VANCOUVER, B.C., October 19, 2009 - Augusta Resource Corporation (TSX/NYSE Amex: AZC)
(“Augusta” or “the Company”) has been
advised by the United States Forest Service (USFS) Coronado National
Forest of a delay in the release of the Draft Environmental Impact
Statement (DEIS) for the Rosemont Copper project. The DEIS is being
prepared by the USFS and their third party contractor SWCA Consultants.
Augusta and the Coronado National Forest
have a signed Memorandum of Understanding that governs their respective
responsibilities to provide an administratively complete and
technically thorough DEIS.
On October 16, 2009 the Forest Service
NEPA contractor (SWCA) provided an initial draft Rosemont DEIS and
schedule recommendation to complete the alternatives analysis of the
DEIS in a manner suitable for publication and comment. Based on
information available at that time, SWCA provided a revised project
schedule that showed an approach to complete the Draft EIS within three
months of the previously scheduled November 2009 DEIS.
Augusta President and CEO Gil Clausen
said: "This delay reflects the USFS's need for more time to assess the
scope of work, which will ultimately facilitate a more thorough and
comprehensive review. It has been our intent from the start to ensure
the process is as inclusive and diligent as possible. This delay does
not affect the project in any way other than this adjustment in
schedule."
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 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 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: the Company’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 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: 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 the Company’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. The Company
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.