TORONTO,
Nov. 16, 2012 /PRNewswire/ -
Augusta Resource Corporation (TSX: AZC) (NYSE: AZC)
("Augusta" or "the Company") announces a permitting update on its
Rosemont Copper project following an information session held today
by the U.S. Forest Service (USFS).
The USFS has indicated that the permitting
process is approximately 90% complete and three major items need to
be completed for the last milestone which is the issuance of the
final Environmental Impact Statement (EIS) and Record of Decision
(ROD). The three items include: the consultation with the
U.S. Fish and Wildlife Service which is nearing completion; the
consultation with tribes and the State Historic Preservation Office
of which the draft Memorandum of Agreement is under review; and, an
update of air quality models which will be submitted this
month. With the issuance of the final Air Quality Permit by
the Arizona Department of Environmental Quality (ADEQ), which is
expected by the end of 2012, Rosemont will be deemed to be in compliance
with the required federal and state air regulations.
Augusta has reviewed the work that still needs
to be completed with the USFS, and expects that the process for the
issuance of the final EIS and ROD can be concluded within 60 to 120
days.
In addition, the issuance of the Army Corps of
Engineers (ACOE) section 404 permit is also required for the
construction and operation of Rosemont. The 404 permit can be done
concurrently or subsequently to the final EIS and ROD.
Gil Clausen,
Augusta's President and CEO said, "The USFS has been working
diligently and we are confident that as we are near completion,
they will continue to manage the process closely so all permits
required will be received in the first quarter of next year.
We are also pleased to see the USFS referring to working towards
the issuance of Rosemont's final
EIS, thereby mitigating any belief that a supplemental report is
required."
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 would account for about 10% of US copper output once
in production (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, propels
Augusta to becoming a solid mid-tier copper producer. The Company
trades on the Toronto Stock Exchange and the NYSE MKT under the
symbol AZC.
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: expectations surrounding, short term
financing, future project financings or refinancing; the Company's
plans at the Rosemont Project including timing for final permits
and construction; 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 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 19, 2012. 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.
SOURCE Augusta Resource Corporation