Mr. Allan Larmour reports

NORSEMONT CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Norsemont Mining Inc. has closed the first tranche of its non-brokered private placement. A total of 817,750 units will be issued at a price of $1.60 per unit for gross proceeds of $1,308,400. Each unit consists of one common share in the capital of the company and one transferable common share purchase warrant.

Each warrant entitles the holder thereof to acquire one share at a price of $2.50 per warrant share until 5 p.m. Vancouver time on the date that is 12 months following the closing date, 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 $3.25 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.

The net proceeds from the offering will be used to finance the company's upcoming work program on the Choquelimpie gold/silver project in Northern Chile and general working capital.

In connection with the offering, the company shall pay to certain eligible persons finders' fees of $50,282, equal to 7 per cent of the gross proceeds of the offering raised from subscribers introduced by the finders to the company.

All securities to be issued under the offering will be subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.

The offering is being conducted pursuant to available prospectus exemptions, including sales to accredited investors worldwide (Canadian, United States and foreign residents), to family, friends and business associates of directors and officers of the company, and to purchasers who have obtained advice from a registered investment dealer pursuant to the exemption set out in British Columbia Instrument 45-536 (Exemption from Prospectus Requirement for Certain Distributions through an Investment Dealer).

We seek Safe Harbor.