TORONTO,
ONTARIO--(Marketwire - Feb. 16, 2009) - HudBay Minerals Inc.
("HudBay", "the Company") (TSX:HBM) has set
February 23, 2009 as the record date for a special meeting of
shareholders to be held on March 25, 2009 (the "Special
Meeting"), which will be held in lieu of the previously announced
March 31, 2009 special meeting of shareholders. The business of the
Special Meeting will be to consider a requisition made by a shareholder
of the Company under section 143 of the Canada Business Corporations
Act ("CBCA"), and to consider the issuance of the Company's
common shares in connection with the proposed arrangement under section
192 of the CBCA involving HudBay's acquisition of all of the
outstanding common shares in the capital of Lundin Mining Corporation
(TSX:LUN)(OMX:LUMI)(NYSE:LMC)("Lundin Mining").
HudBay will not appeal the Ontario Securities Commission's (the
"OSC") January 23, 2009 decision in which the OSC set aside
the Toronto Stock Exchange's December 10, 2008 decision granting
conditional approval for the listing of the HudBay shares to be issued
as consideration for the issued and outstanding shares of Lundin
Mining.
HudBay disagrees with the recently received notice of breach from
Lundin Mining regarding alleged breaches of certain terms of the
arrangement agreement entered into in connection with the proposed
acquisition of Lundin Mining. The alleged breaches arise from the OSC's
January 23, 2009 decision that requires the approval of the Company's
shareholders before the proposed acquisition of Lundin Mining can be
completed. HudBay has notified Lundin Mining of its intention to hold
the Special Meeting on March 25, 2009.
About HudBay Minerals Inc.
HudBay is a leading base metals mining company with assets in North and
Central America. The Company is focused on growing its business through
operational optimization, strategic investing, mine development and
exploration. An integrated mining company, HudBay operates zinc and
copper mines, concentrators and metal production facilities in northern
Manitoba and Saskatchewan, a zinc oxide production facility in Ontario,
the White Pine Copper Refinery in Michigan, and owns the Fenix nickel
project in Guatemala. In addition to its primary products, the Company
also produces gold, silver and zinc oxide. HudBay is a member of the
S&P/TSX Composite Index and the S&P/TSX Global Mining Index.
Forward-looking Information
This news release contains "forward-looking information"
within the meaning of applicable securities laws. Forward-looking
information includes, but is not limited to, information concerning the
proposed business combination between HudBay and Lundin and matters
relating thereto. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects", or "does not expect",
"is expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or
statements that certain actions, events or results "will",
"may", "could", "would",
"might", or "will be taken", "occur", or
"be achieved". Forward-looking information is based on the
views, opinions, intentions and estimates of management at the date the
information is made, and is based on a number of assumptions and
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
anticipated or projected in the forward-looking information (including
the actions of other parties who have agreed to do certain things and
the approval of certain regulatory bodies). Many of these assumptions
are based on factors and events that are not within the control of HudBay
and there is no assurance they will prove to be correct. Factors that
could cause actual results or events to vary materially from results or
events anticipated by such forward-looking information include court
and/or other regulatory approval, action by an intervening party or
parties, future agreements reached with third parties, changes in
market conditions, variations in ore grade or recovery rates, risks
relating to international operations, fluctuating metal prices and
currency exchange rates, changes in project parameters, the possibility
of project cost overruns or unanticipated costs and expenses, labour
disputes and other risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated as well as those risk
factors discussed in the Annual Information Form for the year ended
December 31, 2007 for HudBay available at www.sedar.com. Although HudBay has attempted to
identify important factors that could cause actual actions, events or
results to differ materially from those described in forward-looking
information, there may be other factors that cause actions, events or
results not to be 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. HudBay undertakes no obligation to
update forward-looking information if circumstances or management's
estimates or opinions should change except as required by applicable
securities laws. The reader is cautioned not to place undue reliance on
forward-looking information.
This news release and the information contained herein does not
constitute an offer of securities for sale in the United States and
securities may not be offered or sold in the United States absent
registration or exemption from registration.
(HBM-T)
|