TORONTO,
May 23, 2014 /PRNewswire/ -
Augusta Resource Corporation (TSX and NYSE MKT: AZC)
("Augusta" or the "Company") announces that, following its press
release issued yesterday, the U.S. Forest Service (USFS) has today
formally requested that the U.S. Fish and Wildlife Service (US FWS)
re-initiate consultation on the Rosemont Copper Project as a result
of additional information received from the US FWS. Consultation is
required under the Endangered Species Act to ensure that the
effects of a proposed project on listed species are avoided or
minimized.
Additional information includes the documented
evidence of the presence of ocelot within or near the project area
and conferencing on the potential listing of species which were not
considered in the original biological opinion. Additional
information related to the effects of groundwater drawdown on
aquatic and riparian species near the project area will also be
included as part of this process.
The Forest Service will prepare a supplemental
biological assessment to incorporate the additional
information. In preparation of the biological assessment the
Coronado National Forest will work with Rosemont Copper Company and
US FWS to identify any further conservation measures needed to
mitigate for effects on endangered species, if any are determined
to be required. Formal consultation and publication of the new
biologic opinion by the US FWS could take 135 days to complete
once consultation is initiated.
Said Gil
Clausen, Augusta's President and CEO, "Although this delay
is unfortunate, we recognize the need to have a robust and
comprehensive decision document that includes all the required
analysis. Further, the USFS has committed to dedicating the
appropriate resources to this analysis and to ensure that the work
is done expeditiously."
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