Augusta Announces Retirement of Raghunath N.
Reddy as CFO, Appoints Joseph M. Longpr��
Augusta Resource Corporation (TSX/NYSE Amex: AZC) ("Augusta" or "the Company")
announces the retirement of Raghunath N. Reddy
as Senior Vice President and� Chief Financial
Officer (CFO) and appoints Joseph M. Longpr�� as his
successor, effective today.
Mr. Reddy will continue as a consultant to the Company
until the completion of Rosemont's
project financing to ensure a seamless transition.�
Augusta's management and Board would like to thank Mr. Reddy for his
exceptional service to the Company since 2007 and wish him the best in his
retirement.
Mr. Longpr�� is a project
finance specialist with over 25 years experience in
the equity and debt markets with a strong focus on metals and mining. He was
most recently Corporate Vice President advising on M&A and project finance
transactions at URS Corporation, a multinational engineering,
construction and technical services company.�
Previously he was Managing Director of the Mining Group at BMO
Nesbitt Burns. He has an MBA from Columbia University Graduate School of
Business and Bachelor and Master of Science degrees from the University
of Saskatchewan.
Gil Clausen, Augusta's President and CEO
said, "Raghu has been a valuable part of the team over the last five years
and he has contributed significantly to Augusta. He will no doubt be missed;
however, we have ensured an ample transition period between Raghu and Joe.� Joe's extensive
project finance and banking experience is an ideal fit and he will be a great
addition to the executive team."
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 US
copper output once in production in 2014 (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. The
Company trades on the Toronto Stock Exchange and the NYSE
Amex under the symbol AZC.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING
INFORMATION
Certain of the statements made and information
contained herein may contain forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and forward-looking information within the meaning of applicable Canadian
securities laws. Such forward-looking statements and forward-looking
information include, but are not limited to statements concerning: the
Company's plans at the Rosemont Project; estimated production; and
capital and operating and cash flow estimates. Forward-looking statements or
information include statements regarding the expectations and beliefs of
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certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements or information include, but are not
limited to, statements or information with respect to known or unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements or information.
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 19, 2012. 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.