Norsemont Closes $1.5 Million Private Placement

NORSEMONT MINING INC.

Suite 610, 700 West Pender Street

Vancouver, BC, V6C 1G8

Phone: 604-669-9788

NEWS RELEASE

NORSEMONT CLOSES $1.5 MILLION PRIVATE PLACEMENT

Vancouver, B.C., September 30, 2020 – Norsemont Mining Inc. (CSE:NOM, OTCQB:NRRSF, FWB:LXZ1) ("Norsemont" or the

"Company") is pleased to announce that it has closed the first tranche of its non-brokered private placement (the

“Offering”). A total of 942,715 units (each, a “ Unit”) will be issued at a price of $1.60 per Unit for gross proceeds of

$1,508,344. Each Unit consists of one common share in the capital of the Company (each, a “ Share”) and one transferable

common share purchase warrant (each, a “Warrant”).

Each Warrant entitles the holder thereof to acquire one Share (each, a “ Warrant Share”) at a price of $2.50 per Warrant

Share until 5:00 p.m. (Vancouver time) on the date that is twelve (12) month following the Closing Date, subject to an

acceleration provision whereby if the Shares trade at a price on the Canadian Securities Exchange (or such other exchange

on which the Shares may be traded at such time) (the “Exchange”) of $3.25 or greater per Share for a period of 10

consecutive trading days after four months and one day from the closing of the Offering (the “ Closing”), the Company may

accelerate the expiry of the Warrants by giving notice to the holders thereof (by disseminating a news release advising of

the acceleration of the expiry date of Warrants) and, in such case, the Warrants will expire on the 31st day after the date of

such notice.

The net p roceeds from the Offering will be used to fund the Company’s upcoming work program on the Choquelimpie

gold/silver project in Northern Chile and general working capital.

In connection with the Offering, t he Company shall pay to certain eligible persons, finders’ fees of $103,320, being 7% of

the gross proceeds of the Offering raised from subscribers introduced by the finders to the Company.

All securities to be issued under the Offering will be subject to a four month and one day hold period in accordanc e with

applicable Canadian securities laws.

The Offering is being conducted pursuant to available prospectus exemptions including sales to accredited investors

worldwide (Canadian, US and Foreign residents) , family, friends and business associates of dir ectors and officers of the

Company and to purchasers who have obtained advice from a registered investment dealer pursuant to the exemption set

out in BC Instrument 45 -536 (Exemption from Prospectus Requirement for Certain Distributions through an Investment

Dealer) (the “Investment Dealer Exemption”).

The securities to be issued pursuant to the Offering have not been and will not be registered under the United States

Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws, and may not be offered or sold within the

United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless

registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is

available. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

On behalf of the Board of Directors,

NORSEMONT MINING INC.

Marc Levy

CEO

For more information, please contact the Company at:

Telephone: (604) 669-9788; Facsimile: (604) 669-9768

Forward-Looking Statements:

This news release contains forward -looking statements and forward -looking information (collectively, "forward -looking

statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely

historical are forward -looking statements and include statements regarding beliefs, plans, expectations and orientations

regarding the future including, without limitation, the intended use of proceeds of the Private Placement. Although the

Company believes that such statements are reasonable and reflect expectations of future developments and other factors

which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will

prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects",

"anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such

words and phrases and similar exp ressions, which, by their nature, refer to future events or results that may, could, would,

might or will occur or be taken or achieved. In making the forward -looking statements in this news release, the Company

has applied several material assumptions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual

results, performance or achievements of the Company to differ materially from any future results, performance or

achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of

the Company to execute its proposed business plan, and carry out planned future activities. The novel coronavirus and

COVID-19 pose new risks that are cu rrently indescribable and immeasurable. Other factors may also adversely affect the

future results or performance of the Company, including general economic, market or business conditions, the future price

of gold, changes in the financial markets and in the demand for gold, changes in laws, regulations and policies affecting the

mineral exploration industry, as well as the risks and uncertainties which are more fully described in the Company's annual

and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities

regulatory authorities under the Company's profile at www.sedar.com. Readers are cautioned that forward -looking

statements are not guarantees of future performance or events and, accordingly, a re cautioned not to put undue reliance

on forward-looking statements due to the inherent uncertainty of such statements.

These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the

Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could

differ from those projected in these forward-looking statements.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange,

securities commission or other regulatory authority has approved or disapproved t he information contained herein.

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES .