TORONTO, ONTARIO, Nov 26, 2008 (Marketwire via COMTEX News Network)
--
HudBay Minerals Inc. (TSX:HBM) ("HudBay") today announced that Jaguar
Financial Corporation issued a press release on November 21, 2008
stating its intention to make an unsolicited offer to acquire all of the
issued and outstanding common shares of HudBay.
No formal offer
to the shareholders of HudBay has been made by Jaguar at this time.
HudBay and its board of directors will evaluate the proposed transaction
should a formal offer be made by Jaguar.
HudBay encourages
shareholders to refer to HudBay's and Lundin's websites for accurate,
factual information about their respective operations, and the proposed
business combination.
HudBay remains committed to completing its
proposed business combination with Lundin Mining Corporation and
encourages shareholders not to take any action with respect to the
proposed Jaguar offer until such time as Jaguar makes a formal
offer and HudBay has been able to evaluate it.
HudBay has also
received a requisition from Jaguar requesting that the board of
directors call a shareholders meeting for the purpose of removing the
current board of directors of HudBay and replacing them with new
directors to be nominated by the requisitioning shareholders. The board
of directors of HudBay will review the requisition and respond in due
course.
ABOUT HUDBAY MINERALS INC.
HudBay is a leading
base metals mining company with assets in North and Central America. The
company is investing for the future in one of the most ambitious
exploration programs in Canada, targeting its 400,000 hectare
exploration territory in the Flin Flon Greenstone Belt. An integrated
mining company, HudBay operates zinc and copper mines, concentrators and
metal production facilities in northern Manitoba and Saskatchewan, a
zinc
oxide production facility in Ontario, the White Pine Copper Refinery in
Michigan, and owns the Fenix nickel project in Guatemala. In addition to
its primary products, the Company also produces gold, silver and zinc
oxide. HudBay is a member of the S&P/TSX Composite Index and the
S&P/TSX Global Mining Index.
(HBM-G)
SOURCE: HudBay Minerals Inc.
HudBay Minerals Inc.
Annemarie Brissenden
Manager, Investor Relations
(416) 362-0615
Email: annemarie.brissenden@hudbayminerals.com
Website: www.hudbayminerals.com
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