Norsemont Mining Inc.

 

NORSEMONT MINING I COM NPV
(Toronto: NOM.TO)

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Norsemont Mining Drills 242.5 gpt Gold at Constancia

* High grade gold intercepts including 3 metres @ 242.5 gpt Au
* Additional High Grade Cu-Au-Mo at Pampacancha: 75.25 m @ 1.84% Cu Eq
* First Mine Permitting and Optimisation Studies on track

Share Issued and Outstanding: 82,243,000
 

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ständiger Kaufdruck


NOM TSX $2.74 +0.36 +15.13% 2.69(30) 2.73(170) 2.74 2.44 2.44 vol 1,262,862

was Einer meint: (Stockhouseboard)

Zitat:

My calculation is based on a conservative 5 billion lbs of copper at $4 a lb= $20 billion total revenue( and it could be more if copper is in deficit for the next 10 years as some are forecasting). Take off $1 billion to build the mine and take off mining costs of $1 per lb. This gives before tax profit of $14 billion. then deduct taxes of say 50% leaves some $7billion of after tax profit. And with 113 million shares this results in over $60 per share for the shareholders. I am curious what others think? Personally I would be ecstatic for $30 per share!!

 

 

Norsemont Mining Drills 242.5 gpt Gold at Constancia

 

• High grade gold intercepts including 3 metres @ 242.5 gpt Au
• Additional High Grade Cu-Au-Mo at Pampacancha: 75.25 m @ 1.84% Cu Eq
• First Mine Permitting and Optimisation Studies on track

Share Issued and Outstanding: 82,243,000               
TSX: NOM
BVL: NOM

TORONTO, Ontario and LIMA, Peru, Oct. 12 /CNW/ -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 k
ilometres 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, which is measured and methodical, is progressing well with the latest drill results indicating the potential for bonanza gold mineralisation at our Chilloroya South "Target 1" and high grade Cu-Au mineralisation in skarn at another Chilloroya South prospect, "Target 3". Drilling at Chilloroya South has confirmed a very large porphyry style copper-gold system, which requires further analysis. Included in our plans for further investigation is the commencement next month of a Titan 24 geophysical survey to be carried out by Quantec Geophysics. This state of the art, multi-channel and multi dimensional system will be able to assist us with the deeper targeting."

At Chilloroya South, the Phase 1 drill program has tested five targets with 7,609.35 metres of drilling, which has shown high levels of porphyry copper-gold mineralisation. Two of the five targets have now been selected for Phase 2 follow-up drilling. At "Target 1", two holes reported high grade gold intercepts in a broad 20 to 30 metre correlated zones across four reverse circulation holes over an initial 500 metre N-S strike length, with skarns extending on surface for about 400 metres in an E-W direction. High grade intercepts include hole SR-10-013 which returned a bonanza grade intercept of 3 metres assaying 242.5 gpt Au (from 136 to 139m) within an 18 metre zone of mineralised skarn carrying highly anomalous gold from 130 to 148 metres depth. Hole SR-10-010 returned 84 metres of mineralised skarn (from 52 to 136m) averaging 0.52 gpt Au, including 3 metres assaying 7.1 gpt Au from 76 to 79m depth. These two holes are approximately 165 metres apart and present a new high grade to bonanza grade gold exploration target.

At our "Target 3", high grade copper-gold mineralisation was intercepted in skarn mineralisation adjacent to a potassically altered porphyrytic diorite in hole SO-10-008, where 31.60 metres (from 251.75 to 283.35m) returned 0.72% Cu, 0.29 gpt Au, and 6 gpt Ag (0.98 Cu-Eq). Immediate follow-up is underway.

The Company also announced results from ongoing exploration drilling at the highly prospective Pampacancha discovery, where 7,152 metres of drilling has been completed. Pampacancha is located approximately 2.5 kilometres south-east of Constancia's Phase 1 Mine and has reported further high grade intercepts from the current drill program. Hole PO-10-017 returned 75.25 metres (from 116 to 191.25m) with 0.94% Cu, 412 ppm Mo and 0.94 gpt Au (1.84% Cu-Eq). Hole PO-10-019 intersected 68.95 metres (from 124.45 to 193.40m) assaying 1.05% Cu, 439 ppm Mo, 7.58 gpt Ag, and 0.70 gpt Au (1.82% Cu-Eq).

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

	HOLE_ID		Int	From	To	COG	Cu%	Mo ppm	Ag gpt	Au gpt	Pb ppm	Zn ppm	CuEq%
Chilloroya	SO-10-008		31.60	251.75	283.35	0.2	0.72	65	6.00	0.29	18	141	0.98
SR-10-010		84.00	52.00	136.00		0.05	1	1.56	0.52	81	249
including	3.00	76.00	79.00		0.03	1	0.60	7.10	280	313
SR-10-013		3.00	136.00	139.00		0.02	1	19.10	242.56	134	375
Pampacancha	PR-10-015		37.35	16.90	54.25		0.07	395	0.53	0.03	24	210
	18.00	62.00	80.00		0.12	205	1.62	0.21	128	481
	77.60	104.00	181.60	0.20	0.30	330	3.01	0.18	305	2,190	0.65
including	11.65	114.35	126.00		0.05	1,437	2.33	0.13	342	583
PO-10-016		50.70	4.84	55.54		0.20	108	2.34	0.27	75	2,037	0.45
	31.00	149.00	180.00		0.19	187	3.43	0.18	218	372	0.45
	13.40	186.00	199.40		0.33	93	3.58	0.23	211	525
PO-10-017		75.25	116.00	191.25	0.10	0.94	412	9.56	0.94	628	1,401	1.84
PO-10-018		2.00	44.00	46.00		0.15	486	4.31	0.09	330	1,156
	1.35	160.65	162.00		0.00	3	5.10	15.08	1,171	696
	2.65	176.00	178.65		0.04	533	1.47	0.01	117	258
PO-10-019		68.95	124.45	193.40	0.20	1.05	439	7.58	0.70	495	1,114	1.82
including	41.25	146.75	188.00	0.50	1.24	502	8.60	0.69			2.04
PR-10-026		13.00	0.00	13.00	0.20	1.16	91	17.97	0.33	389	1,329	1.57
PR-10-016		22.00	0.00	22.00		0.14	61	3.41	0.62	882	1,649
	9.00	94.00	103.00		0.11	0	1.77	0.72
PR-10-017		9.00	73.00	82.00		0.02	10	1.77	1.00	174	313
PR-10-022		55.00	0.00	55.00	0.20	0.53	145	5.86	0.06	51	295	0.71

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.

Note 2: All analytical results presented are carried out by SGS-Lakefield laboratories in Lima, Peru. All appropriate QA-QC measures are adopted by both the laboratory and the company involving the use of duplicates and standards. The intercepts presented are not true widths.

Constancia Phase 1 Mine Permitting

Progress on the approval of the Environmental and Social Impact Assessment (ESIA) continues with no further observations identified by Peru's National Water Authority.  We anticipate final approval of the ESIA within the next month.

Constancia Phase 1 Mine Optimisation Study

The First Mine optimisation study is progressing well with the recent completion of the preliminary grinding circuit layout and equipment configuration to support increased throughput over the life of mine.  Also, preliminary results from the pit optimisation study using new optimisation parameters in addition to the revised mine schedule are expected in the near future.  The results from the pit optimisation and mine scheduling will support a revised Phase 1 Mine economic model, which will include the use of more robust long-term metal price assumptions. 

Commenting, Norsemont CEO Patrick Evans said: "We are pleased with the progress of the Phase 1 Mine optimisation study and look forwards to the approval of the ESIA by mid-November.  On the back of these critical milestones, Norsemont is now mobilising a mine development team with the intention of taking Constancia's Phase 1 Mine into development as expeditiously as possible. Norsemont is also currently reviewing proposals from financial consultants who are prepared to assist us in arranging the capital for the Phase 1 Mine's development. We expect to make further announcements in this regard in the near future".

****

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. All analytical results presented are carried out by SGS-Lakefield laboratories in Lima, Peru. All appropriate QA-QC measures are adopted by both the laboratory and the company involving the use of duplicates and standards.

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.
 

 

HudBay digs into Peru with Norsemont deal

It is reported that Base metals miner HudBay is reaching into copper rich Peru to revitalize its growth prospects after a series of corporate setbacks in recent years.

HudBay has struck a friendly USD 520 million cash and share deal to buy Norsemont including ownership of its flagship Constancia copper project in southern Peru a stable mining country that ranks second worldwide behind Chile in production of the widely used metal.

The deal is the first major acquisition made by Mr David Garofalo HudBay chief executive officer who was appointed in July when he became the fourth person in two years to take the helm at the Toronto-based miner. It’s also the first takeover HudBay has launched since its bid for Vancouver based Lundin Mining Corp failed in 2009.

If approved, the acquisition would give HudBay a footprint in South America, diversifying its production from its main copper and zinc operations in Manitoba where the company has also refocused its efforts in recent months.

Mr Garofalo said “It’s a significant milestone. Now that we have taken care of business in our own home camp, we can now look further outwards to diversify our portfolio.”

While HudBay said it has the support of about 35% of Norsemont shareholders to complete the deal and needs just 50% approval, analysts say other bidders could still surface as the race intensifies for what’s left of the world more accessible reserves.

Mr David Cotterell BMO Nesbitt Burns analyst said “We know that a lot of mid-cap copper companies globally are looking, they are all cashed up and have pretty strong balance sheets.”

Copper prices have been on a record run over the past few months as a result of tight supply and rising demand both from industry and investors. The metal, used in everything from power to construction is in especially high demand in rapidly industrializing countries such as China, the world’s top consumer of base metals. High demand and supply shortages have also led to increased investor demand with the launch of new copper-backed, exchange-traded funds in recent weeks.

An acquisition of Norsemont would boost HudBay copper production by 145% by 2016 and increase its reserves by 350%. Over its expected 15 year mine life, Constancia is expected to produce 172 million pounds of copper and two million pounds of molybdenum annually. Building the Constancia mine will cost about USD 1 billion which HudBay said it can do with existing cash and credit lines.

Mr Patrick Evans CEO of Norsemont said the company was approached by about 20 interested buyers  before signing the deal with HudBay, which gives shareholders a piece of the Peru copper play. He said that “We are not cashing out. Having the consideration in HudBay shares is very compelling. We have the opportunity to diversify and derisk and to participate in the success and the growth of a very exciting and up and coming Canadian mining company.”

Three of Norsemont nine board members did not approve the HudBay agreement, including two who abstained from the vote and one who voted against the proposed deal. Mr Evans said each of the three has ties to the Sentient Group an Australian private equity firm and Norsemont largest shareholder with about a 20% stake. Sentient hasn’t decided whether to support the HudBay offer.

http://steelguru.com/metals_news/...u_with_Norsemont_deal/185718.html  

Kapitalmaßnahme - Norsemont Mining Inc. Registered Shares o.N.
Umtauschangebot
Bezugsberechtigter Bestand:
ISIN (WKN) CA6565291045 (A0DQKK)
Wertpapierbezeichnung Norsemont Mining Inc. Registered Shares o.N.

Bezogener Titel
ISIN (WKN) CA4436281022 (A0DPL4)
Wertpapierbezeichnung HudBay Minerals Inc. Registered Shares o.N.
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