Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

NORSEMAN GOLD PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

YES 

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

NO 

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

 -

An event changing the breakdown of voting rights

NO 

Other (please specify):

NO 

3. Full name of person(s) subject to the notification obligation:

 SPROTT ASSET MANAGEMENT LP

4. Full name of shareholder(s) (if different from 3.):

 REFER TO SECTION 9

5. Date of the transaction and date on which the threshold is crossed or reached:

 MAY 28, 2009

6. Date on which issuer notified:

 JUNE 1, 2009

7. Threshold(s) that is/are crossed or reached:

 INCREASE FROM 7.8% TO 9.4%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

 11,900,000

 11,900,000

 14,250,000

 14,250,000

 9.4%

ORDINARY SHARES 

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

 N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/ Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 11,900,000

 9.4%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Sprott Asset Management is the portfolio manager acting on behalf of Sprott Canadian Equity Fund, Sprott Bull/Bear RSP Fund, Sprott Hedge Fund LP., Sprott Hedge Fund LP., Sprott Master Fund Ltd., Sprott Master Fund II Ltd., and the Sprott Managed Accounts.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

 MAGGIE TANG

15. Contact telephone number:

1-416-943-4072

[email protected]