TORONTO,
May 1, 2014 /PRNewswire/ - Augusta
Resource Corporation (TSX and NYSE MKT: AZC) ("Augusta" or the
"Company") provided a permitting update today on its Rosemont
Copper Project ("Rosemont" or the "Project").
US Forest
Service (USFS): Record of Decision
The objection review process for the draft Record of Decision
("ROD") concluded on April 30,
2014. Rosemont has
been informed by the USFS that it will take additional time to
review the approximately 100 comments received and has sent notices
to each objector that the process will extend into May 2014. The USFS has said they will
strive to issue a response to the objectors without undue delay and
will provide an update on its progress and the schedule for the ROD
by the end of May 2014.
Army Corps of Engineers (ACOE): Clean Water
Act 404 Permit
Rosemont has been informed by the
ACOE that there is a shortfall between the mitigation plan proposed
in April and the mitigation needed to fully offset impacts to
waters of the U.S. associated with the Project. The process
of evaluating other permitting criteria, such as compliance with
404 guidelines, the evaluation of the public benefit, as well as a
more detailed analysis of the mitigation plan, remain to be
completed. The ACOE stated that this notification should not be
taken as an indication that a permit decision has been made and
they remain on schedule to deliver the permit decision for
Rosemont by the end of
June 2014, provided that the USFS
issues its Record of Decision prior to that date. The ACOE is
continuing to work with Rosemont
to address the ACOE's issues.
"We look forward to dialogue and details from
the Army Corps of Engineers," says Katherine Arnold, Augusta's Vice-President of
Environmental and Regulatory Affairs. "We know the impacts can be
mitigated and we will continue to work with the Federal agencies
towards a successful conclusion of the 404 and NEPA process without
undue delay."
The Company's permitting guidance has been based
on and been consistent with USFS guidance. At this time, guidance
remains unchanged until a definitive schedule for the Record of
Decision is provided by the USFS.
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 U.S.
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. Augusta's shares are listed
and posted for trading 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 the information contained in
this news release constitutes "forward-looking statements" under
United States federal securities
laws or "forward-looking information" under Canadian securities
laws. These statements and information relate to future
events and Augusta's future performance, business prospects or
opportunities, including information concerning the unsolicited
offer of HudBay and the strategic review process of Augusta, which
are subject to certain risks, uncertainties and assumptions.
Such forward-looking statements and forward-looking information
include, but are not limited to statements concerning Augusta's
plans at the Rosemont project,
including the timing for obtaining final permits, construction and
estimated production, expectations surrounding future financings
and refinancings, capital and operating cash flow estimates,
changes in market conditions, changes or disruptions in the
securities markets and market fluctuations in the prices for
Augusta's securities, the lack of any alternative transactions or
the terms and conditions of any alternative transactions not being
acceptable.
Forward-looking statements or information is
frequently, but not always, characterized by words such as "will",
"plan", "expect", "project", "intend", "believe", "anticipate",
"budget", "forecast", "schedule", "estimate" and similar
expressions, or statements that certain events or conditions "may",
"should", "could", "might" or "will" occur. The
forward-looking statements or information contained in this news
release is based on the reasonable expectations and beliefs of
management and involves numerous assumptions, known and unknown
risks and uncertainties, both general and specific to Augusta and
the industry in which the Company operates. Such assumptions,
risks and uncertainties include, but are not limited to Augusta's
history of losses, requirements for additional capital, dilution,
loss of material properties, interest rate increases, 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 and tenure matters, regulatory
restrictions, permitting and licensing, volatility of the market
price of the Company's common shares, insurance, competition,
hedging activities, currency fluctuations, loss of key employees,
as well as those factors disclosed in Augusta's documents filed
from time to time with the securities regulators in the provinces
of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New
Brunswick and Newfoundland
and Labrador. Should one or
more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results, performance
or achievements of the Company, or industry results, may vary
materially from those described in this presentation. For
further details, reference is made to the risk factors discussed or
referred to in Augusta's annual and interim management's discussion
and analyses and Annual Information Form on file with the Canadian
securities regulatory authorities and available under Augusta's
issuer profile on SEDAR at www.sedar.com.
Although Augusta has attempted to identify
important factors that could cause actual actions, events, results,
performance or achievements to differ materially from those
described in the forward-looking statements or information
contained in this news release, there may be other factors that
cause actions, events, results, performance or achievements not to
be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements or information will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Such
forward-looking statements and information are made or given as at
the date of this news release and Augusta disclaims any intention
or obligation to update or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, except as required under applicable securities
law. The reader is cautioned not to place undue reliance on
forward-looking statements or information.
SOURCE Augusta Resource Corporation