Mr. Allan Larmour reports

NORSEMONT MINING INC. ENTERS INTO OPTION AGREEMENT TO ACQUIRE 100% OF BURGE LAKE GOLD PROPERTY, QUEBEC

Norsemont Mining Inc. has been granted the option to acquire a 100-per-cent interest in the Burge Lake gold property, located in the province of Quebec, pursuant to an option agreement dated May 4, 2020, with La Croix Exploration Ltd.

Burge Lake gold property, Quebec

The project is 30 kilometres west of the Lac Bachelor gold mine and 10 kilometres north of Nyrstar's Langlois zinc mine. Under the terms of the agreement, the company can acquire a 100-per-cent interest by: (i) paying to the vendor $35,000 in year 1, and an additional $100,000 on the first anniversary and $150,000 on the second anniversary of the agreement; and (ii) completing $250,000 of qualifying exploration expenditures on the property within two years. Upon exercise of the option, the company will grant a 1-per-cent net smelter return (NSR) royalty to the vendor.

The project covers an area of approximately 1,628 hectares, 215 kilometres northeast of Val d'Or and 70 kilometres northeast of the town of Lebel-sur-Quevillon. Access to the project is by provincial Highway 113 and thereafter by a series of logging roads within the claims, offering excellent access.

For additional information regarding the property, please refer to the technical report, which is filed on SEDAR under Norsemont's corporate profile.

All option payments and property expenditures may be accelerated at the discretion of Norsemont. Once Norsemont has satisfied all of the option payments and property expenditure obligations set forth above, it will be deemed to have exercised the option and will acquire a 100-per-cent interest in the property, subject to the royalty. The royalty will be payable upon the commencement of commercial production on the property. Norsemont shall be entitled to buy back the royalty at any time by the payment of $1-million to the optionor. During the duration of the option, Norsemont shall be entitled to act as the operator of the property.

Unrelated to the option agreement, the company announces it has granted 85,000 incentive stock options, pursuant to the rolling stock option plan approved at the company's annual general meeting held on June 4, 2019, to certain directors, officers, employees and consultants of the company. An aggregate of 75,000 of the options have been granted to insiders of the company. The options are exercisable at 49 cents per common share for a period of five years expiring on May 5, 2025. The grant of options is subject to acceptance by the Canadian Securities Exchange.

We seek Safe Harbor.