VANCOUVER, July 17 /CNW/ - Norsemont Mining Inc. ("Norsemont" or "the
Company") (TSX-V: NOM; Frankfurt: N8S; WKN: A0DQKK; OTC-BB: NOMFF;
ISIN: CA6565291045) is pleased to announce results from four more Phase II
diamond drill holes targeting the Constancia and San Jose Zones at the
Constancia Copper-Molybdenum-Silver-Gold Porphyry Project in southern Peru.
Highlights:
<<
- Hole CO-06-55: 159.0 metres at 1.12% Copper (1.22% Copper
Equivalent), and
- Hole CO-06-56: 56.0 metres at 1.23% Copper (1.60% Copper
Equivalent)
TABLE 1: COPPER INTERSECTIONS AT CONSTANCIA PROJECT
DRILL FROM TO INT. Cu Mo Au Ag CuEQ
HOLE (m) (m) (m) (%) (%) (g/t) (g/t) (1)
-------------------------------------------------------------------------
CO-06-53 10.8 242.0 159.6(2) 0.45 0.0039 0.010 2.01 0.50
incl. 10.8 18.2 7.4 0.52 0.0018 0.015 0.16 0.54
incl. 43.8 102.0 58.2 0.50 0.0028 0.006 2.15 0.54
incl. 188.0 200.0 12.0 0.59 0.0024 0.020 2.07 0.64
incl. 210.0 242.0 32.0 0.53 0.0064 0.007 1.24 0.59
CO-06-54 22.0 154.0 132.0 0.65 0.0066 0.130 3.74 0.80
CO-06-55 35.00 194.00 159.0 1.12 0.0093 0.028 2.29 1.22
CO-06-56 22.00 78.00 56.0 1.23 0.0025 0.440 12.70 1.60
>>
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).
Note 2: In hole -053, the 231.2 m interval from 10.8 m to 242.0 m
contains 6 mineralized zones with an aggregate interval length of
159.6 m. The weighted average results of those intervals are reported.
Drill holes CO-06-O53 and -055 are 100 metre step-out holes in the
Constancia Zone that contain mixed chalcocite and chalcopyrite, with the
chalcocite content decreasing with depth. Native copper was observed in the
upper chalcocite interval of hole -055.
Drill holes CO-06-054 and -056 are 100 metre step-out holes toward the
current southern boundary of the San Jose Zone. Chalcocite predominates within
the top 40 metres, while chalcopyrite mineralization dominates at depth.
The majority of future holes will be step-out holes on 100 metre centers,
similar to the program carried out in 2005, for the purpose of calculating a
resource estimate for the property. Two drill rigs are currently operating on
site.
"Hole 55, a step-out hole in the Constancia Zone, with 159 metres of
1.12% copper, and 1.22% copper equivalent, is one of the best holes we've
drilled to date, based on both the grade and interval length," said Marc E.
Levy, President & CEO of Norsemont Mining Inc.
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, who has reviewed and approved the information
contained in this news release. 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.
A plan map with drill hole locations is available on Norsemont's website
at www.norsemont.com.
Norsemont also announces the issuance of an aggregate of 150,000 options
to one officer and one employee of the Company at a price of $2.00 per share,
expiring 5 years from date of grant. This grant is subject to TSX-V approval
and shareholder approval at the 2006 Annual General Meeting.
About Norsemont Mining
Norsemont Mining is a well structured, well financed exploration company
working in the Americas, with a focus on Peru. The Company is currently
drilling the Constancia Copper-Molybdenum-Silver-Gold project, and exploration
is underway at the Amata Silver-Gold property acquired from Rio Tinto.
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.
