On April 23, 2010, Augusta Resource Corporation (TSX/NYSE Amex: AZC) announced the closing of a US$43 million senior secured loan and a copper concentrate off-take agreement with Red Kite Explorer Trust. Red Kite provides mining companies with project financing and metal off-take agreements for initiation or expansion of mine production.

Proceeds from the loan were used for the redemption of the existing secured debt on the balance sheet of Augusta's 100%-owned subsidiary Rosemont Copper Company. The loan matures on the earlier of April 22, 2012 or the date of closing of a project financing facility for the Rosemont copper project.

Under the off-take, Rosemont will supply Red Kite with 16.125% of Rosemont's copper concentrate production per year until 483,750 dry metric tonnes have been delivered to Red Kite.

Augusta was advised in this transaction by Josh Lewis of Fasken Martineau.