November 3, 2009 HudBay Exercises Warrants of Polar Star Mining TORONTO, ONTARIO--(Marketwire - Nov. 3, 2009) - HudBay Minerals Inc. ("HudBay", "the company") (TSX:HBM) today announced that, following the exercise of warrants of Polar Star Mining Corporation ("Polar Star"), it has acquired 1,004,366 common shares of Polar Star, bringing its aggregate holding of common shares to 6,873,704, representing 11.52% of Polar Star's issued and outstanding common shares as at June 30, 2009. In addition, HudBay holds warrants exercisable for an additional 1,930,302 common shares which upon exercise, together with the common shares presently owned by the company, would represent 14.75% of Polar Star's issued and outstanding common shares. The exercise price per warrant was $0.45 for an aggregate exercise price of approximately CDN$450,000. The acquisition of the common shares on the exercise of the warrants was made for investment purposes. 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 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. www.hudbayminerals.com (HBM-G)

CONTACT INFORMATION: HudBay Minerals Inc. John Vincic Vice President, Investor Relations and Corporate Communications (416) 362 0615 john.vincic@hudbayminerals.com INDUSTRY: Manufacturing and Production - Mining and Metals