WINNIPEG, MANITOBA, May 1, 2007 (CCNMatthews via COMTEX News Network)
-- HudBay Minerals Inc. (TSX:HBM) ("HudBay") today announced that it
has renewed its shareholder rights plan (the "Plan"), subject to
shareholder approval. Shareholders will be asked to approve the Plan at
HudBay's annual and special meeting scheduled for May 31, 2007. HudBay's
current shareholder rights plan (the "Prior Plan") is otherwise
scheduled to expire at the end of its three-year term on November 9,
2007.
The Plan is generally consistent with the terms of the
Prior Plan. A description of the Plan is set out in HudBay's management
information circular dated May 1, 2007, as filed on SEDAR.
The
purpose of the Plan is to ensure that its shareholders continue to
receive the benefits associated with the Prior Plan and is designed to
encourage the fair and equal treatment of HudBay's shareholders in
connection with any take-over bid and to ensure HudBay's shareholders
and board of directors have sufficient time to consider whether there
are other options that would more effectively maximize shareholder
value.
The Plan has been accepted by the Toronto Stock Exchange,
subject to shareholder ratification. The Prior Plan will remain in
effect until its expiry if the Plan is not approved by shareholders. The
Plan's three-year term will expire at the termination of the annual
meeting of shareholders in 2010.
A copy of the Plan has been filed under HudBay's profile on SEDAR at www.sedar.com.
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.
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 the renewal of
HudBay's shareholder rights plan. 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 risks associated with HudBay obtaining
shareholder approval, 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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