WINNIPEG, MANITOBA--(CCNMatthews - April 25, 2006) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
HudBay Minerals Inc. (TSX:HBM) today announced it has completed its
previously announced private placement of flow-through common shares for
aggregate gross proceeds to HudBay of approximately $20 million.
HudBay issued 1.46 million flow-through common shares at a price of
$13.75 per share pursuant to an underwritten private placement through a
syndicate of investment dealers led by GMP Securities L.P. and
comprised of Desjardins Securities Inc., Dundee Securities Corporation,
TD Securities Inc., Wellington West Capital Markets Inc., Canaccord
Capital Corporation, Orion Securities Inc. and Paradigm Capital Inc.
Proceeds from the private placement will be used for exploration and
development on HudBay's Canadian properties. The financing continues
and expands HudBay's ongoing exploration program in the Flin Flon
greenstone belt as well as at its other Canadian exploration property
holdings.
About HudBay Minerals Inc.
HudBay Minerals Inc. is an integrated mining and metal producing
company that operates mines and concentrators in northern Manitoba and a
metal production complex in Flin Flon, Manitoba. The company also owns a
zinc oxide production facility in Brampton, Ontario, a copper refinery
in Michigan and the Balmat zinc mine in New York state, which is being
re-opened.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements", within the
meaning of applicable Canadian securities legislation, concerning the
business, operations and financial performance and condition of HudBay.
Forward-looking statements include, but are not limited to, statements
with respect to the future price of gold, silver and copper, the
estimation of mineral reserves and resources, the realization of mineral
reserve estimates, the timing and amount of estimated future
production, costs of production, capital expenditures, costs and timing
of the development of new deposits, success of exploration activities,
permitting time lines, currency exchange rate fluctuations, requirements
for additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, title disputes
or claims and limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of
HudBay, to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to: risks
related to the integration of acquisitions; risks related to
international operations; risks related to joint
venture operations;
actual results of current exploration activities; actual results of
current reclamation activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future
commodity prices; possible variations in ore reserves, grade or recovery
rates; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in
the completion of development or construction activities, as well as
those factors discussed in the section entitled " Risk Factors" in
HudBay's Annual Information Form for the year ended December 31, 2005,
available on www.sedar.com.
Although HudBay has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. HudBay does not undertake to
update any forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws.
This press release is not an offer of securities for sale in the
United States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended. Securities
may not be offered or sold in the United States absent registration or
an exemption from registration. Any public offering of securities that
may be made in the United States will be made by means of a prospectus
that may be obtained from the issuer and that will contain detailed
information about the company and management, as well as financial
statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
HudBay Minerals Inc.
Don Bain
Director, Investor Relations
(204) 949-4272
(204) 942-8177 (FAX)
[email protected]
www.hudbayminerals.com