TORONTO, ONTARIO--(Marketwire - June 19, 2009)
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EDITORS' NOTE: AGM presentation and image library available on HudBay's
website at www.hudbayminerals.com.
HudBay Minerals Inc. ("HudBay" the "company")
(TSX:HBM) today unveiled a new strategic plan with a two-pronged growth
strategy.
"HudBay will pursue a
strategy defined by two broad themes," Peter Jones, HudBay's chief
executive officer, told the company's annual meeting of shareholders.
One emphasis will be to optimize operations in HudBay's traditional
home base of Manitoba. "We will grow our principal operating
platform in the Flin Flon Greenstone Belt, which will continue to be
our cornerstone."
The strategy for Manitoba includes closing the copper smelter by July
1, 2010, continuing to evaluate reopening the Chisel North mine,
continuing exploration in the Flin Flon Greenstone Belt and
aggressively pursuing development of the Lalor deposit.
"The strategic plan will only be fully realized by growing beyond
our Manitoba base," Mr. Jones continued. "This second avenue
of growth will include the company's Fenix nickel property in Guatemala
and potential acquisition opportunities worldwide."
Mr. Jones described several key initiatives in implementing HudBay's
plan. A decision on the next phase of development for the Lalor project
is expected in 2009. Copper concentrate sales arrangements are also
expected by the end of 2009, to support the closure of the copper
smelter by July 1, 2010. A revised project plan for the Fenix project
is expected in early 2010, and the company is continuing to pursue
acquisition opportunities.
"Our plan is to build on our knowledge base, financial strength
and the cash generated from our assets to grow into a dominant Canadian
metals producer with the ability to acquire and develop superior assets
at home and in attractive locations around the world," Mr. Jones
said.
About HudBay Minerals Inc.
HudBay Minerals Inc. (TSX:HBM) is a Canadian integrated mining company
with assets in North and Central America principally focused on the
discovery, production and marketing of base metals. The company's
objective is to maximize shareholder value through efficient
operations, organic growth and accretive acquisitions, while
maintaining its financial strength. A member of the S&P/TSX
Composite Index and the S&P/TSX Global Mining Index, HudBay is
committed to high standards of corporate governance and sustainability.
Forward-looking Information
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to, HudBay's
ability to execute its strategy, information with respect to HudBay's
exploration expenditures and activities and the possible success of
such exploration activities, including at its Lalor deposit, the
estimation of mineral reserves and resources, the realization of
mineral estimates, the timing and amount of estimated future
production, costs of production, capital expenditures, costs and timing
of the development of new deposits and the ability to recommence
suspended operations, mineral pricing, reclamation costs, the economic
outlook, currency fluctuations, government regulation of mining
operations, environmental risks, mine life projections, plans to close
HudBay's copper smelter, the availability of third party concentrate,
business and acquisition strategies, and the ability to meet safety and
environmental targets. Often, but not always, forward-looking
information can be identified by the use of forward-looking words like
"plans", "expects", or "does not expect",
"is expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"understands", "anticipates", or "does not
anticipate", or "believes" or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would",
"might", or "will be taken", "occur", or
"be achieved".
Forward-looking information is based on the opinions and estimates of
management as of the date such information is provided and is subject
to known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of
HudBay to be materially different from those expressed or implied by
such forward-looking information, including risks associated with the
mining industry such as economic factors (including future commodity
prices, currency fluctuations and energy prices), failure of plant,
equipment, processes and transportation services to operate as
anticipated, dependence on key personnel and employee relations,
environmental risks, government regulation, actual results of current
exploration activities, possible variations in ore grade or recovery
rates, permitting timelines, capital expenditures, reclamation
activities, land titles, and social and political developments and
other risks of the mining industry as well as those risk factors
discussed or referred to in HudBay's Annual Information Form for the
year ended December 31, 2008 under the heading "Risk
Factors".
Although HudBay has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. HudBay does
not undertake to update any forward-looking information, except as
required by applicable securities laws, or to comment on analyses,
expectations or statements made by third parties in respect of HudBay,
its financial or operating results or its securities.
(HBM-G)
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