Augusta Announces $5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA, Mar 30 (MARKET WIRE) --
Augusta Resource Corporation (TSX: AZC)(NYSE Alternext US: AZC)(NYSE
Amex: AZC.A) ("Augusta" or "the Company") has arranged for a non-brokered
private placement of 3.35 million units at a price of $1.50 per unit for
gross proceeds of $5,025,000. The transaction is fully subscribed by
Vancouver mining entrepreneur Ross Beaty.

Each unit comprises one common share and one non-transferable share
purchase warrant entitling the holder to purchase one common share at a
price of $2.30 per common share for a period of one year following the
close of the transaction.

Augusta President and CEO Gil Clausen said: "We are pleased to have Mr.
Beaty increase his position in Augusta, which now stands at 12.3%. He is
a knowledgeable mining investor who appreciates the value of our Rosemont
project development plans."

A finder's fee is payable to Peninsula Merchant Syndications Corp., a
private merchant bank controlled by Sam Magid, co-founder of Salman
Partners Inc. Net proceeds from the transaction will be used to fund
general working capital. Closing of the transaction is subject to
regulatory approvals.

About Augusta

Augusta is a base metals company focused on advancing the Rosemont Copper
deposit near Tucson, Arizona. Rosemont currently hosts a large
copper/molybdenum reserve that may account for about 10% of US copper
output once in production in late 2011 (refer to Augusta's website at
www.augustaresource.com for details). The exceptional experience and
strength of Augusta's management team, combined with the developed
infrastructure and robust economics of the Rosemont project, will propel
Augusta to become a solid mid-tier copper producer within the next four
years. The Company is traded on the Toronto Stock Exchange and the NYSE
AMEX under the symbol AZC, and on the Frankfurt Stock Exchange under the
symbol A5R.

For additional information please visit www.augustaresource.com.

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION

Certain of the statements made and information contained herein and in
the documents incorporated by reference may contain forward-looking
statements or information within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and forward looking statements
or information within the meaning of the Securities Act (Ontario).
Forward- looking statements or information include statements regarding
the expectations and beliefs of management. Forward looking statements or
information include, but are not limited to, statements or information
with respect to known or unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the
Company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements or information. Forward-looking statements or
information are subject to a variety of risks and uncertainties which
could cause actual events or results to differ from those reflected in
the forward-looking statements or information, including, without
limitation, risks and uncertainties relating to the Company's plans at
its Rosemont Property and other mineral properties, the interpretation of
drill results and the estimation of mineral resources and reserves, the
geology, grade and continuity of mineral deposits, the possibility that
future exploration, development or mining results will not be consistent
with the Company's expectations, metal recoveries, accidents, equipment
breakdowns, title matters, labor disputes or other unanticipated
difficulties with or interruptions in production and operations, the
potential for delays in exploration or development activities or the
completion of feasibility studies, the inherent uncertainty of production
and cost estimates and the potential for unexpected costs and expenses,
commodity price fluctuations, currency fluctuations, failure to obtain
adequate financing on a timely basis, the effect of hedging activities,
including margin limits and margin calls, regulatory restrictions,
including environmental regulatory restrictions and liability, the
speculative nature of mineral exploration, dilution, competition, loss of
key employees, and other risks and uncertainties, including those
described under "Risk Factors Relating to the Company's Business" in the
Company's Annual Information Form dated March 4, 2008.

Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements or information. We do not expect to update
forward-looking statements or information continually as conditions
change, and you are referred to the full discussion of the Company's
business contained in the Company's reports filed with the securities
regulatory authorities in Canada and the United States.

Contacts:
Augusta Resource Corporation
Meghan Brown
Investor Relations Manager
(604) 638-2002
Email: mbrown@augustaresource.com
Website: www.augustaresource.com

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