Augusta Updates Permitting Schedule for Rosemont Copper Project
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 http://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 http://www.augustaresource.com/or contact:
Meghan Brown, Investor Relations Manager
tel 604 638 2002
email mbrown@augustaresource.com
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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.
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