NI 43-101 Report Completed on Tom and Jason Deposits
WINNIPEG, MANITOBA, Jul 6, 2007 (CCNMatthews via COMTEX News
Network) -- HudBay Minerals Inc. (TSX:HBM) (HudBay) today announced a
National Instrument 43 101 (NI 43-101) compliant in-situ mineral
resource estimate for its Tom and Jason deposits in the Yukon Territory.
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Tom and Jason Deposits - Mineral Resources
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Million
Tonnes Zinc (%) Lead (%) Silver (g/t)
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Jason 1.45 5.25 7.42 86.68
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Tom 4.98 6.64 4.36 47.77
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Total Indicated 6.43 6.33 5.05 56.55
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Jason 11.00 6.75 3.96 36.42
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Tom 13.55 6.68 3.10 31.77
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Total Inferred 24.55 6.71 3.48 33.85
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"The mineral resource estimate confirms our combined Tom and Jason
deposits as one of the largest undeveloped zinc/lead deposits in North
America," said Peter Jones, President & CEO. "These deposits are an
attractive asset for HudBay and compliment HudBay's 22.8 million tonnes
of reserves and 3.2 million tonnes of inferred resources, as of January
1, 2007, at our four mines in Manitoba and New York state. HudBay is
moving ahead with early stage regulatory and community engagement to
position the Company to potentially develop underground mines on this
mineral resource in the future."
The Tom and Jason deposits are
located in close proximity to each other on a property of 5,278
hectares, close to the Yukon-Northwest Territories border, approximately
400 km east of Whitehorse where the deposits straddle the North Canol
Road and share a common airstrip.
The NI 43-101 compliant mineral
resources estimate of the Tom and Jason deposits is contained in a
report titled Technical Report on the Tom and Jason Deposits, Yukon
Territory, Canada (the Report ), which will be filed on SEDAR. The
Report was prepared by Scott Wilson Roscoe Postle Associates Inc. (Scott
Wilson RPA). David W. Rennie, P. Eng., is the Report author, and is a
Consulting Geological Engineer with Scott Wilson RPA and a Qualified
Person under NI 43-101. Core samples from both the Tom and Jason
properties were assayed by a number of labs including Bondar Clegg and
Company Ltd., Chemex Labs Ltd. and Hudson Bay Mining and Smelting Co.,
Limited, prior to its acquisition by HudBay.
Mr. Rennie has
reviewed and approved the contents of this press release as applicable.
Scott Wilson RPA and Mr. Rennie are independent of HudBay.
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
mineral resource estimates and potential development of the Yukon
properties. 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", or "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 the mining industry such as future commodity prices,
possible variations in ore reserves, resources or recovery rates,
economic factors as they effect exploration and development, government
regulation, environmental risks, success of exploration activities,
permitting time lines, capital expenditures, 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 forward-looking 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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