Save the Scenic Santa Ritas: Augusta Resource - "Persistent Failure to Disclose"

TUCSON, Ariz., Dec. 20, 2011 /PRNewswire/ -- Today, Save the Scenic Santa Ritas (SSSR), a volunteer-based non-profit in Tucson, Arizona, simultaneously filed complaints with securities regulators in British Columbia, Canada, and the United States requesting they investigate Augusta Resource Corporation's failure to disclose required and material information in securities filings.

The complaint alleges that the omissions date at least as far back as 2001 and include certain officers' personal and corporate bankruptcies, an insider trading settlement agreement, cease trade orders and the delisting of a company on the American Stock Exchange. This apparent lack of disclosure and transparency deprives the public and investors of material information that is important for making investment decisions concerning Augusta Resource.

"Augusta Resource, the parent company of Rosemont Copper, is seeking more than 3,600 acres of public land for a waste dump for a proposed copper mine," said Gayle Hartmann, President of SSSR.  "Augusta's apparent failure to disclose material information raises questions over what else the company might be hiding from Arizonans and seriously undermines any promise to act as a responsible corporate citizen."

"Securities regulations in both Countries are based on disclosure, accuracy and transparency by market participants," said Vince Rabago, Attorney for SSSR, and former state prosecutor with experience in national fraud investigations.  "The wide-ranging and longstanding pattern of apparent non-disclosure should raise significant concern with SEC and Canadian regulators and prompt immediate investigative action."

The SSSR complaint submitted to the SEC and British Columbia Securities Commission contains more than 2,000 pages of supporting public records and publicly available documents.

SSSR was established in 1996 to protect the scenic, aesthetic, recreational and wildlife values of the Santa Rita Mountains through education and outreach.

Frances Causey
520-990-8172
[email protected]

SOURCE Save the Scenic Santa Ritas

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