WINNIPEG, MANITOBA, Dec 12, 2007 (Marketwire via COMTEX News Network)
--
HudBay Minerals Inc. (TSX:HBM) ("HudBay" or the "Company") today
announced its intention, subject to regulatory approval, to undertake a
normal course issuer bid (the "Bid") through the facilities of the
Toronto Stock Exchange (the "TSX"), and purchase up to 9,946,093 of its
common shares, representing approximately 9.5% of its public float as of
December 11, 2007.
Peter Jones, President & CEO said,
"HudBay continues to deliver strong performance. The share buy back
program reflects an effective means to return a portion of HudBay's cash
to shareholders. HudBay also believes that the purchase of common
shares will contribute to enhancing shareholder value. At the same time,
we are evaluating organic growth opportunities and investment
opportunities that support our balanced approach in driving value for
shareholders."
Purchases of common shares under the Bid will be
made at
market prices and otherwise in accordance with the rules of the TSX.
Purchases may commence on the date that is two trading days after the
latest of (i) the date of acceptance by the TSX of HudBay's notice of
intention in final executed form; and (ii) the date that HudBay issues
the press release required by the TSX. Purchases may occur during the 12
month period thereafter, unless terminated on such earlier date as the
Company may complete its purchases. All common shares purchased under
the Bid will be cancelled. HudBay has not purchased any of its common
shares in the last 12 months.
To the knowledge of HudBay, no
senior officer or director of HudBay, no associate thereof and no person
holding 10% or more of the common shares of HudBay currently intends to
sell any common shares under the Bid. However, sales through the
facilities of the TSX may occur during the period of the
Bid where such sales are due to personal or business circumstances of
any such person or company unrelated to these normal course purchases.
The benefits to any such person or company whose shares are purchased
would be the same as the benefits available to other holders whose
shares are purchased.
About HudBay Minerals Inc.
HudBay
Minerals Inc. is an integrated mining company that operates mines,
concentrators and a metal production complex in northern Manitoba and
Saskatchewan. The Company also owns a zinc oxide production facility in
Ontario, the White Pine Copper Refinery in Michigan and the Balmat zinc
mine in New York State. HudBay is a member of the S&P/TSX Composite
Index and the S&P/TSX Global Mining Index.
(HBM-G)
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, information with respect to HudBay's proposed normal course
issuer bid and enhancing shareholder value. Generally, forward-looking
information 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", "will", "will be taken", "occur", or
"be achieved". 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 regulatory approval, market
conditions, risks associated with the mining industry such as economics,
future commodity prices, results of exploration activities, government
regulation, environmental and reclamation risks, timely and cost
effective access to capital, conclusions of economic evaluations,
changes in project parameters as plans continue to be refined as well as
those factors discussed in the section entitled "Risk Factors" in
HudBay's Annual Information Form for the year ended December 31, 2006,
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 information 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.
SOURCE: HudBay Minerals Inc.
HudBay Minerals Inc.
Brad Woods
Director, Investor Relations
(204) 949-4272
Email: Brad.woods@hbms.ca
Website: www.hudbayminerals.com
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