GEORGE TOWN, CAYMAN ISLANDS--(CCNMatthews - Sept. 23, 2005) - RAB
Special Situations (Master) Fund Limited ("Special Situations")
announces a correction to an Early Warning Press Release it issued
yesterday concerning the acquisition of 25,000,000 warrants ("Warrants")
of HudBay Minerals Inc. (TSX:HBM) (the "Issuer") on August 3, 2005
through the TSX Exchange.
The September 22, 2005 Press Release announced that after the
transactions, Special Situations owned 0 Shares and 52,711,666 Warrants,
representing approximately 40.25% of the issued and outstanding Shares
on a partially diluted basis ("Partially Diluted Basis"). William Philip
Seymour Richards ("Philip Richards"), who may be considered a joint
actor with Special Situations, owned 33,333 Shares and 500,000 Warrants,
representing approximately 0.68% of the issued and outstanding Shares
on a Partially Diluted Basis.
Special Situations wishes to clarify that the Issuer's Warrants were
previously issued on a pre-consolidated basis and such Warrants are
subject to a one for 30 consolidation adjustment. Accordingly, Special
Situations' holdings of 52,711,666 Warrants of the Issuer would
represent approximately 2.83% of the issued and outstanding common
shares of the Issuer on a Partially Diluted Basis.
Special Situations disposed of and acquired securities for
investment purposes only and not with the purpose of influencing the
control or direction of the Issuer. Special Situations together with
joint actors, if any, may, subject to market conditions, make additional
investments in or dispositions of securities of the Issuer in the
future, including additional purchases of Shares. However, Special
Situations and its joint actors, if any, do not intend to acquire 20% of
any class of the outstanding voting or equity securities of the Issuer.
The TSX Vent ure Exchange has not review ed and does not accept responsibilit y for t he adequacy or accuracy of t his release.
FOR FURTHER INFORMATION PLEASE CONTACT:
RAB Special Situations L.P.
Mr. Neil Warrender
(44) 20-7389-7000
nw@rabcap.com