Augusta Announces $30 Million Private Placement with HudBay Minerals

Augusta Resource Corporation (TSX:AZC, NYSE Amex:AZC) announced that HudBay Minerals Inc. (TSX: HBM) has agreed to subscribe for 10,905,590 units on a private placement basis at a price of $2.75 per unit, for proceeds of approximately $30 million.

The press release is quoted as saying:

Augusta is a base metals company focused on advancing the Rosemont copper project near Tucson, Arizona. Rosemont hosts a large copper/molybdenum reserve that may account for about 10% of US copper output once in production in 2012

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