Rio Tinto Option Provides Norsemont with Opportunity to Control 100% of
Constancia Project in Southern Peru
Shares Issued and Outstanding: 37,912,878
TSX: NOM
VANCOUVER, BC, and LIMA, Peru, Nov. 1 /CNW/ - Norsemont Mining Inc. ("the Company") (TSX: NOM, BSM: NOM) today announced the conclusion of an agreement whereby the Company has acquired Mitsui's 30 percent interest in the Constancia copper/moly/silver project in southern Peru. Combined with Company's option over Rio Tinto's 70 percent interest in the Constancia project, this agreement provides Norsemont with the opportunity to establish control over 100 percent of the Constancia project.
Under the acquisition agreement with Mitsui, the Company will pay Mitsui a total consideration of US$9.8M over the next twenty months, with the final payment due by June 30, 2009.
About Norsemont Mining
Norsemont Mining is a Canadian mineral exploration and development company focused on the Constancia Cu-Mo-Ag deposit in southern Peru, which has been optioned from Rio Tinto Plc.