TORONTO, ONTARIO, Feb 16, 2009 (Marketwire via COMTEX News Network)
-- HudBay Minerals Inc. ("HudBay", "the Company") (TSX:HBM) has set
February 23, 2009 as the record date for a special meeting of
shareholders to be held on March 25, 2009 (the "Special Meeting"), which
will be held in lieu of the previously announced March 31, 2009 special
meeting of shareholders. The business of the Special Meeting will be to
consider a requisition made by a shareholder of the Company under
section 143 of the Canada Business Corporations Act ("CBCA"), and to
consider the issuance of the Company's common shares in connection with
the proposed arrangement under section 192 of the CBCA involving
HudBay's acquisition of all of the outstanding common shares in the
capital of Lundin Mining Corporation
(TSX:LUN)(OMX:LUMI)(NYSE:LMC)("Lundin Mining").
HudBay will not appeal the Ontario Securities Commission's (the
"OSC") January 23, 2009 decision in which the OSC set aside the Toronto
Stock Exchange's December 10, 2008 decision granting conditional
approval for the listing of the HudBay shares to be issued as
consideration for the issued and outstanding shares of Lundin Mining.
HudBay disagrees with the recently received notice of breach from
Lundin Mining regarding alleged breaches of certain terms of the
arrangement agreement entered into in connection with the proposed
acquisition of Lundin Mining. The alleged breaches arise from the OSC's
January 23, 2009 decision that requires the approval of the Company's
shareholders before the proposed acquisition of Lundin Mining can be
completed. HudBay has notified Lundin Mining of its intention to hold
the Special Meeting on March 25, 2009.
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.
Forward-looking Information
This news release contains "forward-looking information" within the
meaning of applicable securities laws. Forward-looking information
includes, but is not limited to, information concerning the proposed
business combination between HudBay and Lundin and matters relating
thereto. 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 "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 court and/or other regulatory
approval, action by an intervening party or parties, future agreements
reached with third parties, changes in market conditions, variations in
ore grade or recovery rates, risks relating to international operations,
fluctuating metal prices and currency exchange rates, changes in
project parameters, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes 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
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.
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-T)
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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