TORONTO,
May 22, 2014 /PRNewswire/
- Augusta Resource Corporation (TSX and NYSE MKT: AZC)
("Augusta" or the "Company") provides a permitting update on its
Rosemont Copper project located in Arizona, USA.
The Company has become aware of a U.S. Fish and
Wildlife Service (US FWS) letter that was submitted to the U.S.
Forest Service (USFS) summarizing their rationale for re-initiation
of consultation, which includes the recent sighting of an ocelot in
the general study area. The animal was photographed by a
remote camera some distance south of the project site. The
USFS is currently evaluating the issues raised in the letter and,
as the action agency, will decide whether further consultation is
necessary.
The USFS has commented informally that it may not
be in a position to issue the final Record of Decision (ROD) by the
end of the second quarter of 2014. However, until the USFS
determines whether consultation with the US FWS must be
re-initiated and publishes the definitive ROD schedule, expected by
the end of May, it is uncertain when the ROD will be issued.
The Company believes that the ROD may be delayed until the third
quarter of 2014.
The mandated time frame for consultation under
the Endangered Species Act is 135 days. However, consultation
has been completed and a detailed Biological Opinion has been
issued by the Fish and Wildlife Service. Therefore, if
consultation is reinitiated, Augusta expects this process to be
completed within a shorter time period, as the issues that would
need to be addressed are limited and much of the analysis has
already been completed.
The recent ocelot sighting validates the
conclusions of the Rosemont
environmental studies, including the Biological Opinion and the
Final Environmental Impact Statement (FEIS), that ocelots likely
occur in the Santa Rita Mountains near the project area. A
detailed analysis of the project's effects on the ocelot has
already been completed in the Biological Opinion. Parts of
the conservation measures pledged by Rosemont include surveys, studies, reporting
requirements and other mitigation measures for the ocelot as well
as other wildlife species found in the region.
Commented Gil
Clausen, Augusta's president and CEO, "While we are
disappointed with any delay, our expectation is that these final
issues will be handled in a timely, expeditious manner."
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