Toronto, Ontario - February 16, 2011 - HudBay Minerals Inc.
("HudBay", the "company") (TSX/NYSE: HBM) today announced that it has
completed an equity investment with Aquila Resources Inc. ("Aquila")
(TSX:AQA) which resulted in the company acquiring 2,226,514 common
shares ("Shares") of Aquila at a price of C$0.8916 per Share for total
consideration of C$1,985,160 (the "Placement").
HudBay currently owns and controls 14,367,565 Shares, representing
approximately 16.92% of Aquila's issued and outstanding Shares. The
Placement was completed pursuant to the terms of an exploration alliance
agreement announced on October 15, 2011, which provided for the
formation of an exploration alliance between HudBay and Aquila in
respect of certain mineral properties in Michigan and other agreed
areas. The acquisition of the Shares was made for investment purposes
and to assist Aquila in financing the exploration and development of its
mineral properties, including those that are subject to the exploration
alliance.
HudBay Minerals Inc.
HudBay Minerals Inc. (TSX/NYSE: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 with its
corporate offices at 1 Adelaide Street East, suite 2501, Toronto,
Ontario. 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 may
contain forward-looking information within the meaning of applicable
Canadian securities laws. 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. 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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
For further information, please contact:
HudBay Minerals Inc.
John Vincic
Vice President, Investor Relations and Corporate Communications
(416) 362 0615
Email: john.vincic@hudbayminerals.com