VANCOUVER, B.C., July 15, 2009 - Augusta Resource Corporation (TSX/NYSE Amex: AZC) (“Augusta”
or “the Company”) has received written notification from the Arizona
State Mine Inspector that the Rosemont Copper Project Mined Land
Reclamation Plan has been approved.
The Rosemont reclamation plan calls for
reclamation to begin after the first year of production and continue
concurrently throughout the life of the project. Rosemont has contracted
with the University of Arizona to study which native plants will
re-vegetate most quickly to support the habitat, and to date that work
has been limited to greenhouse research. With the approval by the Mine
Inspector of the reclamation plan, these studies can now include
construction of test plots on the site to evaluate the greenhouse
re-vegetation results into the real setting in which they will be
utilized.
Augusta President and CEO Gil Clausen
said: “Receipt of the reclamation permit is an important milestone for
our project. We can now look forward to providing all of the financial
information to assure the department and the community that reclamation
at Rosemont will be done in the most environmentally responsible way
possible.” He added that the permitting process remains on schedule.
“This approval takes us one step closer to advancing the Rosemont
project into development.”
Augusta has already received the
necessary permit for groundwater withdrawal from the Arizona Department
of Water Resources. Rosemont is committed to replacing as much available
water as possible in advance to replenish the groundwater it will use.
To date 45,000 acre-feet of water, or approximately eight years’ worth,
has been purchased from the Central Arizona Project and by the end of
2009 all will be recharged into the Tucson Active Management Area
aquifer.
Augusta continues to advance the
regulatory approval process, which is expected to be completed over the
next 12 months with Record of Decision (ROD) scheduled for July 2010.
The ROD will be issued by the Forest Service and Bureau of Land
Management for mining activities on public land and the Army Corps of
Engineers for the impact of mining activities on U.S. waters.
Economic Impact Study
On July 7, 2009 Arizona State University
published an economic impact study that concluded the Rosemont mine
will generate more than US$745 million a year in economic benefits to
Pima and Santa Cruz counties over its 20-year mine life. According to
the study, the Rosemont mine is also expected to add an average of $82
million per year during the construction phase as well as residual
benefits of $75 million annually even five years after the mine shuts
down. The study was commissioned by the Arizona Department of Mines and
Mineral Resources and was done by the
Seidman Research Institute at Arizona State University’s W.P. Carey School of Business.
About Augusta
Augusta is a base metals company focused
on advancing the Rosemont Copper deposit 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 late 2011 (for
details refer to www.augustaresource.com).
The exceptional experience and strength of Augusta’s management team,
combined with the developed infrastructure and robust economics of the
Rosemont project, will propel Augusta
to become a solid mid-tier copper producer by 2012. The Company is
traded on the Toronto Stock Exchange and the NYSE Amex under the symbol
AZC, and on the Frankfurt Stock Exchange under the symbol A5R.
For additional information please visit www.augustaresource.com or contact:
Meghan Brown
Investor Relations Manager
tel: 604 638 2002
email: mbrown@augustaresource.com
CAUTIONARY STATEMENTS 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 25, 2009. 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.