UPDATE: Augusta Resource Down 8% As Provides Rosemont Permitting Update

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Augusta Resource Corporation (AZC.TO) has dropped 8% as it announced 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.



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