WINNIPEG, MANITOBA, Dec 13, 2007 (Marketwire via COMTEX News Network)
--
HudBay Minerals Inc. (TSX:HBM) ("HudBay" or the "Company") today
announced that its previously announced normal course issuer bid (the
"Bid") has been approved by the Toronto Stock Exchange (the "TSX").
Under
the terms of the Bid, HudBay may purchase, through the facilities of
the TSX, up to 9,946,093 of its common shares, representing
approximately 9.5% of its public float as of December 11, 2007. Daily
purchases will be limited to 401,046 common shares, other than block
purchase exceptions.
The purchases may commence on December 17,
2007 and end on December 16, 2008, or on such earlier date as HudBay
completes its purchases. Purchases of common shares under the Bid will
be made at market prices and otherwise in accordance with the rules of
the TSX. All purchased shares will be cancelled. HudBay has not
purchased any of its common shares in the last 12 months.
HudBay believes that the purchase of its common shares will contribute to enhancing shareholder value.
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 normal course issuer bid and 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 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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