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5/3/10

Shock! Mining Mogul Screwed By Curly Flower!

Augusta Resources (AZC) (AZC.to) came out with some news late last night that resulted in this reaction in the stock this morning:

Ouch.

Anyway, according to the report its Rosemont copper project near Tucson AZ has been put on hold until this little guy....
......has been further studied by the relevant authorities. Its name is the Curly Coralroot, sometimes known as the Chisos Mountain Crested Coralroot (Linnean name Hexalectris revoluta) and is a rare native species that grows in the area that AZC wants to develop for its mine. In the presser, AZC is downplaying the problems and currently says that by slight adjustment of its plans it won't affect the area in which Curly grows, but maybe they shudda thought of that before now, yeah?

The whole event has, so far today at least, knocked 8.63% off the share price on high volume trading, which has in turn removed some U$3.2m from the net worth of Ross Beaty, the mining dude that recently announced he'd taken an 11.8% position in AZC. Hey, there are a thousand ways to lose cash in this game, but paying $3m for a wild flower? Tough break, Ross.

Yours, rooting for the flower, Otto.