Friday, October 24, 2008

Augusta announces increase in Rosemont copper resources

Augusta Resources announced increased resource estimates for their Rosemont copper mine in the Santa Rita mountains south of Tucson based on new drill holes and further analysis of older core.

Augusta described a "total (oxide, mixed, sulfide) measured and indicated mineral resource increase of 386 million pounds of copper equivalent, which represents a 5 percent increase over the previous resource calculation. The associated inferred resource has increased by 14 percent on the basis of an additional 268 million pounds of copper equivalent."

Augusta also said the USFS issued a revised timetable for the EIS that will produce a Record of
Decision on Rosemont in July 2010.

My contacts say Augusta has been cutting back on other projects in order to focus on the Rosemont mine development.

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