TORONTO, ONTARIO, Sep 29, 2009 (Marketwire via COMTEX News Network)
-- HudBay Minerals Inc. ("HudBay", "the Company") (TSX:HBM) today
announced that a notice of its intention to make a normal course issuer
bid ("NCIB") has been accepted by the Toronto Stock Exchange ("TSX").
The notice provides that the Company may, during the 12 month period
from October 1, 2009 to September 30, 2010, purchase up to 13,655,000 of
its common shares, being approximately 10% of the public float.
Repurchases
will be made by HudBay directly on the TSX, subject to compliance with
applicable regulatory requirements. The price HudBay will pay for any
such shares will be the market price at the time of acquisition.
The
maximum number of shares that may be repurchased during any trading day
may not exceed 379,100 shares, representing 25% of the average daily
trading volume on the Toronto Stock
Exchange for the Company's shares during the previous six months. The
limit,
for which there are permitted exceptions, is determined in accordance
with regulatory requirements.
There can be no assurances as to
the precise number of shares that will be repurchased under the normal
course issuer bid, or the aggregate dollar amount of the shares
purchased. HudBay may discontinue purchases at any time, subject to
compliance with applicable regulatory requirements. Shares purchased
pursuant to the normal course issuer bid will be cancelled.
The
NCIB is intended to permit HudBay to take advantage of opportunities
that may arise from time to time to acquire its own shares at attractive
prices for the benefit of its shareholders.
There were 153,578,289 common shares of the Company outstanding on September 25, 2009.
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 and its attachments contain "forward-looking information"
within the meaning of applicable securities laws. Forward looking
information includes but is not limited to information concerning the
possible repurchase of shares under the normal course issuer bid and
regulatory approval by the TSX. 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", "understands" or "does not anticipate", or "believes" or
variations of such words and phrases or statements that certain actions,
events or results "will", "may", "could", "would", "might", or "will be
taken", "occur", or "be achieved". Forward-looking information is based
on the views, opinions, intentions 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 anticipated or projected in the forward-looking information
(including the actions of other parties who have agreed to do certain
things and the approval of certain regulatory bodies).
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 or events
to vary materially from results or events anticipated by such
forward-looking information include risks associated with the mining
industry such as economic factors (including future commodity prices,
currency fluctuations and energy prices), failure of plant, equipment,
processes and transportation services to operate as anticipated,
dependence on key personnel and employee relations, environmental risks,
government regulation, actual results of current exploration
activities, possible variations in ore grade or recovery rates,
permitting timelines, capital expenditures, reclamation activities, land
titles, and social and political developments and other risks of the
mining
industry, as well as those risk factors discussed in the company's
Annual Information Form dated March 30, 2009, which risks may cause
actual results to differ materially from any forward-looking statement.
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, or to
comment on analyses, expectations or statements made by third parties in
respect of HudBay, its financial or operating results or its
securities. The reader is cautioned not to place undue reliance on
forward-looking information.
(HBM-G)
SOURCE: HudBay Minerals Inc.
HudBay Minerals Inc.
John Vincic, Vice President,
Investor Relations and Corporate Communications
(416) 362 0615
john.vincic@hudbayminerals.com
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