Denver, CO, June 1, 2011 – Augusta Resource Corporation (TSX/NYSE Amex: AZC)
(“Augusta” or the “Company”) announces that printed and electronic
copies of the preliminary draft Environment Impact Statement ("EIS")
have been delivered by the Coronado National Forest to the State of
Arizona and local Cooperating Agencies for final review. The Cooperating
Agencies have been mandated with 30 days to provide their final
comments on the draft EIS as part of the federal government National
Environmental Policy Act (“NEPA”) process. This is in line with the U.S.
Forest Service’s (“USFS”) previously announced schedule guidance of
August 2011 for the draft EIS to be available for public comment under
NEPA regulations.
The Record of Decision (“ROD”) for the
Rosemont Copper project appears on track for January 2012 and in-line
with previous USFS guidance allowing for a 90 day public comment period
after the publication of the draft EIS in August 2011.
“With the preliminary draft EIS now
delivered to the cooperating agencies we are one major step closer to
the ROD,” said Gil Clausen, Augusta’s president and CEO. “We are pleased
with the progress the USFS has been able to attain in the past several
months and expect that they will be able to meet their objective for
releasing the draft EIS to the public this August.”
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 2013 (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.
Contact Information
Augusta Resource Corporation
Letitia Cornacchia, Vice President,
Investor Relations and Corporate Communications
Tel: (416) 860 6310
Email: lcornacchia@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 29, 2011. 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.