TORONTO, ONTARIO, Nov 12, 2009 (Marketwire via COMTEX News Network)
-- HudBay Minerals Inc. ("HudBay", "the company") (TSX:HBM) today
announced that Peter R. Jones will retire as chief executive officer of
the company effective December 31, 2009. Mr. Jones will continue as a
director of the company following his retirement. Also, Michael D.
Winship, president and chief operating officer, has resigned, effective
immediately, to pursue other opportunities.
The company also
announced that its board of directors has appointed W. Warren Holmes as
executive vice chairman of the company effective immediately to
facilitate transition to a new chief executive officer and has commenced
its search for a suitable replacement for Mr. Jones. Mr. Holmes will
assume the position of acting chief executive officer effective January
1, 2010 pending the hiring of a new chief executive officer.
"On behalf of the board of directors, I would like to thank Mr. Jones
for his tireless efforts and leadership and for the significant
appreciation in shareholder value realized under his watch," said G.
Wesley Voorheis, HudBay's chairman of the board. "While he is retiring,
we will continue to benefit from his leadership and expertise in his
ongoing role as director. I would also like to take this opportunity to
thank Mr. Winship for his valuable contributions to HudBay."
Mr.
Jones has played a key role in the development of the company and its
predecessors for more than 14 years including HudBay's initial public
offering and its growth to a substantial international mining company.
He was instrumental in the 2009 proxy contest which resulted in a new
board of directors and a heightened focus on corporate governance for
the company. Mr. Jones has overseen HudBay's strategic plan initiatives,
including the recent advancement of development of the
company's Lalor deposit in Northern Manitoba.
"HudBay is well
positioned to build on the momentum of its recent initiatives and to
execute on its strategic plan. I look forward to seeing the company
through to new strong leadership," said Warren Holmes. Mr. Holmes, who
has over 40 years' experience in the mining industry, has been a
director of HudBay since March 2009. He is chairman of Nuinsco Resources
Limited, Victory Nickel Inc., and Wallbridge Mining, vice chairman and
director of Atlanta Gold Inc. and a director of Foraco International.
His mining career includes more than 35 years with Noranda Inc. and
Falconbridge Limited where he became senior vice president of Canadian
Mining Operations. He has also been president of the Canadian Institute
of Mining & Metallurgy. Mr. Holmes is a Professional Engineer and
holds an engineering degree from Queens University and a MBA
from the University of Western Ontario.
HudBay Minerals Inc.: Strength to Build the Future
HudBay
Minerals Inc. (TSX:HBM) is a Canadian integrated mining company with
assets in North and Central America principally focused on the
discovery, production and marketing of base metals. The company's
objective is to maximize shareholder value through efficient operations,
organic growth and accretive acquisitions, while maintaining its
financial strength. A member of the S&P/TSX Composite Index and the
S&P/TSX Global Mining Index, HudBay is committed to high standards
of corporate governance and sustainability.
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 concerning the
search for
and availability of a suitable chief executive officer, potential plans
for the Lalor project, as well as HudBay's exploration and development
plans and its strategies and future prospects. 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 statements that certain actions,
events or results "may", "could", "would", "might", or "will be taken",
"occur", or "be achieved". Forward-looking information is based on the
opinions and estimates of management at the date the information is
made, and is based on a number of assumptions and subject to a variety
of risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking information. Many of these assumptions are based on
factors and events that are not within the control of HudBay and there
is no assurance they will prove to be correct.
Factors that could
cause actual results to vary materially from results anticipated by
such forward-looking information include changes in market conditions,
variations in ore grade or recovery rates, risks relating to
international operations, fluctuating metal prices and currency exchange
rates, economic factors, government regulation and approvals,
environmental and reclamation risks, costs, timing and amount of future
production, capital expenditures and requirements for additional
capital, changes in project parameters, the possibility of project cost
overruns or unanticipated costs and expenses, permitting timelines,
labour
disputes and the availability of skilled labour, results of exploration
and other risks of the mining industry, failure of plant, equipment or
processes to operate as anticipated, as well as those risk factors
discussed in the Annual Information Form for the year ended December 31,
2008 for HudBay Minerals Inc. available at www.sedar.com.
Although HudBay has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking information, there may be other factors
that cause actions, events or results not to be anticipated, estimated
or intended. There can be no assurance that forward-looking information
will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. HudBay
undertakes no
obligation to update forward-looking information if
circumstances or management's estimates or opinions should change except
as required by applicable securities laws. The reader is cautioned not
to place undue reliance on forward-looking information.
(HBM-G)
SOURCE: HudBay Minerals Inc.
HudBay Minerals Inc.
David S. Bryson
Senior Vice President and Chief Financial Officer
(416) 362 4759
investor.relations@hudbayminerals.com
www.hudbayminerals.com
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