Norsemont Mining Provides Constancia Update

TORONTO, Ontario and LIMA, Peru, November 15, 2010 -

    - Additional High Grade Copper-Gold Intercepts Including 99.25 Metres @
      1.43% Cu Eq, 30.30 Metres @ 1.34% Cu Eq, 40.9m @ 1.12% Cu Eq and 9.8m
      @ 3.25% Cu Eq.
    - New Gold-Silver Target Reports 3m @ 8.34 g/t Au and 7m @1.74 g/t Au
      From Surface
    - Constancia First Mine Environmental Permitting on Track
    - Constancia First Mine Optimisation Study on Track
    - Scoping Study on the Pampacancha Resource Initiated

    Shares Issued and Outstanding: 82,634,863
    TSX: NOM
    BVL: NOM

Norsemont Mining Inc. ("the Company") (TSX: NOM, BVL: NOM) today
announced the results of ongoing exploration drilling at the Company's
Chilloroya South and the Pampacancha discoveries, located approx. 5
kilometres south and 2.5 kilometres south east, respectively, of the
Constancia Project's planned first mine development ("Phase 1 Mine").

Commenting, Norsemont President and COO Mr. Robert Baxter said: "Our
exploration program at Pampacancha is reaching a new level as we continue to
intercept high grade copper-gold mineralisation in areas that have previously
demonstrated no significant geophysical anomalies. In addition, below the
high grade copper-gold skarn intercepts in hole PO-10-035 we have encountered
high grade molybdenum in vein structures in conjunction with chalcopyrite and
magnetite veins indicating proximity to a potassic centre. We have also
discovered a new zone of gold and silver mineralisation located approximately
1km NNE of the Pampacancha main body. Mineralisation at this new discovery is
located within re-crystallized limestones. We had previously detected gold in
stream sediments draining these limestones up to 3 km NW and 1 km to the SE
of this hole location. We are only beginning to understand the potential in
the third dimension and expect that the upcoming Titan 24 program will
generate further exciting drill targets".

Norsemont is also pleased to announce that SRK Vancouver has been engaged
to conduct a scoping study on the Pampacancha resource where we expect to be
able to exploit the high grade copper-gold and molybdenum mineralisation by
open-pit and underground methods. It is anticipated that the scoping study
will be completed by Q2 2011.

Norsemont is also pleased to announce that further drilling is currently
underway at the bonanza gold Chilloroya South "Skarn Target 1" and the
Chilloroya South "Target 3". Drilling at Chilloroya South has previously
confirmed the potential for a very large porphyry-style copper-gold system.
The Titan 24 geophysical program is expected to provide additional drill
targets as the Company continues to define the mineralisation at Chilloroya
South.

At Pampacancha, accumulated meterage from 2008 to date totals 17,550.45m,
with only 10,324.25m (40 holes) targeting the Main Body. The Main Body covers
an area of approximately 1,000m NS-NW direction and 300-400m wide. Drilling
in Sector 1, at the southern part of the Main Body, continues to report
high-grade Cu-Mo-Au intercepts. Selected results:

- Hole PO-10-035, located 150m SW of hole PR-08-008, returned 99.25m
(from 10m to 109.25m depth) averaging 0.88% Cu, 455ppm Mo and 0.40g/t Au
(1.43% Cu-Eq).

- Hole PO-10-031, drilled north from the same platform as hole PO-10-035,
intercepted 33m (from 70m to 103m) with 0.86% Cu, 137ppm Mo and 0.41g/t Au
(1.25% Cu-Eq).

- Hole PO-10-034, located 180m NE from hole PO-10-031, intercepted 22.05m
(from 50m to 72.05m) averaging 0.79% Cu, 147ppm Mo and 0.33g/t Au (1.12%
Cu-Eq). This hole ended in mineralization.

Drilling in Sector 2, also reported significant intercepts. Hole
PO-10-033, located 230m NE from hole PR-08-008 returned 30.30m (from 22m to
52.30m) averaging 1.02% Cu, 147ppm Mo and 0.28g/t Au (1.34 Cu-Eq).

An additional 2,500m of diamond drilling is planned to be completed
during 2010, especially in the central and northern sectors of the
Pampacancha Main Body (Sectors 2 and 3).

Hole PR-10-027, was drilled about 1km NNE from the northern edge of the
Main Body and targeted a gold-silver bearing, manto-type replacement in
limestones, where surface sampling returned up to 33 g/t Au and 1,208g/t Ag.
This prospective area defines roughly a NS-oriented corridor of about 1.4km
and about 400m wide, where surficial evidence of gold-silver mineralisation
is widespread in the limestones. Assays reported the first 7m averaging
9.77g/t Ag and 1.74 g/t Au, with a 3m vein intercepted from 106m to 109m
reporting 8.34 g/t Au. These anomalous results indicate the presence of
precious metal mineralization at depth. Additional exploratory drilling will
resume once the necessary drill permits are obtained.

At Chiloroya South, three additional diamond holes, currently totalling
695.30m, have been completed at the Skarn Target 1, including a twin of hole
SR-10-013, which reported 3m with 242.5g/t Au (September 2010 News Release).
Assay results from these holes are pending.

Drilling at the Chilloroya South porphyry "Target 3" resumed this month,
with one UDR rig that has the capacity to drill to depths of 1 kilometre.

Mr. Baxter commented further: "Based on the encouraging results obtained
at Pampacancha and Chiloroya South, we have decided to increase drilling in
these two areas, bringing to site three additional diamond rigs that will
start operations before the end of November. This brings the total number of
diamond drill rigs on site to six".

Significant intervals from the current drill program are reported in the
table below:

    HOLE_ID                                   Mo   Ag    Au
               Length  Start   End  COG Cu % ppm   gpt   gpt Pb % Zn % CuEq%

    PO-10-020   28.80  85.20 114.00 0.1 0.88 194  4.69  0.35 0.01 0.02  1.25
     including  20.15  85.20 105.35 0.5 1.22 257   6.3  0.48 0.01 0.03  1.72
           and  17.70  85.20 102.90   1 1.29 204  6.77  0.50 0.01 0.03  1.78
    PO-10-021
           -90  80.00  36.00 116.00 0.1 0.26  66   2.2  0.14 0.00 0.03  0.41
     including  40.00  58.00  98.00 0.2 0.39 116   3.4  0.20 0.01 0.03  0.61
                14.00 128.00 142.00 0.1 0.49  11  4.22  0.12 0.01 1.47  0.61
                18.55 224.00 242.55 0.1 0.93   2 10.99  0.36 0.06 0.31  1.23
     including   9.35 233.20 242.55 0.5 1.76   1 17.99  0.69 0.01 0.21  2.33
                14.00 252.00 266.00 0.1 0.15  15  2.24  0.11 0.01 0.05  0.24
    PO-10-022    6.90  13.10  20.00     0.06  49  5.62  1.12 0.21 0.97
    PO-10-024   43.50  76.50 120.00 0.1 0.57 137  2.49  0.29 0.04 0.08  0.85
     including  25.50  76.50 102.00 0.2 0.78 205  2.17  0.40 0.00 0.02  1.17
           and   6.84  79.15  86.00 1.0 1.89 637  3.83  0.83 0.00 0.02  2.82
    PO-10-026   28.80  12.40  41.20 0.1 0.94 375 15.09  0.26 0.02 0.08  1.47
     including  11.10  12.40  23.50 0.3 1.25  16 19.26  0.30 0.02 0.06  1.60
          also   7.20  34.00  41.20 1.0 1.48 489 20.13  0.42 0.01 0.04  2.22
    PO-10-027    2.00  70.00  72.00     0.06   9  9.50  6.55 0.98 1.95
    PO-10-028   16.50   5.85  22.35 0.2 1.12  19  5.55  0.27 0.00 0.73  1.34
                14.00 176.00 190.00 0.1 0.20 148  1.01  0.05 0.00 0.01  0.33
                 6.00 224.00 230.00 0.1 0.23  44  1.33  0.04 0.00 0.01  0.30
    PO-10-029   10.55  33.00  43.55 0.1 0.22 254 12.22  0.47 0.18 0.43  0.76
    PO-10-031   75.00  32.00 107.00 0.1 0.48 167  3.94  0.26 0.03 0.06  0.78
     including  33.00  70.00 103.00 0.2 0.86 137  6.02  0.41 0.01 0.06  1.25
           and  23.00  80.00 103.00 0.4 1.13  88  5.27  0.40 0.01 0.03  1.47
          also  20.25  82.75 103.00 0.5 1.22  26  5.54  0.43 0.01 0.02  1.54
                40.90 115.00 155.90 0.1 0.81 109  4.86  0.35 0.03 0.07  1.12
     including  33.00 119.00 152.00 0.2 0.97 133  5.84  0.43 0.04 0.08  1.36
          also  19.50 132.50 152.00 0.5 1.33 225  3.84  0.60 0.01 0.02  1.87
           and   9.80 132.50 142.30 1.0 2.33 415  4.96  1.04 0.00 0.02  3.25
                11.85 172.15 184.00 0.3 0.24  55  5.34  0.07 0.03 0.03  0.36
    PO-10-033   30.30  22.00  52.30 0.1 1.02 147  7.22  0.28 0.00 0.02  1.34
     including  16.30  36.00  52.30 0.2 1.81 203 12.25  0.48 0.00 0.03  2.32
           and  12.75  37.90  50.65 1.0 2.07 241 12.85  0.54 0.00 0.04  2.65
                 2.00 126.35 128.35     0.03   3  8.50 10.52 0.30 0.24
    PO-10-034   27.65  44.40  72.05 0.1 0.66 128  3.84  0.27 0.00 0.03  0.93
     including  22.05  50.00  72.05 0.2 0.79 147  4.42  0.33 0.01 0.03  1.12
          also  17.50  52.35  69.85 0.4 0.92 173  4.79  0.40 0.01 0.03  1.30
    PO-10-035   99.25  10.00 109.25 0.1 0.88 455  2.66  0.40 0.02 0.08  1.43
     including  83.75  25.50 109.25 0.2 0.99 468  2.73  0.45 0.02 0.07  1.58
           and  80.90  25.50 106.40 0.3 1.01 477  2.68  0.39 0.02 0.07  1.57
          also  57.60  48.80 106.40 0.4 1.27 656  3.03  0.48 0.02 0.08  2.00
                28.35  48.80  77.15 1.0 1.59 651  2.69  0.55 0.01 0.02  2.36
    PR-10-023    6.00 154.00 160.00 0.1 0.28   2 14.55  0.02 0.03 0.04  0.43
    PR-10-024  105.00  97.00 202.00     0.02   4  4.49  0.34 0.19 0.44
    PR-10-025   48.00 166.00 214.00 0.2 0.22  14  2.83  0.15 0.01 0.05  0.34
                12.00 178.00 190.00 0.3 0.34  17  3.45  0.17 0.01 0.03  0.49
                21.00 259.00 280.00 0.1 0.57   1 16.68  0.80 0.02 0.07  1.19
     including  18.00 262.00 280.00 0.3 0.59   1  16.2  0.67 0.01 0.06  1.13
    PR-10-026   19.00   0.00  19.00 0.1 0.81  67  12.8  0.24 0.02 0.09  1.10
                 9.00   4.00  13.00 0.2 1.60 112 24.93  0.45 0.04 0.17  2.15

    Note 1: Copper equivalent values (CuEq) are estimated using long-term
            metal prices including: copper US$2.00 per lb, molybdenum
            US$13.00 per lb, silver US$12 per oz and gold US$ 800 per oz.

Constancia Phase 1 Mine Permitting

Progress on the approval of the Environmental and Social Impact
Assessment (ESIA) continues with no further observations identified by the
Ministry of Energy and Mines Peru. Final approval of the ESIA is expected
during the current quarter.

Constancia Mine Optimisation Study

The Phase 1 Mine pit optimization study has been completed showing
positive results projecting a substantial increase in minable ore. The
revised mine schedule, based on the new 70,000 tonne per day grinding circuit
design, has also been completed. The focus is now on finalising the capital
and operating costs associated with the increased throughput and redesigned
grinding circuit. The final 43-101 updated feasibility study report is
expected by Q1 2011.

In preparation for the development of the Constancia project, which will
be initiated in early 2011, all off-site requirements, including detailed
design activities and permitting requirements for power, the access road and
port, have been initiated.

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 US$931.8M and an IRR of 26.9% (based on US$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                       Patrick Evans
    President and COO                    CEO
    Norsemont Mining Inc                 Norsemont Mining Inc
    Phone: +51-1-99352-6473              Phone: +1-416-670-5114
    E-Mail: investors@norsemont.com
    Web Site: www.norsemont.com

For further information: Mr. Bob Baxter, President and COO, Norsemont Mining Inc, Phone: +51-1-99352-6473, E-Mail: investors at norsemont.com; Patrick Evans, CEO, Norsemont Mining Inc, Phone: +1-416-670-5114