Mr. Allan Larmour reports

NORSEMONT CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Norsemont Mining Inc. has closed the first tranche of a non-brokered private placement, issuing a total of 1,975,099 units at a price of 75 cents per unit for gross proceeds of $1,481,324.25.

Each Unit consisted of one common share in the capital of the Company (each, a "Share") and one-half of one transferable common share purchase warrant (each, a "One-Half Warrant" and each whole warrant, a "Warrant").

Each Warrant entitles the holder thereof to acquire one Share (each, a "Warrant Share") at a price of $1.10 per Warrant Share until 5 p.m. PT on or before June 14, 2021, 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) (the "Exchange") of $1.50 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 "Closing"), 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.

Proceeds from the Private Placement are intended to be used in connection with the payment of professional fees, due diligence expenses, technical expenses including geological reports and working capital.

The Company paid cash finder's fees in the amount of $20,786.48 to certain eligible finders in connection with the Private Placement.

The securities distributed pursuant to the Private Placement are subject to a statutory hold period of four months and one day that expires on Oct. 15, 2020.