U.S. Forest Service delivers Rosemont Preliminary Draft EIS to State and Local Agencies
DENVER, CO, June 1, 2011 /PRNewswire/ - Augusta Resource Corporation (TSX/NYSE Amex: AZC) ("Augusta" or the "Company") announces that printed and electronic copies of the preliminary draft Environment Impact Statement ("EIS") have been delivered by the Coronado National Forest to the State of Arizona and local Cooperating Agencies for final review. The Cooperating Agencies have been mandated with 30 days to provide their final comments on the draft EIS as part of the federal government National Environmental Policy Act ("NEPA") process. This is in line with the U.S. Forest Service's ("USFS") previously announced schedule guidance of August 2011 for the draft EIS to be available for public comment under NEPA regulations.
The Record of Decision ("ROD") for the Rosemont Copper project appears on track for January 2012 and in-line with previous USFS guidance allowing for a 90 day public comment period after the publication of the draft EIS in August 2011.
"With the preliminary draft EIS now delivered to the cooperating agencies we are one major step closer to the ROD," said Gil Clausen, Augusta's president and CEO. "We are pleased with the progress the USFS has been able to attain in the past several months and expect that they will be able to meet their objective for releasing the draft EIS to the public this August."
Augusta is a base metals company focused on advancing the Rosemont Copper deposit near Tucson, Arizona. Rosemont hosts a large copper/molybdenum reserve that may account for about 10% of US copper output once in production in 2013 (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, will propel Augusta to become a solid mid-tier copper producer. The Company is traded on the Toronto Stock Exchange and the NYSE Amex under the symbol AZC.
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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 29, 2011. 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