Norsemont Mining Inc. New Corporate Update
NORSEMONT MINING INC.
Suite 610, 700 West Pender Street
Vancouver, BC, V6C 1G8
Phone: (778) 240-7724
NEWS RELEASE
NORSEMONT PROVIDES CORPORATE UPDATE AND CLARIFIES INFORMATION REGARDING ITS
CHOQUELIMPIE GOLD-SILVER-COPPER PROJECT
Vancouver, B.C. – TheNewswire – July 28th, 2025 – Norsemont Mining Inc. (CSE: NOM, OTC: NRRSF, FWB: LXZ1)
(“Norsemont” or the “ Company”) is pleased to provide this corporate update and to clarify project information in
response to recent social media commentary with respect to its Choquelimpie gold -silver-copper project
(the “Project”) in northern Chile. Such clarification is provided to ensure stakeholders and the public have accurate
information regarding the Project. While the Company welcomes public interest and dialogue, management believes
that some of the statements circulating online are either misleading, inaccurate or mal igned. This release will
reference verified data from the Company’s Technical Report (as defined below) and will outline the legal and
environmental framework under which it operates.
The Company intends to advance the P roject through further resource exploration for gold oxide and sulfide
mineralization and the recognized copper porphyry potential identified on the Project as described in the Technical
Report. As well, the Company anticipates providing an update on its upcoming drilling and exploration activities this
quarter.
1. Latest Metallurgical Results
The latest metallurgical results for the Project are set out in Section 13 (Mineral Processing and Metallurgical Testing)
of the Technical Report. Metallurgical results for bottle roll leach testing (2005) to determine the amenability of
resources for heap leaching indicate gold recovery in the range of 33.0 to 89.8%. The variance in recoveries is
primarily a reflection of the variance in the amount of sulfides in each sample. Historical heap leach operations
(1988–1992) recovered about 400,000 ounces of gold and 2.1 million ounces of silver. Recoveries varied but were
generally within a range of 75–80% for gold recoveries and of 20–45% for silver recoveries.
In the near term, the Company plans to prioritize expanding its oxide gold resources, conducting additional heap
leach metallurgical testing, and auditing the existing heap leach infrastructure to identify necessary upgrades for
putting the Project back into production.
In addition, substantial sulfide resources have been delineated , which management believes w ill provide the
opportunity to grow the initial resource.
2. The Project Operates Within the Las Vicuñas National Reserve
The Company is aware of reports stating that the Project is located within the Las Vicuñas National Reserve. This is
correct and is addressed in the independent National Instrument 43 -101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) technical report for the Project (the “Technical Report”).
The Project operates entirely within the boundaries of the Las Vicuñas National Reserve, a protected area designated
for scientific interest and biodiversity conservation. Despite this, mining and exploration activities are legally
permitted due to specific governmental authorizations granted through presidential decrees. The Project holds two
key permits: an exploitation permit and an exploration permit. The exploitation permit was granted by Supreme
Decree No. 129 of 1983 from the Ministry of Agriculture and further reinforced by Presidential Supreme Decree No.
36 in 1988. This decree authorized mining operations over an area of 417 hectares. Additionally, the exploration
permit was granted by Presidential Supreme Decree No. 62 in 1996, covering an adjacent 650- hectare area. This
permit allows for exploration activities. Processing activities were actively conducted in the early 1990’s under the
authorization granted by these decrees. As of today (2025) the status of the permission issued under the decrees
has not changed.
To date , the Company has conducted two exploration drill campaigns , a geophysical survey, and sampling and
mapping programs within the Project area.
These permits remain valid and are essential for the Project’s continued operation within the reserve. The Technical
Report confirms that there are no superimposed third- party concessions , and all required fees to maintain the
concessions are current. Furthermore, while much of the concession area overlaps with private property, contracts
are in place to ensure lawful entry and use. This regulatory framework underscores the Project’s unique position as
a potential mining operation functioning within a protected natural area under strict legal oversight.
3. Community Support
The Project has established a positive presence in the region, operating with consideration for the local population
and cultural context. While the area is sparsely populated, the Project maintains respectful relationships with nearby
residents and landho lders. Contracts are in place for privately held lands within the concession area, reflecting a
collaborative approach to land use. The Project’s continued operation within a protected reserve and near local
settlements evidences an ongoing commitment to regulatory compliance and social responsibility. As development
progresses, maintaining positive, open communication and fostering mutual understanding with local stakeholders
will remain a priority.
CEO Comment
“I am deeply disappointed by the malicious and false information campaign that has unfortunately created confusion
amongst our investors. However, this news clarifies the facts, highlights the strong fundamentals of our robust
Project, and puts an end to the unfounded and inaccurate rumors being spread. With the continued support of our
community and the government, we look forward to advancing Choquelimpie through further drilling of several
higher-grade gold zones, testing for the copper porphyry and progressing our mined stockpiles toward production.
We sincerely thank our many stakeholders for their ongoing support,” said Marc Levy, CEO of Norsemont.
Technical Report
The Technical Report titled “ NI 43- 101 Technical Report for the Choquelimpie Au- Ag Project, Region 1, Chile” is
effective dated March 31, 2025, and was prepared in compliance with NI 43 -101 by Scott E. Wilson, SME-RM, CPG.,
who is a “qualified person” as defined by NI 43 -101. The Technical Report is available under the Company’s profile
on SEDAR+ and on the Company’s website at www.norsemont.com.
Qualified Person
Daniel W. Kappes, a consulting metallurgist and President of Kappes, Cassiday & Associates, and a Qualified Person
as such term is defined under NI43- 101, has reviewed and approved the scientific and technical information
regarding cyanide leachability of the resources, in this news release (the “ Cyanide Leachability Statements ”).
Kappes, Cassiday & Associates constructed and operated a plant to heap leach the oxide material at Choquelimpie
in the 1990’s and so is very familiar with the issues discussed in this Press Release.
M r . S c o tt E . W i l s o n , C P G , a consulting geologist and President of Resource Development Associates Inc., and a
Qualified Person as such term is defined under NI43- 101, has reviewed and approved the scientific and technical
information in this news release other than the Cyanide Leachability Statements that were reviewed and approved
by Daniel W. Kappes.
About Norsemont Mining
The Norsemont team comprises experienced natural resource professionals focused on growing shareholder value
and developing its flagship project through to bankable feasibility, with an initial MRE of 2,184,000 indicated AuEq
ounces and 557,000 inferred AuEq ounces for its Choquelimpie Au -Ag-Cu Project. Norsemont Mining owns a 100%
interest in the Choquelimpie gold-silver-copper project in northern Chile, a previously permitted gold and silver mine
with significant exploration upside. Choquelimpie has over 1,710 drill holes, with significant existing infrastructure,
including roads, power, water, camp and a 3,000- tonne-per-day mill. Norsemont is committed to responsible and
sustainable resource development, leveraging modern exploration techniques to unlock further value for all
stakeholders.
On behalf of the Board of Directors,
NORSEMONT MINING INC.
Marc Levy
CEO & Chairman
Investor Relations:
Paul Searle (778) 240-7724
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 the information
contained herein.
Cautionary Statement on Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-
looking statements”) within the meaning of applicable Canadian securities legislation. Forward -looking statements
relate to future events or the anticipated performance of Norsemont and reflect management’s current expectations
or beliefs regarding such future events and performance. All statements, other than statements of historical fact,
are forward-looking statements.
Forward-looking statements in this release include, but are not limited to, statements with respect to: the potential
advancement and development of the Project; the Company’s plans to undertake additional drilling, metallurgical
testing, and economic studies; and the potential to expand or upgrade current mineral resources. Forward- looking
statements also include statements regarding the overall potential of the Project and the Company’s ability to create
shareholder value through exploration and development.
These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results
or events to differ materially from those anticipated in such forward -looking statements. Such risks include but are
not limited to: uncertainties related to exploration and development; the ability to obtain necessary permits and
approvals in Chile; changes in laws, regulations, and government practices in Chile and other jurisdictions; market
conditions; commodity price volatility; availability of financing; environmental and community risks; and reliance on
key personnel and third-party contractors.
Although the Company believes the assumptions and expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that these expectations will prove to be correct. Forward-looking statements
are provided for the purpose of assisting investors and others in understanding the Company’s expected plans and
objectives and may not be appropriate for other purposes. The Company undertakes no obligation to update
forward-looking statements except as required by applicable securit ies laws.
Cautionary Statement on Mineral Resources
Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of
mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or
other relevant issues. In pa rticular, the quantity and grade of reported inferred mineral resources are uncertain in
nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured
mineral resource in all cases. It is uncertain in a ll cases whether further exploration will result in upgrading the
inferred mineral resources to an indicated or measured mineral resource category.