Vancouver, B.C, June 1, 2010 – Augusta Resource Corporation (TSX/NYSE Amex: AZC)
(“Augusta” or “the Company”) announces that its wholly owned
subsidiary, Rosemont Copper Company, has signed an amendment to the
Memorandum of Understanding with the Coronado National Forest which
anticipates the Draft Environmental Impact Statement (DEIS) for the
Rosemont Copper project will be released and public comment will
commence in the fourth quarter of 2010. Public hearings are anticipated
to occur in the first quarter of 2011.
This follows an April 30, 2010 statement
from the Coronado National Forest that the DEIS would be delayed in
order to complete an additional plant study and additional groundwater
modeling of development plan alternatives.
This adjustment to the DEIS schedule is
necessary to allow the Forest Interdisciplinary Team and its third party
contractors to produce a complete and comprehensive evaluation.
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
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 Annual Information Form dated
March 25, 2010. 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.