TORONTO, ONTARIO--(Marketwire - March 23,
2009) - HudBay Minerals Inc. ("HudBay", "the
company") (TSX:HBM) announces that in light of preliminary proxy
vote counts relating to the meeting of shareholders scheduled for March
25, 2009, the board of directors of HudBay Minerals have resigned, with
the nominees of SRM Global Master Fund Limited Partnership
("SRM") having been appointed in their place. G. Wesley
Voorheis has been appointed chairman, and joins J. Bruce Barraclough,
Brian D. Gordon, Alan Roy Hibben, W. Warren Holmes, Peter R. Jones,
John Knowles and Alan Lenczner on the new board of directors of HudBay
Minerals.
The new board has accepted the resignation of Colin K. Benner as
interim chief executive officer, and has appointed Peter R. Jones as
chief executive officer of the company.
"I am excited about leading HudBay and working with its employees
once again and truly building on the company's financial
strength," said Mr. Jones, HudBay's CEO. "I thank Messrs.
Anderson and Benner and all of the members of the outgoing board for a
smooth transition process, and wish them well in their future
endeavours."
Mr. Voorheis said the new Board anticipates working constructively with
the company's management to achieve a smooth transition. The new Board
also understands that the company has had discussions with third
parties concerning a possible sale of the company but no discussions
are currently underway.
In light of the transition to the new board, the shareholders meeting
scheduled for Wednesday, March 25, 2009 has been cancelled.
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 increase shareholder value through efficient
operations, organic growth and accretive acquisitions, all while
maintaining its financial strength. A member of the S&P/TSX
Composite Index and the S&P/TSX Global Mining Index, HudBay
Minerals is committed to high standards of corporate governance and
sustainability.
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 incoming or outgoing boards of HudBay Minerals, the
cancelled shareholders' meeting, the intentions of the incoming or outgoing
boards, and the strategy and intentions of HudBay. 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 court and/or other regulatory
approval, action by an intervening party or parties, future agreements
reached with third parties, changes in market conditions, variations in
ore grade or recovery rates, risks relating to international
operations, fluctuating metal prices and currency exchange rates,
changes in project parameters, the possibility of project cost overruns
or unanticipated costs and expenses, labour disputes and other risks of
the mining industry, failure of plant, equipment or processes to
operate as anticipated as well as those risk factors discussed in the
Annual Information Form for the year ended December 31, 2007, and as
contained in the Management Discussion and Analysis for the three and
nine month period ended September 30, 2008, 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. 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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