|By PR Newswire||
|November 16, 2012 09:55 PM EST||
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."
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
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