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Hudbay Adopts Undertakings For New Stock Option Plan

June 17, 2005

TORONTO, ONTARIO--(CCNMatthews - June 17, 2005) - HudBay Minerals Inc. (TSX:HBM) announced today a number of changes to its proposed Stock Option Plan. The Plan is to be considered at the upcoming Annual General Meeting on June 23, 2005.

HudBay has undertaken to limit the number of total issued options outstanding to 8.0 million, which is approximately 10% of the Company's outstanding common shares, of which independent directors may receive a maximum of 1.4 million options under the Plan. Neither of these limits will be exceeded without further shareholder approval. These undertakings resulted in approval from Institutional Shareholder Services Canada Corp.

As a result, in addition to ISS Canada recommending adoption of agenda items proposed at HudBay's Annual General Meeting respecting election of directors, appointment of auditors, continuation of the company under the CBCA and confirmation of a new General Bylaw, it is recommending approval of the Plan.

"We believe the Option Plan, with these undertakings, is in conformity with current best practices of corporate governance, which is important to HudBay's Board of Directors," said Peter Jones, President & CEO of HudBay. "We encourage shareholders to re-evaluate the Plan and give it their support."

About HudBay Minerals Inc.

HudBay Minerals Inc. is an integrated mining and metal producing company that operates mines and concentrators in northern Manitoba and Saskatchewan and a metal processing complex in Flin Flon, Manitoba. The Company also operates a zinc oxide production facility in Brampton, Ontario and the former producing mines of Balmat in New York State and Gays River in Nova Scotia that are being evaluated for re-opening.


HudBay Minerals Inc.
Tom Goodman
Vice-President, Human Resources and Technical Services
(204) 687-2380

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