080 4.70 0.67
Note 1: Copper equivalent Values (CuEQ) are estimated using long-term
metal prices including: Copper US$1.20 per lb, Molybdenum US$8.00 per lb,
Gold US$450 per oz., and Silver US$7.50 per oz. Adjustment factors to
account for differences in relative metallurgical recoveries for gold,
copper and molybdenum will depend upon the completion of definitive
metallurgical testing. CuEQ equals Cu per cent plus Mo percent times
(8.00/1.20) plus Au grams per tonne times 14.47/(1.20(x)22.05) plus
Ag grams per tonne times 0.24/(1.20(x)22.05).
In this current drilling campaign Norsemont has completed two additional
infill holes (assays not yet received). The majority of future holes will be
step-out holes on 100 meter centers, similar to the program carried out in
2005, for the purpose of calculating a resource estimate for the property. The
company is currently drilling hole CO-06-051, which is an additional step-out
hole. Two drill rigs are currently operating on site.
"We are delighted with these initial results," said Marc Levy, Norsemont
President & CEO. "We are encouraged to find that the two infill drill holes
indicate excellent continuity within the mineralized zone. Of significant
interest is that the first step-out hole, peripheral to the previously known
Constancia mineralization, shows that mineralization continues from near
surface to a significant depth." (Refer to 2005 drill results news releases
for comparable data.)
The drilling program and geological studies at the Constancia project are
being supervised by Dr. Thomas A. Henricksen, P. Geo., Norsemont's Qualified
Person as defined by NI 43-101. Core samples are cut with a diamond saw, with
one-half of the core placed in sealed bags, and shipped to ALS Chemex Assay
Labs in Lima, Peru. The program includes an extensive quality control program
for assaying which includes the systematic use of standards, blanks, and field
duplicate samples. Secondary laboratories are also used for check assaying.
Art C. Freeze, P. Geo., Director of Norsemont and Qualified Person as
defined by NI 43-101 has reviewed and approved information contained in this
news release.
A plan map with drill hole locations will be available shortly on
Norsemont's website at www.norsemont.com
About Norsemont Mining
Norsemont Mining is a well structured, well financed exploration company
working in the America's, with a focus on Peru. The Company is currently
drilling the Constancia Cu-Au-Mo project, and exploration is underway at the
Amata Ag-Au property acquired from Rio Tinto. Norsemont recently completed
financings totaling $14 million.
Sincerely,
Marc E. Levy
President & CEO
Norsemont Mining Inc.
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.
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