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In-Mine Mineral Reserves (January 1, 2008)

             
Mines
Million Tonnes
Au (g/t)
Ag (g/t)
Cu (%)
Zn (%)
777
Proven
4.465
2.4
25.7
3.1
4.0
Probable
11.224
2.2
29.9
2.1
5.0
Trout Lake
Proven
1.535
1.3
13.7
2.0
4.1
Probable
.832
1.7
21.8
2.1
4.7
Chisel North
Proven
.529
-
-
-
9.3
Probable
.879
-
-
-
6.8
Balmat
Proven
1.000
-
-
-
9.5
Probable
.890
-
-
-
10.8
---------------------------------------------------------------------------------------------------------------------------
Total Proven
7.529
Total Probable
13.825
Total In-Mine Reserves
21.354
             

In-Mine Inferred Mineral Resources* (January 1, 2008)

   
       
Mines
Million Tonnes
Au (g/t)
Ag (g/t)
Cu (%)
Zn (%)
 
777
1.456
1.8
26.9
1.3
4.2
 
Trout Lake
.300
0.8
4.0
2.3
0.7
 
Chisel North
.272
-
-
-
5.5
 
       
Balmat
1.442
-
-
-
12.8
---------------------------------------------------------------------------------------------------------------------------
Total In-Mine Resources
3.470
  * Diluted, recovered and economically tested.        

PRE-DEVELOPMENT PROPERTIES

Estimated Mineral Resources (January 1, 2008)

               
Mines
Million Tonnes
Au (g/t)
Ag (g/t)
Cu (%)
Zn (%)
Pb (%)
 
Tom
         
Indicated
4.980
-
47.8
-
6.6
4.4
Inferred
13.550
-
31.8
-
6.7
3.1
 
Jason
         
Indicated
1.460
-
86.7
-
5.3
7.4
Inferred
11.000
-
36.4
-
6.8
4.0
 
         
Watts River
         
Indicated
-
-
-
-
-
-
Inferred
6.623
0.7
25.6
1.9
2.6
-
 
Bur
         
Indicated
1.050
0.1
12.1
1.9
8.6
-
Inferred
.302
0.1
9.6
1.4
9.0
-
---------------------------------------------------------------------------------------------------------------------------
Total Indicated
7.490
         
Total Inferred
31.475
         
             

For further details, please see news release dated February 12, 2008 announcing HudBay’s 2007 Mineral Reserves and Mineral Resources.