Shares Issued and Outstanding: 70,020,705 TSX: NOM BVL: NOM
TORONTO and LIMA, Peru, July 21 /CNW/ - In response to shareholder enquiries, Norsemont Mining Inc. ("the Company") (TSX: NOM, BVL: NOM) today provided an update on progress with the Constancia feasibility study.
The final alignment meeting between Norsemont and the feasibility study contractors is on schedule for mid-August 2009. Based on this schedule, Norsemont anticipates being in a position to release the final feasibility study results on schedule during the current quarter.
About Norsemont Mining
Norsemont Mining is a Canadian mineral exploration and development company focused on the 100 percent-controlled Constancia Cu-Mo-Ag deposit in southern Peru.
The Constancia Project currently has a 43-101 compliant indicated resource of 256.3M tonnes at 0.5% Cu (2.85 Billion lbs Cu) and an inferred resource of 156.5M tonnes at 0.33% Cu (1.14 Billion lbs Cu). A recently completed scoping study anticipates a project producing in excess of 90,000 tonnes of copper annually. The study indicates the project has a net present value of $530 million and an internal rate of return of 25.3 percent. The following long-term commodity price assumptions were used in the study: copper $1.80 per pound, molybdenum $12 per pound and silver $11 per ounce. The full study, dated December 11, 2007, and titled "Preliminary Assessment of the Constancia Project, Department of Cusco, Peru" is available for viewing on SEDAR. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The technical information provided in this press release was reviewed and approved by Robert. W. Baxter (MAusIMM), the President and a director of the Company and a qualified person for the purposes of National Instrument 43-101.