TORONTO, ONTARIO -- (MARKET WIRE) -- 03/11/11 --
HudBay Minerals Inc.
("HudBay") (TSX: HBM)(NYSE: HBM) confirmed today that it has
successfully acquired more than 90% of the common shares ("Norsemont
Shares") of Norsemont Mining Inc.
("Norsemont") (TSX: NOM)(BVLAC: NOM) that it did not already own at the
time of its offer to acquire all of the issued and outstanding
Norsemont Shares. HudBay also announced that it will acquire the
remaining Norsemont Shares pursuant to compulsory acquisition rights and
will not be extending its offer beyond the current expiry time of 5:00 p.m. (Toronto time) on March 15, 2011.
HudBay anticipates that payment for Norsemont Shares acquired pursuant
to the compulsory acquisition rights will be made no earlier than
June 2011, and Norsemont shareholders who would prefer to
receive their consideration before that time are encouraged to deposit
their shares under the offer before it expires. HudBay will pay for all
shares taken up at the expiry of the bid by March 18, 2011. HudBay common shares issued as consideration in respect of Norsemont Shares taken up on March 15, 2011 will be entitled to participate in the March 21, 2011 record date for HudBay's semi-annual dividend of $0.10 per common share, which is payable on March 31, 2011.
Norsemont shareholders whose shares are acquired pursuant to the
compulsory acquisition rights will not be eligible to receive the March 31, 2011 dividend.
HudBay Minerals Inc.
HudBay Minerals Inc. (TSX: HBM)(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. 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, including, among other
things, risks related to the Offer, as well as those risk factors
discussed in the take-over bid circular. 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 of the Offer or 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.
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: 416-867-2272
Facsimile: 416-867-2271, Toll Free Facsimile
1-866-545-5580
Email: contactus@kingsdaleshareholder.com
(HBM-G)
Contacts:
HudBay Minerals Inc.
John Vincic, Vice President,
Investor Relations & Corporate Communications
416-362-0615
john.vincic@hudbayminerals.com
Source: HudBay Minerals Inc.
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