- 2006 metal production in line with guidance
- 2007 zinc production expected to increase over 2006 production
Winnipeg, Manitoba - February 14, 2007 - HudBay Minerals Inc. (TSX: HBM)
(HudBay) today announced its 2006 production and 2007 outlook.
"We are pleased to report our summary 2006 fourth quarter and annual
production today, together with our 2007 outlook," said Peter Jones,
President & CEO. "We are delighted to have delivered 2006
production growth for both copper and zinc as well as results in line
with 2006 guidance."
HudBay expects to announce its 2006 financial results together with
complete details of its production and operating performance on March 8,
2007.
Production and Outlook 1
1 Hudson Bay Mining & Smelting Co.,
Limited (HBMS) mines in Manitoba. Metal from HBMS concentrates and
purchased concentrates include copper, gold and silver returned to the
copper smelter for re-processing as part of the normal production
process. Metal reported in concentrate in this news release is prior to
refining losses or deductions associated with smelter terms.
2 Includes 3,750 tonnes from metal in Balmat equivalent
purchased concentrates, purchased from Xstrata. Through an arrangement
to decrease costs, HudBay sells all concentrates from its Balmat zinc
mine to Xstrata, and elects annually to purchase up to 50% of Balmat
equivalent concentrates from Xstrata.
3 Metal in concentrate produced in 2006 prior to commercial production.
4 Copper guidance in 2006 is HBMS production only and excludes purchased concentrates.
5 Includes production of metal and metal in concentrates for sale.
2007 Objectives
Peter Jones went on to say, "Together with a strong operating
performance, I believe we are well positioned to deliver on our key
objectives in 2007, including:
- Reaching full capacity at the Balmat mine by 2008
- Completing the Bur $8.5 million feasibility study
- Creating organic growth opportunities from our $37 million exploration program
- Evaluating and pursing M&A opportunities."
About HudBay Minerals Inc.
HudBay Minerals Inc. is an integrated mining company operating 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 the 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 estimated future production and outlook for 2007. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "seeks", "expects",
"budget" or variations of such words or state that certain actions,
events or results "may", "could", "will", "will be", "would be" or "is
expected to be". 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, government regulation and approvals,
environmental risks, success of exploration activities, future commodity
prices, capital expenditures, risks related to acquisitions
requirements for additional capital, changes in project parameters as
plans continue to be refined, conclusions of economic evaluations 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.
For further information:
Brad Woods
Director Investor Relations
Tel: (204) 949-4272
brad.woods@hbms.ca