TORONTO, ONTARIO, Jan 16, 2009 (Marketwire via COMTEX News Network)
-- HudBay Minerals Inc. (TSX:HBM) ("HudBay") is the Prospectors and
Developers Association ("PDAC") 2009 recipient of the Bill Dennis Award
for a Canadian discovery in recognition of the Company's 2007 discovery
of its 100%-owned Lalor deposit in Snow Lake, Manitoba. HudBay's
innovative adaptation of electromagnetic geophysical surveys to
penetrate deeper than in the past led to discovery of Lalor. Kelly
Gilmore, chief exploration geologist, and Alan Vowles, project
geophysicist, will accept the award on behalf of HudBay during the
PDAC's annual awards banquet on March 2, 2009.
"I'm very proud of
our exploration team, and delighted PDAC has once again chosen to
recognize HudBay's successful exploration efforts," said Allen J.
Palmiere, the company's chief executive officer. "I'm also encouraged by
the strong
potential to develop Lalor into an economic gold/zinc mine."
Located
in the Chisel basin portion of the Flin Flon Greenstone Belt, the Lalor
deposit is believed to be the largest VMS deposit found in the Snow Lake
Camp to date. Lalor has an Indicated Resource of 3.4 MT 1.9 g/t Au,
20.5 g/t Ag, 0.71% Cu, 8.82% Zn, and an Inferred Resource of 13.2 MT 2.9
g/t Au, 34.1 g/t Ag, 0.70% Cu, 8.19% Zn (for further details please see
HudBay's NI 43-101 technical report dated September 19, 2008). In early
January 2009, HudBay announced the additional discovery of significant
gold mineralization, which occurs in an adjacent and separate zone, that
could offer Lalor a distinct mining horizon with principal credits
derived from gold mining. Six drills are currently turning at Lalor with
the intent to drill 18,000 metres between January and May 2009 to
explore the gold mineralization further, and upgrade the VMS resource.
This
is the second time HudBay has
received the Bill Dennis Award, named for a highly respected member of
the industry who was PDAC president from 1965 to 1966, and established
in 1977 to recognize those who have made a significant mineral discovery
or an important contribution to the exploration industry. Mr. Gilmore
was part of the Hudson Bay Exploration & Development Company Limited
(a subsidiary of HudBay) team that won the Bill Dennis award in 2000
for its discovery of the 777, Konuto Lake and Photo Lake mines. The 777
mine, located in Flin Flon, Manitoba, is now HudBay's flagship mine.
ABOUT HUDBAY MINERALS INC.
HudBay
is a leading base metals mining company with assets in North and
Central America. The company is focused on growing its business through
operational optimization, strategic investing, mine development and
exploration. 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.
QUALITY ASSURANCE AND QUALITY CONTROL
Exploration
core drilling was either BQ or NQ size. The core was logged and
mineralized intersections were marked for sampling and assaying by
geologists and geotechnicians employed by HudBay's Hudson Bay
Exploration and Development Company Limited (HBED) subsidiary. The
marked intersections or intervals were sawn in half by a diamond saw and
one half of the core was placed in plastic bags and tagged with unique
sample numbers,
while the second half was returned to the core box and stored. Each
bagged core sample was transported to HudBay's Hudson Bay Mining and
Smelting Co., Limited subsidiary's assay laboratory in Flin Flon,
Manitoba where it was dried, crushed and pulverized and a 250-gram
sample was prepared for assaying. From each 250 gram sample 0.25 grams
was removed and leached in aqua regia and analyzed by ICP-AES for Ag,
Cu, Zn, As, Pb, Ni and Fe. Also from the 250-gram sample, 15 grams was
removed for gold determination by fire assaying with Atomic Absorption
finish.
Assaying integrity is monitored internally with a quality
control program, which includes the use of assay sample standards,
blanks, duplicates and repeats and externally through national and
international programs. In addition, within each group of 20 core
samples, one core sample has a second 250 gram split collected for check
assaying at Acme Analytical Laboratories Ltd. in Vancouver, B.C. This
news release provides core lengths and additionally where indicated,
calculated vertical thickness of mineralization intersected. True widths
are not provided. Where metal assays are provided for intersections
they are either a single assay of a sample of the entire intersection
length or a composite of assays calculated from interval weighted assays
over the intersection length.
QUALIFIED PERSON
The data
herein and the contents of this news release have been reviewed by Kelly
Gilmore, B.Sc. P. Geo., Chief Exploration Geologist with HBED, who is a
Qualified Person within the meaning of NI 43-101, with the ability and
authority to verify the authenticity and validity of the data.
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 HudBay's mineral
resource estimates and potential plans for Lalor 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, 2007 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 undertake 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.
This news release and the
information contained herein does not constitute an offer of securities
for sale in the United States and securities may not be offered or sold
in the United States absent registration or exemption from registration.
(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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