The Updated Hole Feasibility Study UFS re-confirmsRosemont

The Updated reveals holes Feasibility Study courtney love imparts (“UFS”) re-confirmsRosemont as an economically robust open pit copper/molybdenum mine withlow development risk.Using long-term metal pricing of $1.85 per pound of copper, $15 per poundof molybdenum, and $12 per ounce of silver, the project would generate anet present value (NPV) (5%) of approximately $1.2 billion with aninternal rate of return (IRR) of 17.8% and a payback of 5 years on anafter-tax basis. Cash costs are estimated at $0.62 per pound of copper,net of by-product credits. Direct field cost for constructing the 75,000ton per day open pit mine and heap-leach SX-EW facility is estimated at$712.7 million. In addition, indirect costs of $184.5 million associatedwith engineering, procurement and construction management, commissioning,spare parts, contingency and Owner’s costs amount to a total projectcapital cost of $897.2 million. The mine life based on current mineralreserves is 21 years, with cathode production commencing in Q4 2011 andconcentrate production in Q1 2012.”The Rosemont project continues to demonstrate its strength as alow-cost, low-risk, large scale copper/moly project,” says Gil Clausen,President and CEO of Augusta. He adds, “This project incorporates thebest in sustainability and environmental practices with outstandingeconomics and job creation potential for the State of Arizona” He alsonoted that using the same metal prices as used in the previousfeasibili.ty study, the project NPV has improved by 13%, due primarily toexpanded mineral reserves and a reduction in the strip ratio from 2.38:1to 2.0:1.

“We are confident the project economics are robust at a widerange of metal prices, as witnessed by the fact that even applying theaverage spot metal prices witnessed in December 2008 of $1.36/lb copper,$11.00/lb molybdenum and $10.79/oz silver the project has an after-taxIRR of 7.7%.”The UFS and related NI 43-101 Technical Report were prepared by M3Engineering & Technology Corporation (“M3″) of Tucson, Arizona hole violet . The M3study concluded that the project is technically and economicallyfeasible, there are opportunities for further optimization, and theproject should press forward with development in anticipation ofreceiving the necessary permits courtney love cd . In addition the study concluded that thedownward trend in capital equipment and commodity costs (steel, concrete,etc.,) that started in October 2008 is not reflected in the UFS dicknail . This mayresult in even more favorable economics.Financial Highlights – (i) NPV is quoted AFTER taxes and royalties.——————————————————————– Base CaseHistorical Long-term(60/40 split)36 MonthsMetal Prices——————————————————————–NPV 0% 4,850.0 6,999.9 2,715.0——————————————————————–NPV 5% 2,417.6 3,628.9 1,200 Hole concert tickets – courtneylove .3——————————————————————–NPV 10%1,254.2 2,006.2 488.4——————————————————————–IRR 28.5% 37.5% 17.8%——————————————————————–Payback years3.1 2.3 5.0——————————————————————–Cash costs ($/lb Cu net of by product)$0.46 $0.32 $0.62——————————————————————–Base Case – 60/40 weighted average pricing: M3 uses weighted averagemetal prices for NI-43-101 reporting purposes, reflecting 60% onthree-year historical prices and 40% on two-year forward market prices.As of the end of December 2008, these values are $2.47 per pound (lb)copper (Cu), $22.70/lb molybdenum (Mo), $12.40 per ounce (oz) silver(Ag), and $784.65/oz gold (Au).Case 2 – 36-Month Historical Pricing: For SEC reporting requirements,36-month trailing average pricing was used at $3.14/lb Cu, $29.05/lb Mo,$13.32/oz Ag, and $723.48/oz Au.Case 3 – Long Term Metal Pricing: Long term fixed prices of $1.85/lb Cu,$15.00/lb Mo, and $12.00/oz Ag and $750.00/oz Au was used.Annual revenue is determined by applying estimated metal prices to theannual payable metal estimated for each operating year courtney love albums . Sales prices havebeen applied to all life of mine production without escalation orhedging. The financial evaluation presents the determination of the NPVafter tax, payback period (time in years after production commences torecapture the initial capital investment), and the IRR for the project.Annual cash flow projections were estimated over the life of the minebased on the estimates of capital expenditures, production costs andsales revenue.

Sales revenue is based on the production of threecommodities: copper, molybdenum and silver love hole . Gold is also present in thecopper concentrates in the form of a saleable by-product credit.The following graph illustrates the project NPV for various copper andmolybdenum prices courtney love album Hole tickets . The scale on the left is the NPV in millions of US$ ata discount rate of 5% and the scale on the right depicts the NPV at a 10%discount rate golf course . For example: at a copper price of $2.50/lb, and molybdenumprice of $10 Hole concert tickets .00/lb., the NPV (5%) is approximately US$2.0 billion and theNPV (10%) is US$1.0 billion golf courses .

Additionally a further table below depictsproject sensitivity to major input variances, such as capital cost,operating cost, metal price and production rates.To view the graph accompanying this release please click on the followinglink: Analysis Sensitivities – Base Case ($millions)————————————————————————– NPV 0% NPV 5% NPV 10% IRR % Payback years————————————————————————–Combined Base Case (60/40 weighted average) 4,850.02,417.6 1,254.2 28.5% 3.1————————————————————————–Metals Price +10% 5,681.82,886.2 1,545.1 32.1% 2.7————————————————————————–Metals Price -10% 4,014.31,944.8 959.5 24.6% 3.5————————————————————————–Capex +10%4,791.12,358.0 1,195.3 26.4% 3.3————————————————————————–Capex -10%4,908.92,477.1 1,313.2 30.9% 2.8————————————————————————–Opex +10% 4,634.02,292.6 1,174.9 27.4% 3.2————————————————————————–Opex -10% 5,066.02,542.3 1,333.2 29.5% 3.0————————————————————————–Metal Production +10%5,615.22,849.2 1,522.5 31.8% 2.8————————————————————————–Metal Production -10%4,083.71,984.9 984.9 25.0% 3.5————————————————————————–Rosemont Mineral Reserves—————————————————————————Sulfides greater than equal Oxides greater than equal to 3.56 $/ton NSR Cutoff to 2.19 $/ton NSR ———————————————————— NSRCu MoAg NSRCuClassificationKtons$/t %%oz/t Ktons $/t %—————————————————————————Proven141,99914.190.480.0150.1316,2503.910.18Probable404,33913.120.450.0150.1153,7243.770.17—————————————————————————Total 546,33813.400.450.0150.1269,9743.800.17—————————————————————————Proven and probable reserves totals are included within the measured andindicated resource values quoted.Rosemont Deposit Measured and Indicated Mineral Resources————————————————————————Material / AgCutoff Oz/lbs Culbs Mo oz Ag(% Cu) Ktons% Cu % Mo ton(millions)(millions)(millions)————————————————————————Oxides: 0.10103,4000.20- -417 – - 0.15 66,0000.25- -328 – - 0.20 35,0000.32- -224 – ————————————————————————-Mixed: 0.15 39,1000.510.0050.05398 4.1 1.9 0.20 38,3000.520.0050.05396 4.0 1.9 0.25 36,9000.530.0050.05389 3.9 1.9 0.3033,9000.550.0050.05373 3.5 1.8————————————————————————Sulfides: 0.15596,8000.460.0140.125,440 172.470.4 0.20523,8000.500.0150.135,190 159.566.6 0.25458,1000.540.0160.144,910 148.862.3 0.30401,3000.570.0160.144,600 130.457.7————————————————————————Rosemont Deposit Inferred Mineral Resources————————————————————————Material / AgCutoff Oz/lbs Culbs Mo oz Ag(% Cu) Ktons% Cu % Mo ton(millions)(millions)(millions)————————————————————————Oxides: 0.10 30,4000.24- -147 – - 0.15 17,8000.33- -117 – - 0.20 12,7000.39- -100 – ————————————————————————-Mixed: 0.15 21,1000.350.0040 Hole tickets – wikipedia .02148 1.7 0.3 0.20 19,1000.370.0040.01141 1.5 0.3 0.25 14,5000.420.0040.02121 1.2 0.2 0.30 12,2000.450.0030.02109 0.7 0.2————————————————————————Sulfides: 0.15208,8000.380.0070.061,60029.212.1 0.20160,6000.450.0080.071,44025.710.9 0.25133,8000.490.0080.081,32021.410.0 0.30105,0000.560.0080.091,17016.8 8.9————————————————————————Environmental/PermittingApplications for operation permits wereinitiated after submittal of the Mine Plan of Operations in July 2007.One of these, the 20-year groundwater withdrawal permit, was approved andissued by Department Water Resources in early 2008.Five additional major approvals are required before construction canbegin . The first of the five is an approval of an Arizona State MineInspector Mine Reclamation Plan golf and country club . The Plan was approved asadministratively complete during the fourth quarter of 2008 and awaitstechnical review and public comment golf club . Action on the Reclamation Plan isexpected to be completed during second half of 2009.The second of the five is the State Aquifer Protection Permit (APP); anapplication has been prepared and is in final internal review prior tosubmittal first quarter 2009 . Processing and public notice of the APP areexpected late 2009. The third is the Air Emissions Permit; thisapplication will be submitted following completion of basic engineeringin second quarter 2009. Under this schedule, the state and county permitscan be anticipated by first quarter 2010.The fourth of the major approvals is the Army Corps of Engineers Section404 permit.

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