Mr. Marc Levy reports

NORSEMONT ANNOUNCES NON-BROKERED PRIVATE PLACEMENTS

Norsemont Mining Inc. has arranged non-brokered private placements of secured convertible debentures and units, as follows:

1. Up to 10.2 million units of the company at a price of 10 cents per unit for gross proceeds of $1-million. Each unit will consist of one share and one-half of one transferable warrant. Each warrant entitles the holder to acquire one share at a price of 20 cents per share for a period of two years from the date of closing;
2. Secured two-year convertible debentures in the aggregate principal amount of up to $3-million. The debentures will bear interest at a rate of 8 per cent per annum and will be convertible into units of the company at a conversion price of 11 cents per unit. Each debenture unit will comprise one common share of the company and one-half of one transferable share purchase warrant, with each warrant exercisable into one additional share at a price of 20 cents per share for a period of two years from the date of conversion.

In the event that the shares trade at a price of 35 cents for 10 consecutive trading days, the company may, at its option, accelerate the warrant expiry date by providing notice to the warrantholders by way of a news release that the warrants will expire on the 30th day from the date of the acceleration notice.

The debentures and the warrants contain certain provisions, which provide that a holder of the debentures and the warrants, as applicable, together with any person or company acting jointly or in concert with such holder, shall not be able to convert such holder's debentures or exercise such holder's warrants, as applicable, to the extent that such conversion or exercise, as applicable, would result in the holder beneficially owning or exercising control over, in the aggregate, 9.99 per cent of the total issued and outstanding shares, immediately after giving effect to such conversion or exercise, as applicable.

The proceeds of the offerings are expected to be used for working capital.

The offerings are subject to the approval of the Canadian Securities Exchange.

About Norsemont Mining Inc.

Norsemont Mining comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through bankable feasibility. Norsemont Mining owns a 100-per-cent interest in the Choquelimpie gold-silver-copper project in northern Chile, a previously permitted gold and silver mine. Choquelimpie has over 1,710 drill holes, with significant existing infrastructure, including roads, power, water and camp, and a 3,000-tonne-per-day mill.

We seek Safe Harbor.