Augusta Resource Corporation (TSXV: ARS)
(“Augusta” or the “Company”) is pleased to announce initial drill
results from 3 holes of the current 30 hole 20,000 metre program at the
Rosemont Copper Molybdenum Project in Arizona. The current diamond drill
program is designed as in- fill of inferred resources and step out
expansion.
Highlights include 190.5 m at 0.51% Cu, 140.21m at 1.32% Cu, 111.25m at 0.82% Cu and 163m at 0.72% Cu.
| Drill Holes |
From(m) |
To(m) |
Interval(m) |
Cu% |
Mo% |
Ag (g/t) |
| AR-2015 |
260.60 |
451.10 |
190.50 |
0.51 |
0.014 |
5.3 |
| AR-2015 |
505.97 |
576.07 |
70.10 |
0.66 |
0.024 |
9.9 |
| AR-2015 |
605.03 |
620.27 |
15.24 |
1.28 |
0.018 |
20.3 |
| AR-2016 |
236.22 |
376.43 |
140.21 |
1.32 |
0.015 |
8.6 |
| AR-2017 |
0.00 |
15.24 |
15.24 |
0.26 |
N/A* |
N/A* |
| AR-2017 |
27.43 |
105.16 |
77.73 |
0.50 |
N/A* |
N/A* |
| AR-2017 |
243.84 |
355.09 |
111.25 |
0.82 |
0.021 |
5.0 |
| AR-2017 |
473.96 |
573.94 |
99.98 |
0.40 |
0.037 |
4.8 |
| AR-2021 |
6.09 |
16.76 |
10.67 |
0.38 |
N/A* |
N/A* |
| AR-2021 |
88.36 |
100.58 |
12.22 |
0.32 |
N/A* |
N/A* |
| AR-2021 |
271.27 |
434.34 |
163.07 |
0.72 |
0.014 |
5.1 |
* No Assay – Oxide Portion
The company has 5 drill rigs active on
the property. The current program is expected to be completed by the end
of September. “We are very pleased with the initial results. They
demonstrate the quality and consistency of the deposit and make
excellent progress towards increasing the copper resource”, says Mike
Clarke, Vice President Exploration for Augusta.
Qualified Person
These drill results have been prepared
under the guidance and supervision of Mike Clarke, Vice President
Exploration for Augusta. Dr. Clarke, who is the designated Qualified
Person, has a Ph.D. in Geology, over thirty years of international
industry experience and the ability and authority to verify the data
herein.
ABOUT AUGUSTA RESOURCE CORPORATION -
Augusta 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.