Denver, CO, November 20, 2009 – Augusta Resource Corporation (TSX/NYSE Amex: AZC) (“Augusta”
or “the Company”) has been advised by the United States Forest Service
(USFS) of the new timeline for completion of the Draft Environmental
Impact Statement (DEIS) and the final Record of Decision (ROD) for the
Rosemont copper project.
The DEIS is expected to be released to
the public early in the second quarter of 2010, followed immediately by a
series of public meetings and a comment period. The ROD is expected in
the fourth quarter of 2010. These new dates are outlined in an updated
memorandum of understanding signed this week between Augusta's 100%-
owned subsidiary Rosemont Copper Company and the USFS.
Jamie Sturgess, Augusta Vice-President
Sustainable Development said: “This is a very complex and important
project and we appreciate the amount of diligence the USFS has
undertaken in its analysis. Our goal is to make the Rosemont project the
best it can possibly be – a model not only for Arizona but for the
industry. The Company will continue to implement our project financing
strategy in anticipation of permits late next year.”
About Augusta
Augusta is a base metals company focused
on advancing the Rosemont copper deposit near Tucson, Arizona. Rosemont
hosts a large copper/molybdenum reserve that may account for about 10%
of US copper output once in production in 2012 (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. 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
Some of the statements made and
information contained herein may contain forward-looking statements
within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the meaning of
applicable Canadian securities laws. Such forward-looking statements
and forward-looking information include, but are not limited to
statements concerning:
Augusta’s plans at the Rosemont
project; estimated production; and capital and operating and cash flow
estimates. Forward-looking statements or information include statements
regarding the expectations and beliefs of management. Often, but not
always, forward- looking statements and forward-looking information can
be identified by the use of words such as plans, expects, is expected, budget, scheduled, estimates, forecasts, intends, anticipates, or believes or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be
taken, occur or be achieved. 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, 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: history of losses;
requirements for additional capital; dilution; loss of its material
properties; interest rates increase; global economy; no history of
production; speculative nature of exploration activities; periodic
interruptions to exploration, development and mining activities;
environmental hazards and liability; industrial accidents; failure of
processing and mining equipment; labour disputes; supply problems;
commodity price fluctuations; uncertainty of production and cost
estimates; the interpretation of drill results and the estimation of
mineral resources and reserves; legal and regulatory proceedings and
community actions; title matters; regulatory restrictions; permitting
and licensing; volatility of the market price of common shares;
insurance; competition; hedging activities; currency fluctuations; loss
of key employees; as well as those factors discussed in the section
entitled Risk Factors in
Augusta’s prospectus dated August 17, 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 or information. Accordingly, readers are
advised not to place undue reliance on forward-looking statements or
information. Augusta disclaims any intent or obligation to update
forward- looking statements or information except as required by law,
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.