Norsemont Mining Updates Constancia Feasibility Study

Feasibility Study on track for completion in April 2009

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TORONTO and LIMA, Peru, Oct. 23 /PRNewswire-FirstCall/ - Norsemont Mining Inc.
("the Company") (TSX: NOM, BVL: NOM) today provided an update on the
Definitive Feasibility Study for the Constancia copper-molybdenum-silver
project in southern Peru. The feasibility study is currently on track for
completion in April 2009.
Commenting, Norsemont CEO Patrick Evans said: "The Constancia Project is
widely regarded as the leading independent copper-molybdenum-silver project in
Peru. Despite the recent weakness in the copper market, Constancia remains an
exceptionally robust project and I'm very pleased with the excellent progress
of the feasibility study. From the commencement of the feasibility study,
Norsemont has used a long-term copper price assumption of $1.80 per pound. A
recently completed scoping study (discussed below) indicates the project has a
net present value of $530 million and an internal rate of return of
25.3 percent under this copper price assumption."
Feasibility Study activities in the areas of process plant design, engineering
drawings, power and roads have been carried out to meet the schedule for
completion in April 2009. In addition, progress with the metallurgical
drilling for the molybdenum optimisation and completion of the infill drilling
has been exceptional due to excellent drilling productivity. Drilling is
scheduled to be completed by the end of November, 2008.

Highlights from the Definitive Feasibility Study are:

- Major infrastructure locations (plant, mine waste dumps and tailing
storage facility) have been identified and sterilised;
- Information on HAZCHEM classifications, dangerous goods codes and
storage has been reviewed;
- Power demand of 102MW will be supplied via a 220kv high-tension line
from the national power grid. Design is scheduled for completion by
the end of November 2008;
- Access road study and engineering design from the town of Espinar to
the project site has been completed;
- Phase I waste characterisation report has been completed;
- Preliminary water balance study has been completed;
- Seismic risk evaluation is in progress and nearing completion;
- 2,300 metres of geotechnical drilling has been completed for open-pit
design; and
- The hydro-geological drill program is due for completion by the end
of November 2008.

Norsemont has maintained its strategy to fast track the project and is pleased
with the progress to date. In addition to the excellent progress on the
engineering and infrastructure design, the company is pleased to report that
the Environmental and Social Impact Assessment has been initiated and the
formal presentations have been completed and well received by Peru's Ministry
of Mines and Energy.

About Norsemont Mining

Norsemont Mining is a Canadian mineral exploration and development company
focused on the 100 percent-controlled Constancia Cu-Mo-Ag-Au deposit in
southern Peru.
The Constancia Project currently has a 43-101 compliant indicated resource of
256.3M tonnes at 0.5% Cu (2.85 Billion lbs Cu) and an inferred resource of
156.5M tonnes at 0.33% Cu (1.14 Billion lbs Cu). A recently completed scoping
study anticipates a project producing in excess of 90,000 tonnes of copper
annually. The study indicates the project has a net present value of $530
million and an internal rate of return of 25.3 percent. The following
long-term commodity price assumptions were used in the study: copper $1.80 per
pound, molybdenum $12 per pound and silver $11 per ounce. The full study,
dated December 11, 2007, and titled "Preliminary Assessment of the Constancia
Project, Department of Cusco, Peru" is available for viewing on SEDAR. Mineral
resources that are not mineral reserves do not have demonstrated economic
viability.
The technical information provided in this press release was reviewed and
approved by Robert. W. Baxter (MAusIMM), the President and a director of the
Company and a qualified person for the purposes of National Instrument 43-101.

SOURCE Norsemont Mining Inc.

Patrick Evans, Norsemont Mining, Phone: (416) 670-5114, E-Mail:
investors@norsemont.com, Web Site: www.norsemont.com