Norsemont Mining Inc.

Norsemont Reports 1.23 Billion Pounds of Copper as Inferred Resources Plus 749 Million Pounds as Indicated Resources With Significant Molybdenum and Silver at the Constancia Project

    Vancouver, Canada (ots/PRNewswire) -

    - CONFERENCE CALL AT 11.00AM (PT), OCTOBER 4, 2006

    - TSX-V: NOM

    Norsemont Mining Inc. ("Norsemont" or "the Company") (TSX-V: NOM; Frankfurt: N8S; WKN: A0DQKK; OTC-BB: NOMFF; ISIN: CA6565291045) is pleased  to announce results of an Initial Resource Estimate on the Constancia  Copper-Molybdenum-Silver Porphyry Project in southern Peru.

    An independent mineral resource estimate has been completed on the Constancia and San Jose Zones of the Constancia Project in Southern Peru.  The report estimates an Inferred Resource of 103.9 million tonnes grading  0.537% copper, 0.014% molybdenum and 3.9 g/t silver (0.67% Cu-Equivalent)  at a cutoff grade of 0.2% copper, as well as an Indicated Resource of 57.7  million tonnes grading 0.589% copper, 0.015% molybdenum and 4.1 g/t silver  (0.73% Cu-Equivalent) at a cutoff grade of 0.2% copper (Table 1). The  resource estimate for the Constancia Property also contains small amounts  of gold (~0.06 g/t), which has not been reported in the resource table.

    Copper equivalent values are estimated using long-term metal prices  including: Copper US$1.20 per lb, Molybdenum US$8.00 per lb, and Silver US$ 7.50 per oz. Adjustment factors to account for differences in relative  metallurgical recoveries will depend upon the completion of definitive  metallurgical testing. Cu-Equivalent equals Cu per cent plus Mo percent  times (8.00/1.20) plus Ag grams per tonne times 0.24/(1.20(x)22.05).

    The Inferred Resources at a 0.2% copper cutoff contains 1.23 billion  pounds of copper, 32 million pounds of molybdenum and 13.0 million ounces  of silver. The Indicated Resources at a 0.2% copper cutoff totals 749  million pounds of copper, 19 million pounds of molybdenum and 7.6 million  ounces of silver (Table 2).

    Copper composites were capped at 4.5% Cu, molybdenum composites were  capped at 0.20% Mo, and silver composites were capped at 65 g/t during  interpolation. Composites were capped during interpolation because  composites are approximately equal to assays.

    The resource estimate for the Constancia Property was tabulated under  the current topography surface with copper as the primary element. Copper,  molybdenum and silver grades were interpolated using a grade-block model  utilizing an inverse distance squared method. Table 1 includes resources  from the San Jose and Constancia Zones. The resources for the Constancia  Property are classified as Indicated and Inferred and are based on a  maximum (true) distance of 70 metres from the closest sample. Indicated  resources were defined using a 30 metre range in areas of close spaced  drilling. Indicated Resources have not been defined at the San Jose Zone.

    Table 1:  Initial Resources Estimate, Constancia Project, September 2006

        Cut-off                         Copper      Molybdenum        Silver
        Grade         Tonnes         Grade          Grade            Grade
        (% Cu)      (Million)      (% Cu)         (% Mo)         (g/t Ag)
                                      Indicated Resources
          0.5          30.1            0.802          0.015              4.8
          0.4          39.5            0.718          0.015              4.5
          0.3          50.4            0.638          0.015              4.2
         0.25          54.6            0.610          0.015              4.2
          0.2          57.7            0.589          0.015              4.1
                                      Inferred Resources
          0.5          45.1            0.775          0.014              4.9
          0.4          63.7            0.678          0.014              4.5
          0.3          87.7            0.588          0.014              4.1
         0.25          98.2            0.555          0.014              3.9
          0.2         103.9            0.537          0.014              3.9
        Table 2: Contained Metal, Constancia Project, September 2006
        Resource            Copper              Molybdenum              Silver
        Category        (million lbs)      (million lbs)      (million oz)
        Indicated              749                      19.1                      7.6
        Inferred            1,230                      32.1                    13.0

    The Constancia Project is located between Xstrata Resources' Tintaya  Mine and Las Bambas copper project in Southern Peru. Norsemont Mining is  earning up to 70% of the Constancia Project from Rio Tinto by way of  project expenditures, cash payments and the issue of common stock, the  details of which can be found on the company's website (  Mitsui Mining retains a 30% interest in the project.

    "I am highly encouraged to see such a robust initial resource estimate ," said Robert W. Baxter, President of Norsemont Mining Inc. "We continue  to expand the extent of the deposit on 100 metre step out drill holes on  the Constancia Zone to the south, east and west. We currently have three  diamond drill rigs on site, working two shifts per day. The current focus  is the Constancia Zone; however, there are a number of other targets  including extensions to the San Jose and Constancia Zones, as well as  additional geophysical and geochemical anomalies that warrant follow-up. We  are also currently reviewing drill orientations in certain structurally  controlled areas of the deposit to assist in potentially increasing the  overall grade of the deposit in future drilling. This resource estimate is not broken down into supergene and hypogene mineralization."

    "This resource clearly demonstrates that the Constancia deposit is a  large, well defined copper deposit which remains open to expansion. We look  forward to advancing the project through our ongoing engineering studies.  The Company will commence a trade-off metallurgical study in October which  will focus on heap leaching versus milling and flotation. I am confident  that given the strong outlook for copper prices in the next 5 years, and  beyond, that the Constancia deposit with this initial resource estimate  will prove to be a significant project for Norsemont."

    Independent geologist James A. McCrea, P.Geo and a Qualified Person as  defined by National Instrument (NI) 43-101, was responsible for the mineral  resource estimate dated September 26, 2006. Mr. McCrea has read and  approved the contents of this news release. The resource estimate has  components of both Indicated and Inferred Mineral Resources, consistent  with the CIM definitions referred to in NI 43-101. This estimate will be  filed in a Technical Report compliant with NI 43-101 on SEDAR within 45  days. Mineral resources which are not mineral reserves have not  demonstrated economic viability. Norsemont is not aware of any  environmental, permitting, legal, title, taxation, socio-political,  marketing or other issues which may materially affect its estimate of  mineral resources.

    Quality Control

    The resource estimate is based upon 95 diamond drill holes totaling 24 ,994 metres completed by Rio Tinto and Norsemont through to the end of  August 2006. Norsemont has completed 72 holes and Rio Tinto had previously  drilled 23 holes that are included in this resource estimation.

    The core from Rio Tinto's 2004 drilling was sent to and analysed at  ALS Chemex Laboratories in Lima for copper, molybdenum, gold and silver.  Core samples were cut with a diamond saw, with one-half of the core placed  in sealed bags, and shipped to ALS Chemex Assay Labs in Lima, Peru. The Rio  Tinto program includes an extensive quality control program for assaying  which includes the systematic use of standards, blanks, and field duplicate  samples. Secondary laboratories are also used for check assaying. Drill  core was sampled each 2m after logging. Some sample length changes were  made when lithological or mineralogical boundaries where important and sample lengths met those boundaries. In general, contacts between high  grade and low-grade samples (visually estimated) correspond with the sample  boundaries. In some visually determined low copper grade intervals, sample  length was increased to 3-metres. Half core was sampled after it was  symmetrically cut with a core saw.

    The drilling program and geological studies during 2005 and 2006 at  the Constancia project for Norsemont were supervised by Dr. Thomas A.  Henricksen, P. Geo., Norsemont's Qualified Person as defined by NI 43-101,  who has reviewed and approved the information contained in this news  release. Core samples are cut with a diamond saw, with one-half of the core  placed in sealed bags, and shipped to ALS Chemex Assay Labs in Lima, Peru.  The program includes an extensive quality control program for assaying  which includes the systematic use of standards, blanks, and field duplicate  samples. Secondary laboratories are also used for check assaying.

    A plan map with drill hole locations and the resource outline is available on Norsemont's website at Other geological  data including cross sections will be made available with the NI 43-101  Technical Report which is to be posted on SEDAR within 45 days of this  press release.

    Conference Call

    Norsemont Mining will hold an investor conference call on Wednesday,  October 4th, 2006, at 11:00 a.m. Pacific Time. Marc E. Levy, CEO and Robert  (Bob) Baxter, President, will review the initial resource estimate and  Norsemont's plans to develop the Constancia deposit with analysts and  investors. Following their remarks there will be a question and answer session.

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    About Norsemont Mining

    Norsemont Mining is a well structured, well financed exploration company working in the Americas, with a focus on Peru. The Company is currently drilling the Constancia Copper-Molybdenum-Silver project.


    Robert W. Baxter


    Norsemont Mining Inc.

    The TSX Venture Exchange has reviewed this release. We seek Safe Harbor.

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