Denver, CO, July 24, 2012 – Augusta Resource Corporation (TSX/NYSE MKT: AZC) (“Augusta” or “the Company”) announces an updated mineral reserve estimate and results from its National Instrument (“NI”) 43-101 compliant Feasibility Study update for its Rosemont Copper project (“Rosemont”) located near Tucson, Arizona. All amounts in United States Dollars and all tons are in short tons. 

Financial Summary 

The Feasibility Study update includes financial analysis on three scenarios with varying metal prices: 1) 60/40 pricing reflecting a weighted average of 60% on three-year historical prices and 40% on two-year forward market prices; 2) three-year historical pricing; and, 3) long term metal prices reflecting a long term copper price of $2.50/lb. A comparison of project economics based on these three scenarios is provided below. 

 “We are pleased to be able to deliver this updated mine plan conforming to the Preferred Alternative as identified by federal agencies during the NEPA public review process,” said Gil Clausen, Augusta’s President and CEO. “Updating Rosemont’s mine plan and economics is one of the last steps required for finalizing project financing, which we expect to complete by the end of this year.” 

“This Feasibility Study update represents a detailed estimate of capital and operating costs that form the basis for construction, which we will begin with the receipt of our final agency approvals and permits.” Mr. Clausen added. 

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