HudBay Minerals Inc.

HudBay Minerals Inc.

February 28, 2005 09:11 ET

HudBay Minerals Inc.: Press Release


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HUDBAY MINERALS INC.

TSX SYMBOL: HBM

FEBRUARY 28, 2005 - 09:11 ET

HudBay Minerals Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - Feb. 28, 2005) - HudBay Minerals Inc.
(TSX:HBM) (HudBay) has learned of disclosures concerning its Hudson Bay
Mining and Smelting Co., Limited (HBMS) subsidiary contained in an Anglo
American plc. news release dated February 23, 2005. The Anglo American
news release reported on its financial results for 2004 and contained
certain HBMS results for 2004 and 2003.

HudBay purchased HBMS from Anglo American on December 21, 2004 and is
now preparing its consolidated financial statements for 2004. Investors
are cautioned that amounts reported by Anglo American relate to HBMS and
not HudBay and, among other things, are based on U.K. generally accepted
accounting principles and are denominated in U.S. dollars.

HudBay will release the audited results of its operation for 2004,
including those of HBMS post-acquisition, by the end of March 2005.

HudBay is an integrated Canadian mining and metal producing company that
operates mines and concentrators in Northern Manitoba and Saskatchewan
and a metal processing complex in Flin Flon, Manitoba with annual
production capacity of approximately 90,000 tonnes of copper and
approximately 115,000 tonnes of zinc.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    HudBay Minerals Inc.
    John Knowles
    Vice-President and Chief Financial Officer
    (204) 949-4261