TORONTO, ONTARIO--(Marketwired - March 14, 2014) -
HudBay Minerals Inc. ("Hudbay") (TSX:HBM)(NYSE:HBM) today announced that it has acquired 10,127,500 common shares ("Shares") of Panoro Minerals Ltd. ("Panoro") (TSX VENTURE:PML) at a purchase price of C$0.28 per Share for total consideration of C$2,835,700. The Shares acquired by Hudbay were purchased over the TSX Venture Exchange pursuant to a private agreement and represent approximately 4.9% of the issued and outstanding Shares.
As a result of the investment, Hudbay now owns and has control over 22,907,500 Shares, representing approximately 11.2% of the issued and outstanding Shares.
The acquisition of the Shares is being made for investment purposes. Hudbay may in the future increase or decrease its ownership of Shares from time to time depending upon the business and prospects of Panoro, future market conditions and Hudbay's investment objectives.
Forward-Looking Information
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes information that relates to, among other things, the company's objectives, strategies, intentions and future financial and operating performance and prospects.
Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that the company identified and were applied by it in drawing conclusions or making forecasts or projections set out in the forward looking information include, but are not limited to, the execution of its business and growth strategies, including the success of its strategic investments and initiatives; the availability of financing for its exploration and development projects and activities; the ability to complete project targets on time and on budget and other events that may affect its ability to develop its projects; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets.
The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of the company's projects (including the impact on project cost and schedule of construction delays and unforeseen risks and other factors beyond its control), depletion of its reserves, risks related to political or social unrest or change and those in respect of aboriginal and community relations and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, dependence on key personnel and employee relations, volatile financial markets that may affect its ability to obtain financing on acceptable terms, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, Hudbay's ability to comply with the company's pension and other post-retirement obligations, Hudbay's ability to abide by the covenants in the company's debt instruments, as well as the risks discussed under the heading "Risk Factors" in Hudbay's most recent annual information form. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.
About Hudbay
Hudbay (TSX:HBM)(NYSE:HBM) is a Canadian integrated mining company with assets in North and South America principally focused on the discovery, production and marketing of base and precious metals. Hudbay'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. Further information about Hudbay can be found on www.hudbayminerals.com.
For further information, including a copy of the report required to be filed by Hudbay in accordance with applicable Canadian securities laws, please contact Hudbay at the address below.
| HudBay Minerals Inc. |
| 25 York Street, Suite 800 |
| Toronto, Ontario M5J 2V5 |
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| Attn: Candace Brûlé |
| Director, Investor Relations |
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(416) 814-4387
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[email protected]
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