On September 16, 2010, Augusta Resource Corporation (TSX/NYSE Amex: AZC) announced that its wholly-owned subsidiary, Rosemont Copper Company, had entered into an Earn-In Agreement with a Korean consortium, whereby the consortium will acquire a 20% joint venture interest in the Rosemont copper molybdenum project in Arizona in consideration for funding US$176 million of the project expenses. The members of the consortium are Korea Resources Corporation and LG International Corp.

Pursuant to the Earn-In Agreement, the consortium and Rosemont have entered into a Joint Venture Agreement governing their relationship. The consortium and Rosemont have also agreed to enter into an off-take agreement on market terms in respect of 30% of copper concentrate and 20% of copper cathode and molybdenum concentrates annually produced by the Rosemont project.

Augusta and Rosemont were advised in the negotiation of these agreements by Josh Lewis and John Kim of the Vancouver office of Fasken Martineau.