VANCOUVER, BC, August 2, 2006 - Augusta Resource Corporation (TSXV: ARS)
(“Augusta” or the “Company”) is pleased to announce the appointment of
Mr. Lance Newman as Vice-President, Metallurgical Operations, and Mr.
Mark Stevens as Chief Project Geologist.
Mr. Newman joins Augusta after working
for more than a decade with Stillwater Mining Company, spending the last
nine years as Refinery Manager. Prior to this role, he spent a total of
eight years working in increasingly senior metallurgical and
superintendent positions with Gold Fields of South Africa. Mr. Newman
has 19 years of concentrating, smelting and refining operations
experience with several successful startups in base and precious metals
plant operations. In addition to holding a Bachelor of Science (honours)
in Chemistry from Rhodes University, Mr. Newman is also Chairman of the
Palladium Research Group and an Advisory Board Member for the Process
Plant Technology faculty at the Montana State University College of
Technology.
Mr. Stevens joins Augusta with 25 years
of technical and managerial experience in the exploration, evaluation,
and mining of base and precious metals. Prior to joining Augusta, he was
the Chief Geologist with Pincock, Allen & Holt, a consulting group
based out of Denver, Colorado. Mr. Stevens spent nearly two decades with
the company, completing more than 150 project evaluations that included
geological modeling, resource estimation, project technical studies,
due diligence reviews and audits, as well as pre-feasibility and
feasibility studies. He spent the earlier part of his career as a
Project Geologist for various firms including Getty Mining Company
(Utah), WGM Inc. (Alaska), Kennecott Corporation (Alaska) and Chevron
Resources (Denver). Mr. Stevens holds his Bachelor of Science in Geology
from Colorado State University, and his Masters of Science in Geology
from the University of Utah.
Mr. Gil Clausen, President and Chief
Executive Officer said. “Both Lance and Mark are seasoned members of the
team with proven track records in project development and operations,
with the technical know-how to deliver a major project like Rosemont.”
Augusta Resource Corporation would also
like to announce the granting of 365,000 stock options to officers and
employees of the Company at an exercise price of $1.78 per share for a
period of five years expiring on August 2, 2011.
ABOUT AUGUSTA RESOURCE CORPORATION -
Augusta Resource Corp. is a mineral exploration and development company
responsibly advancing copper and other base metal assets in the U.S.
southwest. The Company’s Rosemont Property is located in Pima County,
approximately 50 km southeast of Tucson, Arizona, and contains three
known potentially open-pit copper/molybdenum (“Cu/Mo”) deposits. The
Rosemont deposit contain 6.4 billion lbs of Cu equivalent (442,000,000
tons at 0.73% Cu equivalent) in measured and indicated resources and 1.9
billion lbs of Cu equivalent (145,000,000 tons at 0.67% Cu equivalent)
in inferred resources. Please refer to the Company’s news release dated
January 24, 2006 for further details. Augusta has additional exploration
properties in Nevada. The Company is traded on the Canadian TSX Venture
Exchange under the symbol ARS.
For additional information please visit www.augustaresource.com or contact:
ON BEHALF OF THE BOARD OF DIRECTORS
“Gil Clausen”
_________________________
Gil Clausen
President and CEO
SPECIAL NOTICE REGARDING FORWARD-LOOKING STATEMENTS
Certain of the statements made and
information contained herein and in the documents incorporated by
reference may contain “forward-looking statements” including statements
concerning the Company’s plans at its Rosemont Property, and other
mineral properties, which involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of the Company, or industry results, to be materially
different from any future results, performance or achievements expressed
or implied by such forward-looking statements. Forward-looking
statements are subject to a variety of risks and uncertainties which
could cause actual events or results to differ from those reflected in
the forward-looking statements, including, without limitation, risks and
uncertainties relating to the interpretation of drill results and the
estimation of mineral resources and reserves, the geology, grade and
continuity of mineral deposits, the possibility that future exploration,
development or mining results will not be consistent with the Company’s
expectations, metal recoveries, accidents, equipment breakdowns, title
matters, labor disputes or other unanticipated difficulties with or
interruptions in production, the potential for delays in exploration or
development activities or the completion of feasibility studies, the
inherent uncertainty of production and cost estimates and the potential
for unexpected costs and expenses, commodity price fluctuations,
currency fluctuations, failure to obtain adequate financing on a timely
basis and other risks and uncertainties, including those described under
Risk Factors Relating to the Company’s Business in the Annual
Information Form and the management’s discussion and analysis. Should
one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements. Forward- looking statements include
statements regarding the expectations and beliefs of management, the
assumed long-term price of copper and exchange rates, the estimation of
mineral reserves and resources, the realization of mineral reserve
estimates in future expected production, anticipated future capital and
operating costs, and the potential of the Company’s properties and
expectations of growth. Except as required under applicable securities
legislation, the Company undertakes no obligation to publicly update or
revise forward-looking statements, whether as a result of new
information, future events or otherwise.
The TSX Venture Exchange does not
accept responsibility for the adequacy or accuracy of this release. For
additional information, please contact the Company.