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TORONTO,
ONTARIO--(Marketwire - May 5, 2009) - HudBay Minerals Inc. ("HudBay",
"the company") (TSX:HBM) continues to add significant
precious metal intersections at its 100% owned Lalor deposit in the
Flin Flon Greenstone Belt. Highlights of those results include DUB 230
grading 23.11 g/t Au over 8.75 m, DUB234 grading 10.28 g/t Au over
13.00 m, and DUB204W03 grading 6.68 g/t Au over 24.44 m. As a result of
ongoing drilling results, HudBay plans to spend an additional $6.1
million on Lalor exploration in 2009. The originally projected
expenditure for 2009 was $6.9 million.
"I am very pleased with the continuing excellent Lalor precious
metal intersections," said Peter R. Jones, HudBay's chief
executive officer. "This project, in terms of both base and precious
metals, is a key opportunity for organic growth."
The ongoing Lalor exploration program will focus on extensions to the
previously identified footwall gold zone as well as improving knowledge
about the continuity within the zone. The $6.1 million additional
expenditure is expected to provide 10 new holes from surface and 16
wedges holes.
Selected and notable precious metal intersections not previously reported: ---------------------------------------------------------------------------- Length Drill Hole Zone From (m) To (m) (m) Au (g/t) Ag (g/t) Cu(%) Zn(%) ---------------------------------------------------------------------------- DUB195W05 Hanging wall 773.25 777.38 4.13 9.10 55.81 1.51 3.23 ---------------------------------------------------------------------------- DUB195W05 Foot Wall 785.49 790.49 5.00 8.89 115.89 0.30 1.12 ---------------------------------------------------------------------------- DUB204W02 Hanging wall 936.61 940.30 3.69 13.83 98.28 0.44 1.65 ---------------------------------------------------------------------------- DUB204W02 Foot wall 950.26 964.90 14.64 4.55 2.64 0.05 0.02 ---------------------------------------------------------------------------- DUB204W03 Hanging wall 834.78 844.57 9.79 5.40 59.11 1.98 2.14 ---------------------------------------------------------------------------- DUB204W03 Foot wall 856.57 860.57 4.00 4.64 39.43 0.52 0.41 ---------------------------------------------------------------------------- DUB204W03 Separate 880.57 894.60 14.03 3.53 26.78 0.41 1.21 ---------------------------------------------------------------------------- DUB204W03 Not named 981.56 1006.00 24.44 6.68 52.54 0.21 0.43 ---------------------------------------------------------------------------- DUB204W02 Not named 972.00 976.00 4.00 12.51 46.20 0.99 0.06 ---------------------------------------------------------------------------- DUB220W02 Not named 869.00 875.00 6.00 18.77 203.37 0.32 0.01 ---------------------------------------------------------------------------- DUB221 Not named 1094.24 1104.21 9.97 6.58 26.47 0.76 0.11 ---------------------------------------------------------------------------- DUB222 Foot wall 820.47 823.48 3.01 15.10 176.90 0.87 1.76 ---------------------------------------------------------------------------- DUB226 Foot wall 875.15 900.15 25.00 3.94 14.61 0.28 0.15 ---------------------------------------------------------------------------- DUB226 Separate 909.00 913.00 4.00 25.98 129.80 0.13 1.05 ---------------------------------------------------------------------------- DUB228 Foot wall 855.32 858.14 2.82 6.38 81.65 1.41 1.89 ---------------------------------------------------------------------------- DUB228 Separate 863.91 869.74 5.83 13.35 111.55 0.13 0.19 ---------------------------------------------------------------------------- DUB229 Foot wall 869.34 881.00 11.66 13.08 38.40 1.14 0.94 ---------------------------------------------------------------------------- DUB230 Separate 855.25 864.00 8.75 23.11 91.28 1.15 0.81 ---------------------------------------------------------------------------- DUB233 Separate 965.84 985.77 19.93 6.87 17.18 0.16 0.05 ---------------------------------------------------------------------------- DUB234 Foot wall 866.50 879.50 13.00 10.28 45.08 1.09 1.12 ---------------------------------------------------------------------------- DUB234 Separate 900.00 922.00 22.00 4.91 9.65 0.15 0.51 ---------------------------------------------------------------------------- DUB235 Foot wall 886.76 901.79 15.03 4.15 8.16 0.16 0.18 ---------------------------------------------------------------------------- DUB235 Separate 928.69 936.59 7.90 9.30 33.42 1.13 1.90 ----------------------------------------------------------------------------
Drilling to date is approximately 115,000
metres in 86 drill holes and 46 wedges. Drilling to date not included
in the September 19, 2009 NI 43-101 technical report is approximately
63,000 metres from 48 holes and 39 wedges.
Drilling has also continued to test the zinc rich massive sulphide
zones #10 and #20 aimed at upgrading the Inferred Resource to an
Indicated Resource.
Selected and notable copper/zinc intersections not previously reported: ---------------------------------------------------------------------------- From To Length Drill Hole Zone (m) (m) (m) Au (g/t) Ag (g/t) Cu(%) Zn(%) ---------------------------------------------------------------------------- DUB179W04 10 969.00 988.90 19.90 0.98 10.67 0.36 4.94 ---------------------------------------------------------------------------- DUB195W05 20 777.38 785.49 8.11 1.58 19.49 0.44 18.82 ---------------------------------------------------------------------------- DUB204W02 10 814.34 831.35 17.01 0.22 12.17 0.67 26.96 ---------------------------------------------------------------------------- DUB204W02 31 940.30 950.26 9.96 1.71 55.07 0.33 9.58 ---------------------------------------------------------------------------- DUB204W03 20 844.57 856.57 12.00 1.17 13.99 0.86 7.86 ---------------------------------------------------------------------------- DUB204W04 10 834.94 843.43 8.49 0.27 18.32 0.69 17.89 ---------------------------------------------------------------------------- DUB227 10 762.10 767.18 5.08 0.22 9.50 0.21 18.36 ---------------------------------------------------------------------------- DUB228 20 849.05 855.32 6.27 3.80 55.96 1.64 11.43 ---------------------------------------------------------------------------- DUB230 20 879.70 887.38 7.68 3.11 35.70 0.88 18.31 ---------------------------------------------------------------------------- DUB232 10 779.32 785.43 6.11 0.46 12.85 0.26 10.27 ----------------------------------------------------------------------------
The zone coding in the above table is
the same as the September 19, 2008 NI 43-101 report.
Next steps
Scoping studies are continuing on the Lalor deposit to identify access
alternatives, development and mining methods, as well as potential
production capacity and concentration options. The additional 2009
exploration program will focus on the precious metal zones and is
expected to enhance the value of the deposit.
Website Links:
To view Lalor Drill Hole Locations, please visit the following link:
http://media3.marketwire.com/docs/LalorDrillhole.pdf
To view Lalor Assay Results, please visit the following link:
http://media3.marketwire.com/docs/LalorAssay.pdf
To view Lalor Location Map, please visit the following link:
http://media3.marketwire.com/docs/Lalormap.pdf
About Lalor
The Lalor deposit is located in the Chisel Basin of the Flin Flon
Greenstone Belt. It has an Indicated Resource of 3.4 MT 1.9g/t Au, 20.5
g/t Ag, 0.71%Cu, 8.82% Zn, and an Inferred Resource of 13.2MT 2.9g/t
Au, 34.1g/t Ag, 0.70%Cu, 8.19% Zn, as stated in the September 19, 2008
technical report. Six drills are currently turning at Lalor, which is
approximately 15 km from HudBay's concentrator in Snow Lake, Manitoba.
The ongoing exploration and evaluation of the Lalor deposit is a
primary focus for the company.
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.
Quality Assurance and Quality Control
Exploration core drilling was either BQ or NQ size. The core was logged
and mineralized intersections were marked for sampling and assaying by
geologists and geotechnicians employed by HudBay's Hudson Bay
Exploration and Development Company Limited (HBED) subsidiary. The
marked intersections or intervals were sawn in half by a diamond saw
and one half of the core was placed in plastic bags and tagged with
unique sample numbers, while the second half was returned to the core
box and stored. Each bagged core sample was transported to HudBay's
Hudson Bay Mining and Smelting Co., Limited subsidiary's assay
laboratory in Flin Flon, Manitoba where it was dried, crushed and
pulverized and a 250-gram sample was prepared for assaying. From each
250 gram sample 0.25 grams was removed and leached in aqua regia and
analyzed by ICP-AES for Ag, Cu, Zn, As, Pb, Ni and Fe. Also from the
250-gram sample, 15 grams was removed for gold determination by fire
assaying with Atomic Absorption finish.
Assaying integrity is monitored internally with a quality control
program, which includes the use of assay sample standards, blanks,
duplicates and repeats and externally through national and
international programs. In addition, within each group of 20 core
samples, one core sample has a second 250 gram split collected for
check assaying at Acme Analytical Laboratories Ltd. in Vancouver, B.C. This
news release provides core lengths and additionally where indicated,
calculated vertical thickness of mineralization intersected. True
widths are not provided. Where metal assays are provided for
intersections they are either a single assay of a sample of the entire
intersection length or a composite of assays calculated from interval
weighted assays over the intersection length.
Qualified Person
The data herein and the contents of this news release have been
reviewed by Kelly Gilmore, B.Sc. P. Geo., Chief Exploration Geologist
with HBED, who is a Qualified Person within the meaning of NI 43-101,
with the ability and authority to verify the authenticity and validity
of the data.
Forward-Looking Information
This news release and its attachments contain "forward-looking
information" within the meaning of applicable securities laws. Forward
looking information includes but is not limited to information
concerning the potential impact of changing economic conditions on
HudBay's financial results, potential plans for the Lalor project,
HudBay's exploration and development plans, and its strategies and
future prospects. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects", or "does not expect",
"is expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates", "understands" or "does not
anticipate", or "believes" or variations of such words
and phrases or statements that certain actions, events or results
"will", "may", "could",
"would", "might", or "will be taken",
"occur", or "be achieved". 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. Factors that could cause actual results or events to
vary materially from results or events anticipated by such
forward-looking information include risks associated with the mining
industry such as economic factors (including future commodity prices,
currency fluctuations and energy prices), failure of plant, equipment,
processes and transportation services to operate as anticipated,
dependence on key personnel and employee relations, environmental
risks, government regulation, actual results of current exploration
activities, possible variations in ore grade or recovery rates,
permitting timelines, capital expenditures, reclamation activities,
land titles, and social and political developments and other risks of
the mining industry, as well as those risk factors discussed in the company's
Annual Information Form dated March 30, 2009, which risks may cause
actual results to differ materially from any forward-looking statement.
Although HudBay has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking information, there may be other factors
that cause actions, events or results not to be anticipated, estimated
or intended. 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.
This news release and the information contained herein does not
constitute an offer of securities for sale in the United States and
securities may not be offered or sold in the United States absent
registration or exemption from registration.
(HBM-G)
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