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Last updated on April 19, 2014 at 9:20 EDT

Augusta Resource Provides Rosemont Permitting Update

November 17, 2012

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


Source: PR Newswire