Monday 24th October 2016

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Augusta enters Joint Venture with Korea Resources Corp and LG Intl

AZC:CA announced today that its subsidiary, Rosemont Copper Company, entered into an earn-in agreement with a Korean consortium (Korea Resources Corporation and LG International Corp.), whereby KORES/LGI shall acquire a 20% joint venture interest in the Rosemont copper-molybdenum project in Pima County, Arizona, in consideration for funding US$176,000,000 of the project expenses.

Augusta’s President/CEO Gil Clausen said, “The investment by KORES and LGI, together with the US$230 million in funding previously committed by Silver Wheaton and combined with Augusta’s contributions to date will provide about 50% of the total project funding.”
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