WINNIPEG, MANITOBA--(CCNMatthews - May 15, 2006) - HudBay Minerals
Inc. ("HudBay"), (TSX:HBM) today announced it has produced first zinc
concentrate at its Balmat Zinc Mine in New York state.
Production
of zinc concentrate was achieved on schedule. As previously announced
in connection with the intended reopening of the Balmat Zinc Mine,
production of zinc concentrate was originally expected to commence prior
to the end of the second quarter 2006 with full production of
approximately 60,000 tons during 2008.
Zinc concentrate from the
mine is expected to be treated primarily at the CEZ zinc refinery in
Quebec, located 158 km from the mine. Some of the concentrate is also
expected to be treated at the HudBay zinc plant in Manitoba.
Commenting
on the production, Peter R. Jones, President and CEO of HudBay said:
"Credit for the on schedule production goes to our project team at
Balmat led by Michael (Mick) Lawler, President of St Lawrence Zinc
assisted by our teams from Flin Flon led by Russell Rood, President
Mining Division."
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.
Cautionary Note Regarding Forward-Looking Statements 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 zinc, copper, gold and silver, 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, government
regulation of mining operations, environmental risks, increased
electricity, heavy fuel oil and natural gas cost risk, inflation risks
and risks associated with the re-opening of the Balmat mine. 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; 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; 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.
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