VANCOUVER, BC, November 25, 2008 - Augusta Resource Corporation (TSX/AMEX: AZC) (“Augusta”
or the “Company”) is pleased to announce the appointment of Mr.
Raghunath (Raghu) Reddy to the position of Chief Financial Officer,
effective December 1, 2008. Mr. Reddy has served as the Vice-President,
Finance with the Company for the past year, and has more than 26 years
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. Mr. Reddy replaces Mr. Bruce
Nicol, who has held the position since 2006 and has resigned effective
December 1, 2008 to pursue other interests. Augusta wishes to thank Mr.
Nicol for his service and dedication to the company and its
shareholders, and wishes him well in his future endeavours.
In addition, Tracey Brix-Nielsen has
been appointed Treasurer of the Company. Ms. Brix-Nielsen has been
Augusta’s Corporate Controller since August 2006 and will now fill both
roles. Ms. Brix-Nielsen has extensive financial experience in the
resource industry, spending nearly 15 years working in increasingly
senior positions with Teck Cominco, including Manager, Financial
Reporting and Assistant Controller. Prior to joining Augusta, Ms. Brix-
Nielsen worked for Placer Dome as the Manager of Corporate Accounting.
She holds a Masters degree in Financial Management and is a Certified
Management Accountant.
Augusta is also pleased to announce the
promotion of Mr. Mark Stevens to the position of Vice-President,
Exploration. Mr. Stevens has been with the Company for two years as
Chief Geologist and has more than 27 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 in Denver,
Colorado. Mr. Stevens holds a Bachelor Degree of Science in Geology from
Colorado State University, and a Masters of Science in Geology from the
University of Utah. His experience is well suited to enhancing
Augusta’s Rosemont project development, ongoing property exploration and
strategic exploration objectives. Mr. Stevens replaces Dr. Michael
Clarke, who is leaving to continue his past work in global grass roots
exploration programs. Augusta takes this opportunity to sincerely thank
Dr. Clarke for his significant contributions to the Company over the
past few years.
Finally, Ms. Meghan Brown has been
appointed to the position of Manager, Investor Relations and Corporate
Communications, replacing Marlo Hamer-Jackson who is taking a one-year
maternity leave. Meghan has more than 15 years experience in
communications and investor relations in the mining and energy sectors,
and has worked with a wide range of small to large cap companies
including Suncor, TransCanada, Placer Dome, Southwestern Resources, Lake
Shore Gold, and recently Zincore Metals. Meghan has a Bachelor of Arts
from UBC and an MBA from Queen’s University.
ABOUT AUGUSTA RESOURCE CORPORATION -
Augusta is a base metals company focused on advancing the Rosemont
Copper deposit located near Tucson, Arizona. Rosemont currently hosts a
large copper/molybdenum reserve that may account for about 10% of US
copper output once in production in 2011 (refer to Augusta’s website for
further details). The exceptional experience and strength of our
management team, combined with the developed infrastructure and robust
economics of this project, will propel Augusta to become a solid
mid-tier copper producer within the next three years. The company is
traded on the NYSE Alternext US (formerly 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 & 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 4, 2008. 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.