TIDMNGL 
 
RNS Number : 0170W 
Norseman Gold PLC 
11 November 2010 
 
 
+------------+----------------+----------------+----------------+----------------+-----+ 
|                                              |                                       | 
+----------------------------------------------+---------------------------------------+ 
|                                              |                                       | 
+----------------------------------------------+---------------------------------------+ 
|                                                                                      | 
+--------------------------------------------------------------------------------------+ 
| TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                      | 
+--------------------------------------------------------------------------------------+ 
|                                                               |                      | 
+---------------------------------------------------------------+----------------------+ 
| 1. Identity of the issuer or the underlying issuer            | Norseman Gold PLC    | 
| of existing shares to which voting rights are                 |                      | 
| attached: ii                                                  |                      | 
+---------------------------------------------------------------+----------------------+ 
| 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                                                                       |     | 
+--------------------------------------------------------------------------------+-----+ 
| An acquisition or disposal of instruments with similar economic effect to      |     | 
| qualifying financial instruments                                               |     | 
+--------------------------------------------------------------------------------+-----+ 
| An event changing the breakdown of voting rights                               |     | 
+--------------------------------------------------------------------------------+-----+ 
| Other      |                                                                   |yes  | 
| (please    |                                                                   |     | 
| specify):  |                                                                   |     | 
+------------+-------------------------------------------------------------------+-----+ 
| 3. Full name of person(s)   | Sprott Asset Management LP                             | 
| subject to the              |                                                        | 
| notification                |                                                        | 
| obligation: iii             |                                                        | 
+-----------------------------+--------------------------------------------------------+ 
| 4. Full name of             | See Section 9                                          | 
| shareholder(s)              |                                                        | 
|  (if different from 3.):iv  |                                                        | 
+-----------------------------+--------------------------------------------------------+ 
| 5. Date of the transaction  | 25 October 2010                                        | 
| and date on                 |                                                        | 
| which the threshold is      |                                                        | 
| crossed or                  |                                                        | 
| reached: v                  |                                                        | 
+-----------------------------+--------------------------------------------------------+ 
| 6. Date on which issuer     | 8 November 2010                                        | 
| notified:                   |                                                        | 
+-----------------------------+--------------------------------------------------------+ 
| 7. Threshold(s) that is/are | From previous 12.6% to current 10.9%                   | 
| crossed or                  |                                                        | 
| reached: vi, vii            |                                                        | 
+-----------------------------+--------------------------------------------------------+ 
|            | | | | |     | 
+------------+----------------+----------------+----------------+----------------+-----+ 
 
+--------------+----------+----+-----+-------+----+----+----------+----+----+----+------------+------+---------+----+-----+-------+ 
| 8. Notified details:                                                                                                            | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| A: Voting rights attached to shares viii, ix                                                                                    | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| Class/type   | Situation previous                    | Resulting situation after the triggering                                 | 
| of           | to the triggering                     | transaction                                                              | 
| shares       | transaction                           |                                                                          | 
| if           |                                       |                                                                          | 
| possible     |                                       |                                                                          | 
| using        |                                       |                                                                          | 
| the ISIN     |                                       |                                                                          | 
| CODE         |                                       |                                                                          | 
+              +---------------------------------------+--------------------------------------------------------------------------+ 
|              | Number              | Number          | Number        | Number of            | % of  voting rights x             | 
|              | of                  | of              | of            | voting               |                                   | 
|              | Shares              | Voting          | shares        | rights               |                                   | 
|              |                     | Rights          |               |                      |                                   | 
+              +                     +                 +---------------+----------------------+-----------------------------------+ 
|              |                     |                 | Direct        | Direct  | Indirect   | Direct              | Indirect    | 
|              |                     |                 |               | xi      | xii        |                     |             | 
+--------------+---------------------+-----------------+---------------+---------+------------+---------------------+-------------+ 
| Ordinary     | 21,769,811          | 21,769,811      | 21,554,726    |         | 21,554,726 |                     | 10.9%       | 
| Shares       |                     |                 |               |         |            |                     |             | 
+--------------+                     +                 +               +         +            +                     +             + 
| GB00B2N7FW85 |                     |                 |               |         |            |                     |             | 
+--------------+---------------------+-----------------+---------------+---------+------------+---------------------+-------------+ 
|                                                                                                                                 | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| B: Qualifying Financial Instruments                                                                                             | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| Resulting situation after the triggering transaction                                                                            | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| Type of financial            | Expiration  | Exercise/                    | Number of voting                 | % of voting      | 
| instrument                   | date xiii   | Conversion Period xiv        | rights that may be               | rights           | 
|                              |             |                              | acquired if the                  |                  | 
|                              |             |                              | instrument is                    |                  | 
|                              |             |                              | exercised/                       |                  | 
|                              |             |                              | converted.                       |                  | 
+------------------------------+-------------+------------------------------+----------------------------------+------------------+ 
|                              |             |                              |                                  |                  | 
+------------------------------+-------------+------------------------------+----------------------------------+------------------+ 
|                                                                                                                                 | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| C: Financial Instruments with similar economic effect to Qualifying Financial Instruments                                       | 
| xv, xvi                                                                                                                         | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| Resulting situation after the triggering transaction                                                                            | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| Type of                 | Exercise | Expiration | Exercise/          | Number of voting            | % of voting                | 
| financial               | price    | date xvii  | Conversion         | rights instrument           | rights xix, xx             | 
| instrument              |          |            | period xviii       | refers to                   |                            | 
|                         |          |            |                    |                             |                            | 
+-------------------------+----------+------------+--------------------+-----------------------------+----------------------------+ 
|                         |          |            |                    |                             | Nominal            | Delta | 
|                         |          |            |                    |                             |                    |       | 
+                         +          +            +                    +                             +--------------------+-------+ 
|                         |          |            |                    |                             |                    |       | 
+-------------------------+----------+------------+--------------------+-----------------------------+--------------------+-------+ 
|                                                                                                                                 | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| Total (A+B+C)                                                                                                                   | 
+---------------------------------------------------------------------------------------------------------------------------------+ 
| Number of voting rights                                         | Percentage of voting rights                                   | 
+-----------------------------------------------------------------+---------------------------------------------------------------+ 
| 21,554,726                                                      | 10.9%                                                         | 
+-----------------------------------------------------------------+---------------------------------------------------------------+ 
|              |          |    |     |       |    |    |          |    |    |    |            |      |         |    |     |       | 
+--------------+----------+----+-----+-------+----+----+----------+----+----+----+------------+------+---------+----+-----+-------+ 
 
+----------------------------+-------------------------------+---------------------+ 
| 9. Chain of controlled undertakings through which the voting rights and/or the   | 
| financial instruments are effectively held, if applicable: xxi                   | 
+----------------------------------------------------------------------------------+ 
|                                                                                  | 
| Sprott Asset Management LP is the portfolio manager acting on behalf of the      | 
| Sprott Canadian Equity Fund, Sprott Gold and Precious Metal Fund, Sprott         | 
| Bull/Bear RSP Fund, Sprott Hedge Fund LP, Sprott Hedge Fund LP II, Sprott Master | 
| Fund, Ltd, Sprott Master Fund II, Ltd, and certain 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      | 1-416-943-4072                                      | 
| number:                    | mtang@sprott.com                                    | 
+----------------------------+-----------------------------------------------------+ 
|                            | |                     | 
+----------------------------+-------------------------------+---------------------+ 
 
+----------------------------+-----------------------------+ 
| Note: Annex should only be submitted to the FSA not the  | 
| issuer                                                   | 
+----------------------------------------------------------+ 
| Annex: Notification of major interests in share          | 
+----------------------------------------------------------+ 
|                                                          | 
+----------------------------------------------------------+ 
| A: Identity of the persons or legal entity subject to    | 
| the notification obligation                              | 
+----------------------------------------------------------+ 
| Full name                  |  Sprott Asset Management LP | 
| (including legal form of   |                             | 
| legal entities)            |                             | 
|                            |                             | 
+----------------------------+-----------------------------+ 
| Contact address            | 200 Bay Street, Suite 2700, | 
| (registered office for     |                   PO Box 27 | 
| legal entities)            |     Royal Bank Plaza, South | 
|                            |                      Tower, | 
|                            |  Toronto, ON Canada M5J 2J1 | 
+----------------------------+-----------------------------+ 
| Phone number & email       |                             | 
|                            |                             | 
+----------------------------+-----------------------------+ 
| Other useful information   |                             | 
| (at least legal            |                             | 
| representative for legal   |                             | 
| persons)                   |                             | 
|                            |                             | 
+----------------------------+-----------------------------+ 
|                            |                             | 
+----------------------------+-----------------------------+ 
| B: Identity of the notifier, if applicable               | 
+----------------------------------------------------------+ 
| Full name                  |                             | 
|                            |                             | 
+----------------------------+-----------------------------+ 
| Contact address            |                             | 
|                            |                             | 
+----------------------------+-----------------------------+ 
| Phone number & email       |                             | 
|                            |                             | 
+----------------------------+-----------------------------+ 
| Other useful information   |                             | 
| (e.g. functional           |                             | 
| relationship with the      |                             | 
| person or legal entity     |                             | 
| subject to the             |                             | 
| notification obligation)   |                             | 
+----------------------------+-----------------------------+ 
|                                                          | 
+----------------------------------------------------------+ 
| C: Additional information                                | 
+----------------------------------------------------------+ 
|                                                          | 
+----------------------------------------------------------+ 
| For notes on how to complete form TR-1 please see the    | 
| FSA website.                                             | 
+----------------------------+-----------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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