WINNIPEG, MANITOBA, Jan 14, 2008 (Marketwire via COMTEX News Network)
HudBay Minerals Inc. (TSX:HBM) today announced National Instrument
43-101 (NI 43-101) compliant mineral resource estimates for its 100%
owned Bur and Watts River (Watts) deposits in the Flin Flon Greenstone
Belt. The Bur deposit is located approximately 22 kilometres from
HudBay's concentrator at Snow Lake, Manitoba and the Watts deposit is
approximately 45 km from the same concentrator.
Bur Deposit - Mineral Resources
Category Tonnes Au g/t Ag g/t Cu% Zn%
Indicated 1,050,000 0.06 12.10 1.92 8.57
Inferred 302,000 0.08 9.60 1.35 9.00
Watts Deposit - Mineral Resources
Category Tonnes Au g/t Ag g/t Cu% Zn%
Inferred 6,623,000 0.66 25.61 1.88 2.63
"The Bur and Watts deposits demonstrate the extent of the
mineralization in the Flin Flon Greenstone Belt where we have previously
discovered 25 mines and plan a $36.5 million exploration expenditure in
2008," said Peter Jones, President and CEO. "The NI 43-101 estimates
add substantial mineral resources to HudBay's already considerable
mineral resource inventory in undeveloped properties."
plans to continue to evaluate both Bur and Watts deposits but currently
expects the newly discovered Lalor Lake major mineral deposit to have
developmental priority. The Lalor Lake deposit is also close to the Snow
Lake concentrator, and, if developed, would fill the available capacity
at the concentrator. The concentrator currently processes ore from
HudBay's Chisel North mine in the same area.
The NI 43-101
compliant mineral resource estimate for the Bur deposit is
contained in the "Bur Project, Snow Lake, Manitoba, Canada NI 43-101
Technical Report" (the "Bur Report"). The report and estimate was
prepared by Robert Carter, P.Eng, Senior Mines Analyst of HudBay's
Hudson Bay Mining and Smelting Co., Limited (HBMS) subsidiary, a
Qualified Person under NI 43-101 under the supervision of Randal Cullen,
P. Geo., Principal Geologist at AMEC, a Qualified Person under NI
43-101. Drill core samples from the Bur deposit were assayed by HBMS and
ACME Analytical Laboratories Ltd. in Vancouver. AMEC and Mr. Cullen are
independent of HudBay.
The NI 43-101 compliant mineral resource
estimate for the Watts River deposit is contained in the "Technical
Report - Watts River Deposit, Snow Lake Area, Manitoba". The report and
estimate was prepared by Robert Carter, P.Eng., Senior Mines Analyst of
HBMS and reviewed by Kimberley Lau, P. Geo., Mines Technical
Services Superintendent of HBMS. Mr. Carter and Ms. Lau are both
Qualified Persons under NI 43-101. Drill core samples from the Watts
River deposit were assayed by HBMS, ACME Analytical Laboratories Ltd.,
TSL Laboratories, and ALS Chemex Limited.
Ms. Lau has reviewed
and approved the portions of this press release relating to the Bur
deposit and the Watts deposit, the former derived from the Bur Report
prepared under the supervision of Mr. Cullen.
The technical reports containing the mineral resources estimates will be filed on SEDAR following issue of this news release.
About HudBay Minerals Inc.
is an integrated mining company operating mines, concentrators and a
metal production facility in northern Manitoba and Saskatchewan. HudBay
also owns a zinc oxide production facility in Ontario, the White Pine
copper refinery in Michigan and the Balmat zinc
mine in New York state. HudBay is a member of the S&P/TSX Composite
Index and a member of the S&P/TSX Global Mining Index.
news release contains "forward-looking information", within the meaning
of applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, information with respect to
HudBay's mineral resource estimates and potential plans for the Bur and
Watts deposits as well as Lalor Lake. Generally, forward-looking
information can be identified by the use of forward-looking terminology
such as "plans", "seeks", "expects", "budget" or variations of such
words or state that certain actions, events or results "may", "could",
"will", "will be", "would be" or "is expected to be". Forward-looking
information is subject to known and unknown risks, uncertainties and
other factors that
may cause the actual results, level of activity, performance or
achievements of HudBay to be materially different from those expressed
or implied by such forward-looking information, including risks
associated with the mining industry such as economic factors, government
regulation and approvals, environmental risks, actual results of
exploration activities, future commodity prices, permitting timelines,
capital expenditures, possible variations in ore reserves, resources,
grade or recovery rates, requirements for additional capital, changes in
project parameters as plans continue to be refined, conclusions of
economic evaluations as well as those factors discussed in the section
entitled "Risk Factors" in HudBay's Annual Information Form for the year
ended December 31, 2006, available on www.sedar.com.
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 such
statements 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 in accordance with applicable
SOURCE: HudBay Minerals Inc.
HudBay Minerals Inc.
Director, Investor Relations
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