Augusta Resource closes US$37.5 million Sumitomo and Harbinger Capital financing

On June 19, 2007, Augusta Resource Corporation reported that it had closed the non-brokered private placement of 10,719,827 common shares for total gross proceeds of $37,519,394 announced on June 14, 2007. The Placement was subscribed for by Sumitomo Corporation and Sumitomo Corporation of America and two funds managed by US private investment firm Harbinger Capital Partners resulting in Sumitomo holding 8.7% interest in Augusta and Harbinger holding 19.9% in Augusta. Proceeds from the placement will be used towards the advancement of the Rosemont Property and for general working capital purposes. Augusta was advised in this financing by Georald Ingborg and Benjamin Lee of Fasken Martineau.