NORSEMONT MINING ANNOUNCES BOUGHT-DEAL FINANCING

November 1, 2007

VANCOUVER and LIMA, Peru, November 1, 2007: --- Norsemont Mining Inc. (“Norsemont”, the “Company”) today announced the Company has entered into an agreement with a syndicate of underwriters led by Paradigm Capital Inc. (the “Underwriters”) pursuant to which the Underwriters have agreed to buy on a private placement basis 5,400,000 special warrants from Norsemont for resale to accredited investors at a price of $2.90 per special warrant, representing an aggregate issue amount of $15,660,000.

Each special warrant shall be exercisable at no additional cost for one unit of Norsemont until 5:00 p.m. (Vancouver time) on the earlier of (i) the date which is five business days following the issuance of a decision document for a final prospectus qualifying the units underlying the special warrants and (ii) the date which is four months and one day following the closing of the offering. Each unit shall consist of one common share of Norsemont and one-half of one common share purchase warrant. Each whole warrant shall be exercisable for one common share at an exercise price of $3.50 per share for a period of 24 months following closing of the offering. Norsemont has agreed to use its best efforts to file and clear a prospectus qualifying the units as soon as practicable and, in any event, within 30 days following the closing of the offering.

Norsemont has also granted the Underwriters an option (the “Underwriters’ Option”), exercisable in whole or in part at any time prior to 24 hours before the closing of the offering, to purchase for resale to accredited investors an additional 810,000 special warrants for additional gross proceeds of up to $2,349,000. The special warrants issued as part of the offering will be subject to a 4 month statutory hold period from the date of closing. Closing is expected to occur on or about November 15, 2007. The offering is subject to stock exchange and other regulatory approval.

The net proceeds of the offering will be used for the continued development of the company’s Constancia copper/molybdenum/silver project in Peru and for general corporate purposes.

About Norsemont

Norsemont Mining is a Canadian mineral exploration and development company focused on the Constancia copper/molybdenum/silver project in southern Peru, which has been optioned from Rio Tinto Plc.

FOR FURTHER INFORMATION PLEASE CONTACT:

Patrick Evans
Tel: (416) 670-5114
E-Mail: investors@norsemont.com
www.norsemont.com

Cautionary Notice
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons unless registered under the U.S. Securities Act or an exemption from such registration is available.

This News Release contains certain forward-looking statements regarding Norsemont's proposed equity offering and its proposed use of proceeds of the offering, including statements of the Company's plans, objectives, strategies, expectations and intentions, that involve risks and uncertainties. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Actual results, performance, achievements and developments may differ materially from those contemplated by these statements depending on, among others, the risks that Norsemont will not be able to obtain the required regulatory approval for the offering, may be unable to deploy the proceeds in the manner currently planned, the proceeds may not be sufficient to carry out Norsemont’s plans, and other risk factors listed from time to time in Norsemont’s reports filed with applicable Canadian securities regulatory authorities. The forward looking statements included in this News Release represent Norsemont's views as of the date of this News Release. While Norsemont anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing its views as of any date subsequent to the date of this News Release. All subsequent written and oral forward looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice. The TSX does not accept responsibility for the adequacy or accuracy of this release.