Lalor Exploration Yields More Precious Metal Intersections

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Lalor Exploration Yields More Precious Metal Intersections

posted on May 05, 2009 02:30PM

May 5, 2009

HudBay's Lalor Exploration Yields More Precious Metal Intersections

Lalor drill hole locations, assay results, and map, as well as a complete historical listing of holes, collars, intersections and assays and the September 19, 2008 NI 43-101 technical report, are available on HudBay's website: www.hudbayminerals.com

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/La...

To view Lalor Assay Results, please visit the following link:

http://media3.marketwire.com/docs/La...

To view Lalor Location Map, please visit the following link:

http://media3.marketwire.com/docs/La...

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.

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