TUCSON, AZ, June 28, 2007 - In
a move to protect and preserve Southern Arizona’s water supply, Augusta
Resource Corporation (TSX/AMEX: AZC) (“Augusta” or the “Company”)
announced today that it has already stored a full two years’ worth of
water needed to operate its Rosemont Copper project within the Tucson
Active Management Area (“Tucson AMA basin”).
By the end of this year a total of
15,000 acre feet of water delivered by the Central Arizona Project
(“CAP”) is expected to be stored in the greater Tucson aquifer, bringing
the level stored for Rosemont Copper to a three-year supply.
“We have said all along that we are very
serious about environmental responsibility and we plan to develop and
operate Rosemont Copper in a way that no other mine in this country has
done before. Water conservation is one of the most important components
of our plan,” said Gil Clausen, President and CEO of Augusta. “By
purchasing and storing excess CAP water in advance of our usage, we are
not only ensuring that we won’t deplete water from Southern Arizona, we
are actually going to leave more than we will use.”
We will import 105 percent of the water
Rosemont Copper will require, leaving the Tucson AMA basin with a five-
percent net gain, Clausen explained.
In addition to Rosemont Copper’s unique
approach to supplying water, the project will employ water conservation
and recycling techniques never before implemented by an Arizona copper
mining facility. These initiatives are anticipated to yield a 50 to 60
percent reduction in water use, compared with traditional mining
practices. The details of these plans will be published shortly in the
Company’s comprehensive plan of operations and feasibility study for
Rosemont Copper.
Rosemont Copper will produce copper,
molybdenum and silver for 20 years in a remote area of Pima County west
of Highway 83. The Rosemont property has had a long history of ranching
and mining activity.
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.
Augusta has a solid asset base, proven management team, and is committed
to becoming a mid-tier copper producer within five 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.