TORONTO, ONTARIO--(CCNMatthews - June 6, 2005) - Not for distribution
to United States newswire services or for dissemination in the United
States.
HudBay Minerals Inc. (TSX:HBM) (HudBay) 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 2,192,983 flow-through common
shares at a price of $3.42 per share for aggregate gross proceeds of up
to approximately $7,500,000.
Proceeds from the offering will be used for exploration and
development on HudBay's properties in Manitoba and Saskatchewan. This is
the second stage in the financing of 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 June 22, 2005.
HudBay 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
HudBay Minerals Inc.
Tom Goodman
Vice President, Human Resources and Technical Services
(204) 687-2380
tom.goodman@hbms.ca