TORONTO, ONTARIO--(CCNMatthews - Feb. 3, 2005) - Not for distribution to
United States newswire services or for dissemination in the United
States.
HudBay Minerals Inc. (TSX:HBM) announces that it has entered into an
agreement with a syndicate of investment dealers led by GMP Securities
Ltd. for the sale of up to 806,452 flow-through common shares at a price
of $3.10 per share for aggregate gross proceeds of up to approximately
$2,500,000.
Proceeds from the offering will be used for exploration and development
on the company's properties in Manitoba and Saskatchewan. This financing
is the first stage in a planned exploration program of up to $10 million
in the Flin Flon Greenstone Belt during the next 12 months.
The financing is subject to certain conditions, including receipt of all
necessary regulatory approvals, including the Toronto Stock Exchange.
Closing is expected to occur on or about February 14, 2005.
HudBay Minerals Inc. is an integrated Canadian mining and metal
producing company that operates mines and concentrators in Northern
Manitoba and Saskatchewan and a metal processing complex in Flin Flon,
Manitoba with annual production capacity of approximately 90,000 tonnes
of copper and approximately 115,000 tonnes of zinc.
FOR FURTHER INFORMATION PLEASE CONTACT:
HudBay Minerals Inc.
John L. Knowles
Vice-President and Chief Financial Officer
(204) 949-4261