TORONTO, ONTARIO--(CCNMatthews - Feb. 22, 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 completed its
previously announced private placement of flow-through common shares for
aggregate gross proceeds to the Company of approximately $2,500,000.
The Company issued 806,452 flow-through common shares at a price of
$3.10 per share pursuant to the brokered private placement through a
syndicate of investment dealers led by GMP Securities Ltd.
Proceeds from the offering will be used for development on the Company's
exploration 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.
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