Mr. Marc Levy reports

NORSEMONT CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT AND DEBT SETTLEMENT

Norsemont Mining Inc. has closed the first tranche of a non-brokered private placement of 3,125,000 units at a price of 20 cents per unit for gross proceeds of $625,000. In addition, the company has entered into a debt settlement and subscription agreement to settle $106,000 in debt through the issuance of 530,000 units.

Each unit consists of one common share in the capital of the company and one-half of one transferable common share purchase warrant. Each warrant entitles the holder thereof to acquire one share at a price of 30 cents per warrant share until 5 p.m. (Vancouver time) on or before July 31, 2025, subject to an acceleration provision whereby if the shares trade at a price on the Canadian Securities Exchange (or such other exchange on which the shares may be traded at such time) of 50 cents or greater per share for a period of 10 consecutive trading days after four months and one day from the closing of the offering, the company may accelerate the expiry of the warrants by giving notice to the holders thereof (by disseminating a news release advising of the acceleration of the expiry date of warrants) and, in such case, the warrants will expire on the 31st day after the date of such notice.

Officers and directors of the company participated in the offering and debt settlement and acquired an aggregate of 1,155,000 units for total consideration of $231,000 as follows: (i) a company controlled by Marc Levy, chief executive officer and a director of the company, purchased 625,000 units under the offering for a total consideration of $125,000 and (ii), a company controlled by Kulwant Sandher, chief financial officer of the company, acquired 530,000 units pursuant to the debt settlement.

Immediately after the closing of the offering, (i) Mr. Levy owned, directly and indirectly, 1,178,003 shares representing approximately 1.98 per cent of the issued and outstanding shares of the company, and (ii) Mr. Sandher owned, directly and indirectly, 581,375 shares representing approximately 0.98 per cent of the issued and outstanding shares of the company.

The participation of the insiders in the offering and debt settlement constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 as the company's securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101 and neither the fair market value of the units issued to each of the insiders nor the fair market value of the entire offering or debt settlement exceeds 25 per cent of the company's market capitalization. The corporation did not file a material change report with respect to the participation of the insiders at least 21 days prior to the closing of the offering as the insiders participation was not determined at that time.

The company intends to use the net proceeds from the offering for working capital and general corporate purposes. All securities issued pursuant to the offering are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws.

About Norsemont Mining Inc.

Norsemont comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through to bankable feasibility. Norsemont Mining owns a 100-per-cent interest in the Choquelimpie gold-silver project in northern Chile, a previously permitted gold and silver mine. Choquelimpie has over 1,710 drill holes, with significant existing infrastructure.

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