TORONTO, ONTARIO -- (MARKET WIRE) -- 05/04/11 --
HudBay Minerals Inc.
("HudBay") (TSX: HBM)(NYSE: HBM) announced today it is exercising its
right under the compulsory acquisition provisions of the Business
Corporations Act (British Columbia) to acquire all outstanding common shares of Norsemont Mining Inc. ("Norsemont") (TSX: NOM)(BVLAC: NOM) not already beneficially owned by it on the terms set out in its offer dated January 24, 2011,
as extended (the "Offer"). Further details are provided in HudBay's
Notice of Compulsory Acquisition, which will be made available on SEDAR
at www.sedar.com.
Upon completion of the compulsory acquisition, HudBay intends to de-list the common shares of Norsemont from the Toronto and Lima stock exchanges and to cause Norsemont to cease to be a reporting issuer.
As previously announced, HudBay has been successful in its bid to
acquire Norsemont, having taken up a total of 112,185,931 common shares
of Norsemont validly deposited to the Offer, representing approximately
96.6% of the issued and outstanding common shares of Norsemont not
already owned by HudBay (on a fully-diluted basis).
HudBay Minerals Inc.
HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) is a Canadian integrated mining company with assets in North, Central and South America
principally focused on the discovery, production and marketing of base
and precious 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
Certain of the statements made and information contained herein contain
"forward-looking statements" or "forward-looking information" within the
meaning of applicable securities laws. Forward-looking information is
prospective in nature and includes, but is not limited to, information
with respect to the anticipated timing of the transaction and the
anticipated impact of the transaction on HudBay. 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 known and unknown
risks and uncertainties and other factors.
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.
Although HudBay has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that the forward- looking information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. HudBay does not
undertake to update any forward-looking information, except as required
by applicable securities laws, or to comment on analyses, expectations
or statements made by third parties in respect HudBay, Norsemont or
their financial or operating results or securities.
This news release does not constitute an offer to buy any securities or a
solicitation of any vote or approval or a solicitation of an offer to
sell any securities.
(HBM-G)
Contacts:
HudBay Minerals Inc.
John Vincic
Vice President, Investor Relations
& Corporate Communications
416-362-0615
john.vincic@hudbayminerals.com
Further Information for Norsemont Mining Shareholders:
Kingsdale Shareholder Services Inc.
Toll Free 1-800-775-3159 (English or French)
Outside North America, Bankers and Brokers Call Collect:
Kingsdale Shareholder Services Inc.
416-867-2272
416-867-2271 (FAX)
Toll Free Facsimile 1-866-545-5580
contactus@kingsdaleshareholder.com
Source: HudBay Minerals Inc.
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