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Hudbay Minerals Inc. Announces 2004 Production Results and 2005 Ore Reserves for its Hudson Bay Mining and Smelting Co., Limited Subsidiary

March 11, 2005
TORONTO, ONTARIO--(CCNMatthews - March 11, 2005) - HudBay Minerals Inc. 
(TSX:HBM) (HudBay) is pleased to announce full year 2004 production 
results for its wholly owned subsidiary, Hudson Bay Mining and Smelting 
Co., Limited (HBMS), as well as ore reserves as at January 01, 2005.

HudBay completed the purchase of HBMS from Anglo American plc on 
December 21, 2004. The tabulated production volumes are unaudited and 
are subject to change once HudBay's audited 2004 financial results are 
released at the end of March 2005. HudBay's audited results for 2004 
will incorporate HBMS results for only the period following HudBay's 
acquisition of HBMS.

HBMS is the principal operating subsidiary of HudBay and contributes all 
of HudBay's production.

Key production statistics are provided for HBMS' mines and metallurgical 
plants, including metal production attributable to HBMS' mines and to 
concentrates purchased by HBMS.

Mine production volumes increased in 2004 as compared to 2003 at 
improved ore grades, due in part to the new 777 mine reaching commercial 
production on January 01, 2004. Production of metal attributable to HBMS 
owned mines was also substantially increased.

Total copper and zinc metal production was slightly reduced in 2004 
compared to 2003, reflecting the higher volumes of concentrate treated 
from HBMS mines and to more planned maintenance days. Gold and silver 
production was increased related to a higher precious metal content from 
HBMS mined ores and to improved recovery technology in the Flin Flon 
concentrator.

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.

/T/

                  Hudson Bay Mining and Smelting Co., Limited

                             ----------------------------------------
                                             Mine Production
                             ----------------------------------------
                                      2003                   2004

                                  Q4  Full Year         Q4  Full Year
                             ----------------------------------------
Trout Lake Mine:   tonnes    204,800    872,700    226,600    916,100
  Zinc               %           5.0        4.8        6.1        5.3
  Copper             %           1.2        1.2        1.4        1.5

Konuto Mine:       tonnes     80,800    321,500     75,000    327,200
  Zinc               %           1.8        1.8        2.1        2.1
  Copper             %           3.8        3.7        3.9        4.1

777 Mine:          tonnes    206,700    709,200    245,700    975,900
  Zinc               %           4.4        4.0        4.2        4.5
  Copper             %           2.9        2.8        2.5        2.9

Chisel North Mine: tonnes     73,800    303,200     83,200    327,900
  Zinc               %          12.4       11.3        8.9       10.0
  Copper             %           0.2        0.2        0.2        0.2
---------------------------------------------------------------------

Total Mines:       tonnes    566,100  2,206,600    630,500  2,547,100
  Zinc               %           5.3        5.0        5.3        5.2
  Copper             %           2.1        1.9        2.0        2.2
---------------------------------------------------------------------


                             ----------------------------------------
                                             Metal Production
                             ----------------------------------------
Zinc from:
  HBMS Mines       tonnes     22,700     93,100     28,300    108,400
  Purchased
   concentrate     tonnes      6,100     24,800          0      1,800
                            -----------------------------------------
  Total Zinc       tonnes     28,800    117,900     28,300    110,200

Copper from:
  HBMS Mines       tonnes     10,900     42,100     12,600     43,700
  Purchased
   concentrates    tonnes     12,600     41,300      9,400     33,200
                            -----------------------------------------
  Total Copper     tonnes     23,500     83,400     22,000     76,900

Gold from:
  HBMS Mines      000 ozs         16         57         26         78
  Purchased 
   concentrates   000 ozs          2          4          0          1
                            -----------------------------------------
  Total Gold      000 ozs         18         61         26         79

Silver from:
  HBMS Mines      000 ozs        168        630        240        696
  Purchased
   concentrates   000 ozs        151        460        136        418
                            -----------------------------------------
  Total Silver    000 ozs        320      1,091        376      1,115

Zinc Oxide: (1)    tonnes      7,900     36,700     10,100     38,700
---------------------------------------------------------------------

(1) Zochem division zinc oxide is produced primarily from HBMS zinc.

/T/

HBMS Ore Reserves as at January 01, 2005

The mineral resources have been prepared under the guidance of a 
Professional Geoscientist, Kim Lau BSc. P.Geo., who is employed by HBMS 
as a Senior Mineral Resource Analyst and who is designated as a 
Qualified Person under National Instrument 43-101 with the ability and 
authority to verify the authenticity and validity of the data. The 
January 01, 2005 ore reserves have been prepared under the guidance of a 
Professional Mining Engineer, Gary Allen MSc. P.Eng., who is employed by 
HBMS as Manager of Mines Technical Services and who is designated as a 
Qualified Person under National Instrument 43-101 with the ability and 
authority to verify the authenticity and validity of the data.

The mineral resource is determined in a 12 step process, which includes 
determination of the integrity and validation of the data including 
confirmation of specific gravity, assay results and methods of data 
recording. Additionally the understanding of the geological model, 
selection of data and the application of statistics including 
probability plots and restrictive kriging to establish continuity and 
model validation. The resultant mineral resource in the measured and 
indicated category are converted to proven and probable ore reserves by 
the application of mining dilution and recovery, as well as the 
determination of economic viability using historical operating costs. 
Other factors such as depletion from production are applied as 
appropriate.

The ore reserves are contained within operating mines in Saskatchewan 
and Manitoba, which have been in operation for several years in 
compliance with operational and environmental regulations. A material 
change impacting the viability of the ore reserves is not anticipated.

/T/

---------------------------------------------------------------------
---------------------------------------------------------------------
        Estimate of HBMS Ore Reserves (as at January 01, 2005) 
---------------------------------------------------------------------
                    Tonnes     Au (g/t)   Ag (g/t)   Cu (%)   Zn (%)
---------------------------------------------------------------------

Trout Lake 
  Proven         1,584,000         1.2       14.0      1.3      4.6
  Probable       1,727,000         1.2       15.1      1.8      4.0

777
  Proven         2,963,000         2.4       30.7      2.2      4.5
  Probable      13,633,000         2.1       27.6      2.4      4.7

Konuto Lake
  Proven           184,000         2.3        7.2      4.0      0.9
  Probable          34,000         1.9        5.3      4.8      0.9

Chisel North
  Proven           628,000         0.2       21.0      0.1      9.5
  Probable         846,000         0.5       18.9      0.3      8.1

Total Proven     5,360,000         1.8       23.8      1.8      5.0
Total Probable  16,240,000         1.9       25.8      2.3      4.8
Total Reserve   21,600,000         1.9       25.3      2.2      4.8
---------------------------------------------------------------------
---------------------------------------------------------------------

/T/

According to the technical report dated November 05, 2004 and filed on 
SEDAR on November 11, 2004, HBMS' total reserves (proven and probable) 
were estimated, as at January 01, 2004, to be 24,371,400 tonnes at 1.8 
Au (g/t), 23.7 Ag (g/t), 2.2 Cu (%) and 4.8 Zn (%).

-30-

FOR FURTHER INFORMATION PLEASE CONTACT: HudBay Minerals Inc. Tom Goodman Vice-President, Human Resources and Technical Services (204) 687-2380 tom.goodman@hbms.ca
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