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 (www.norsemont.com). 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 www.norsemont.com. 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.

To join the call dial:
Toll Free in North America: 1-800-525-6384
International: 780-409-1668
To access a replay of the call until 11:00 a.m. (PT) on October 7th,
2006:
Toll Free in North America: 1-888-567-0782
International: 402-220-2884
Pass Code: 7956580

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.

ON BEHALF OF THE BOARD OF DIRECTORS,

Robert W. Baxter

President

Norsemont Mining Inc.

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

ots Originaltext: Norsemont Mining Inc.
Im Internet recherchierbar: http://www.presseportal.de

Contact:
For further information: Brian Soregaroli, VP Corporate
Communications, at: Phone: +1-(604)-669-9788 x109, Fax:
+1-(604)-669-9768, E-Mail: investors@norsemont.com, Web Site:
www.norsemont.com