View all news

Hudbay Executes ScoZinc Purchase and Sale Agreement

April 07, 2006

WINNIPEG, MANITOBA--(CCNMatthews - April 7, 2006) - HudBay Minerals Inc (TSX:HBM) (HudBay) announces that, through its wholly-owned subsidiary Pan American Resources Corp. (Pan American), it has executed the definitive purchase and sale agreement with Acadian Gold Corporation (Acadian) to sell 100% of the outstanding shares of ScoZinc Limited (ScoZinc) for C$7.5 million.

HudBay announced on December 16, 2005 that it had entered into a letter of intent to sell the Gays River lead and zinc mineral property to Acadian. The Gays River mineral property is held by ScoZinc.

The sale of ScoZinc is scheduled to close on July 6, 2006, or such earlier date as the parties may agree. The completion of the sale is subject to usual closing conditions, including obtaining all necessary regulatory and stock exchange approvals, and the purchaser completing satisfactory financing arrangements.

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 reopened.

Forward Looking Statements

Certain information regarding HudBay set forth in this document, including management's assessment of HudBay's future plans and operations contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward looking statements are subject to numerous risks and uncertainties, some of which are beyond HudBay's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, financing and acquisition risks, related to the integration of acquisitions, fluctuation of foreign exchange rates, imperfection of mineral reserve and mineral resource estimates, commodity prices, risks associated with exploration, development and mining, environmental risks, industry competition, availability of qualified personnel and management, timely and cost effective access to sufficient capital from internal and external sources as well as the ability of contracted companies to raise funding or to perform services. HudBay's actual results, performance or achievement could differ materially from those expressed in or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated to occur or transpire from the forward looking statements will provide any benefits to HudBay.


HudBay Minerals Inc.
Don Bain
Director, Investor Relations
(204) 949-4272
(204) 942-8177 (FAX)

Categories: Press Releases
View all news