DENVER, CO, November 19, 2007 - Augusta Resource Corporation (TSX/AMEX: AZC) (“Augusta”
or the “Company”) is pleased to announce the appointment of Mr.
Raghunath (Raghu) Reddy as Vice-President, Finance of the Company and
its wholly-owned subsidiary Rosemont Copper Company, effective November
26, 2007. Mr. Reddy has more than 25 years of experience in the
development and financing of mining, power generation and infrastructure
projects both domestically and internationally.
Prior to joining Augusta, Mr. Reddy was
Director of Finance with Washington Group International and has held
similar positions with Peabody Mining Company and Morrison Knudsen
Corporation.
In addition to completing his Masters in
Finance from the University of Texas at San Antonio, Mr. Reddy holds a
Masters in Structural Engineering from the University of Florida and a
Bachelor of Science in Civil Engineering from the Birla Institute of
Technology in India.
Gil Clausen, President and CEO, could
not be more pleased with the timing of this appointment. “Raghu’s
significant experience in corporate and major project finance comes at a
time when Augusta will benefit the most from his considerable talents
as we fund the development of the Rosemont Copper project. The
management and Board of Directors of the Company are pleased to welcome
such a well qualified individual to fill this important role.”
ABOUT AUGUSTA RESOURCE CORPORATION -
Augusta is a mineral exploration and development company responsibly
advancing the Rosemont Copper project in Southern Arizona. The Company’s
Rosemont property is located in Pima County, approximately 50
kilometers southeast of Tucson, Arizona, and contains a potentially
world class open-pit copper/molybdenum/silver (“Cu/Mo/Ag”) deposit. With
a strong ownership profile (Harbinger Capital 19.9%; Management 18%;
Sumitomo Corporation 8.7%), solid project economics (NPV 5% $1 billion
unlevered/after tax), and proven management team, Augusta is committed
to becoming a mid-tier copper producer within the next four years. The
company is traded on the American Stock Exchange and the Toronto Stock
Exchange under the symbol AZC, and on the Frankfurt Stock Exchange under
the symbol A5R.
For additional information please visit www.augustaresource.com or contact:
ON BEHALF OF THE BOARD OF DIRECTORS
“Gil Clausen”
______________________
Gil Clausen
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Certain of the statements made and
information contained herein and in the documents incorporated by
reference may contain forward-looking statements or information within
the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking statements or information within the meaning of the Securities Act (Ontario).
Forward- looking statements or information include statements regarding
the expectations and beliefs of management. Forward looking statements
or information include, but are not limited to, statements or
information with respect to known or 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 or information.
Forward-looking statements or information 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 or
information, including, without limitation, risks and uncertainties
relating to the Company’s plans at its Rosemont Property and other
mineral properties, 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 and operations, 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, the effect of hedging activities, including
margin limits and margin calls, regulatory restrictions, including
environmental regulatory restrictions and liability, the speculative
nature of mineral exploration, dilution, competition, loss of key
employees, and other risks and uncertainties, including those described
under “Risk Factors Relating to the Company’s Business” in the Company’s
Annual Information Form dated March 1, 2007. 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 or
information. We do not expect to update forward-looking statements or
information continually as conditions change, and you are referred to
the full discussion of the Company’s business contained in the Company’s
reports filed with the securities regulatory authorities in Canada and
the United States.