WINNIPEG, MANITOBA--(CCNMatthews - March 24, 2006) - HudBay Minerals
Inc. (TSX:HBM) (HudBay) announced today that its subsidiary Hudson Bay
Exploration and Development Company Limited (HBED) has increased its
exploration land holdings in the Flin Flon Greenstone Belt in northern
Manitoba.
HBED has acquired two mineral exploration licenses in northern
Manitoba, south east of Snow Lake, increasing its exploration land
holdings by approximately 94,000 hectares to a total of approximately
296,000 hectares. The increase relates to mineral deposit targets and
covers several geophysical targets. The increase is not related to any
new diamond drilling results or other information.
HudBay plans to continue spending $10 million each year through 2007, on exploration in the Flin Flon Greenstone Belt.
Peter Jones, President and CEO of HudBay, said, "increasing our
holdings gives HudBay land security around mineral deposit targets and
several geophysical targets in the area as well as adding almost 50% to
our available exploration lands in the Greenstone belt."
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 processing complex in Flin Flon, Manitoba. The company also owns a
zinc oxide production facility in Brampton, Ontario, a copper refinery
in Michigan and the former producing 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, the availability
or advisement of spending exploration funds, industry conditions,
fluctuation of commodity prices, risks related to the integration of
acquisitions, fluctuation of foreign exchange rates, imperfection of
mineral reserve and mineral resource estimates, estimates of land area
held, seasonally variations and ease of access for exploration,
availability of diamond drilling and electromagnetic equipment
especially during periods of high demand in the mining industry,
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. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
HudBay Minerals Inc.
Don Bain
Director, Investor Relations
(204) 949-4272
(204) 942-8177 (FAX)
don.bain@hbms.ca
www.hudbayminerals.com