Norsemont Announces Approval of Constancia Project ESIA
25.11.2010 | CNW
TORONTO AND LIMA, Peru, Nov. 25 (CNW) - Norsemont Mining Inc. ("the Company") (TSX: NOM, BVL: NOM) is pleased to announce that Peru\'s Ministry of Energy and Mines (MINEM) has approved the Environmental Social Impact Assessment (ESIA) for the Company\'s Constancia Copper-Silver-Molybdenum Project. The approval of the ESIA is a key milestone for the advancement of the Constancia Project to the construction phase.Commenting, Norsemont\'s President and COO, Robert Baxter, said: "We acknowledge Peru\'s MINEM and the Regional Directorate of Energy and Mines in Cusco for their continuous support during the development of the ESIA and commend them for the expeditious review and approval of the ESIA. Norsemont\'s experience through the development of the ESIA was transparent, efficient and collaborative, which confirms Peru\'s position as one of the world\'s premier mining investment destinations".
Mr. Baxter also thanked Knight Piesold, Social Capital Group, MWH and Metis Gaia, Norsemont\'s principal consultants during the development and completion of the ESIA.
Approval of the ESIA paves the way for Norsemont to advance the Constancia Project to the detailed engineering phase, which is expected to commence in Q1 2011. In addition, the Constancia Optimisation Study, which is expected to have a materially positive impact on the economics of the Constancia Phase 1 Mine development, is nearing completion. Results will be announced as soon as they are available.
About Norsemont Mining
Norsemont is a mineral exploration and development company advancing the extensive Constancia Copper-Gold project in Southern Peru. A September 2009 independent definitive feasibility study indicates that the Phase 1 Mine development at the Constancia Project has a NPV (8%) of $931.8M and an IRR of 26.9% (based on $2.75/Lb Cu) and can support a 15-year mine producing an annual average of approx. 150 million pounds of copper, 1,180 tonnes of molybdenum and 1.5 million ounces of silver. Constancia\'s Phase 1 Mine has a proven and probable reserve of 277.4 million tonnes grading at 0.43% Cu, 0.012% Mo, 3.69 g/t Ag. Exploration drilling at Constancia\'s satellite Pampacancha and Chilloroya South discoveries are expected to add significant tonnage to the global resource. The company\'s shares are traded on the Toronto Stock Exchange under the symbol NOM, and on the Bolsa de Valores, Lima (BVL) also under the symbol NOM.
The technical information provided in this news release was reviewed and approved by Robert. W. Baxter (MAusIMM), the President, COO and a director of the Company and a qualified person for the purposes of National Instrument 43-101.
For further information:
Mr. Bob Baxter, President and COO
Norsemont Mining Inc
Phone: 011- 51-1-99352-6473
Patrick Evans, CEO
Norsemont Mining Inc
Phone: 416-408-4088
E-Mail: investors@norsemont.com
Web Site: www.norsemont.com