TORONTO, ONTARIO, Mar 23, 2009 (MARKET WIRE via COMTEX News Network)
-- HudBay Minerals Inc. ("HudBay", "the company") (TSX: HBM) announces
that in light of preliminary proxy vote counts relating to the meeting
of shareholders scheduled for March 25, 2009, the board of directors of
HudBay Minerals have resigned, with the nominees of SRM Global Master
Fund Limited Partnership ("SRM") having been appointed in their place.
G. Wesley Voorheis has been appointed chairman, and joins J. Bruce
Barraclough, Brian D. Gordon, Alan Roy Hibben, W. Warren Holmes, Peter
R. Jones, John Knowles and Alan Lenczner on the new board of directors
of HudBay Minerals.
The new board has accepted the resignation of
Colin K. Benner as interim chief executive officer, and has appointed
Peter R. Jones as chief executive officer of the company.
"I am
excited about leading HudBay and working with its
employees once again and truly building on the company's financial
strength," said Mr. Jones, HudBay's CEO. "I thank Messrs. Anderson and
Benner and all of the members of the outgoing board for a smooth
transition process, and wish them well in their future endeavours."
Mr.
Voorheis said the new Board anticipates working constructively with the
company's management to achieve a smooth transition. The new Board also
understands that the company has had discussions with third parties
concerning a possible sale of the company but no discussions are
currently underway.
In light of the transition to the new board,
the shareholders meeting scheduled for Wednesday, March 25, 2009 has
been cancelled.
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 increase shareholder value through
efficient operations, organic growth and accretive acquisitions, all
while maintaining its financial strength. A member of the S&P/TSX
Composite Index and the S&P/TSX Global Mining Index, HudBay Minerals
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 incoming or
outgoing boards of HudBay Minerals, the cancelled shareholders' meeting,
the intentions of the incoming or outgoing boards, and the strategy and
intentions of HudBay. 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 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, and as contained in the Management
Discussion and Analysis for the three and nine month period ended
September 30, 2008, 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. 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)
Contacts:
HudBay Minerals Inc. - Investor Relations
Annemarie Brissenden
Manager, Investor Relations
(416) 362-0615
annemarie.brissenden@hudbayminerals.com
www.hudbayminerals.com
SOURCE: HudBay Minerals Inc.
mailto:annemarie.brissenden@hudbayminerals.com
http://www.hudbayminerals.com
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