WINNIPEG, MANITOBA--(CCNMatthews - Dec. 4, 2006) - HudBay Minerals
Inc. (TSX:HBM) (HudBay) today announced plans to increase exploration
spending to $37 million in 2007 from its previously announced spending
of approximately $10 million.
"Exploration is key to HudBay's organic growth," said Peter Jones,
President and CEO. "We have a long track record of discovery and our
spending in 2007 is an effort to enhance that process." Mr. Jones went
on to say, "Our focus on mergers and acquisitions will also be a major
priority in 2007."
One key area for exploration in 2007 will be the Flin Flon
Greenstone Belt, where drilling targets include known mineral deposits,
structural re-interpretations and geophysical anomalies. HudBay also
plans to increase exploration spending to further expand mineral
reserves and resources within its three mines in the Belt.
"The Flin Flon Greenstone Belt is a prolific region, where HudBay
has a record of discovering mines in close proximity to its processing
plants," said Kelly Gilmore, Chief Exploration Geologist with HudBay's
subsidiary, Hudson Bay Exploration and Development Company Limited
(HBED).
Outside the Flin Flon Greenstone Belt, exploration will aim to
further expand mineral reserves and resources at its Balmat mine in New
York state and to discover new deposits in the Balmat district.
Exploration in 2007 will also include HudBay's mineral properties in
Southwestern Ontario and elsewhere in Canada.
HudBay's exploration properties include approximately 300,000
hectares in the prolific Flin Flon Greenstone Belt of Manitoba and
Saskatchewan and approximately 20,000 hectares in the Balmat district of
New York state. In addition, HudBay owns the Tom zinc/lead mineral
deposit in the Yukon and holds an option to purchase the adjacent Jason
zinc/lead mineral property. Additional assets include copper exploration
properties in Chile and zinc exploration properties in Southwestern
Ontario.
About HudBay Minerals Inc.
HudBay Minerals Inc. is an integrated mining company that operates
mines, concentrators and a metal production facility in northern
Manitoba and Saskatchewan. HudBay also owns a zinc oxide production
facility in Ontario, the White Pine copper refinery in Michigan and
Balmat zinc mine operations in New York state.
HudBay is a member of the S&P/TSX Composite Index.
Forward Looking Information
This news release contains "forward-looking information", within the
meaning of applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements with respect to
HudBay's exploration plans and spending as well as possible mergers and
acquisitions plans for 2007. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as "plans",
"seeks" "budget" or variations of such words or state that certain
actions, events or results "may", "could", "will", "will aim" or "will
be focused". Forward-looking information is 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 information, including risks associated with the mining
industry such as economic factors as they effect exploration, government
regulation, environmental risks, success of exploration activities,
future commodity prices, capital expenditures, conclusions of economic
evaluations, risks related to acquisitions; changes in project
parameters as plans continue to be refined; access to capital 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 information, 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 information. Accordingly, readers should not place undue
reliance on forward-looking information. HudBay does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
The technical information with respect to HudBay's material
properties in this news release has been reviewed by Kelly Gilmore,
B.Sc. P. Geo., Chief Exploration Geologist with HBED, who is a Qualified
Person, within the meaning of National Instrument 43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
HudBay Minerals Inc.
Brad Woods
Director, Investor Relations
(204) 949-4272
(204) 942-8177 (FAX)
brad.woods@hbms.ca
www.hudbayminerals.com