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HudBay to Defend Application Vigorously

18:45 EST Monday, January 12, 2009

TORONTO, ONTARIO--(Marketwire - Jan. 12, 2009) - HudBay Minerals Inc. (TSX:HBM) ("HudBay") announced today that SRM Global Master Fund Limited Partnership and Corriente Master Fund Limited Partnership have made an application to the Superior Court of Justice (Commercial List) for: (a) a declaration pursuant to section 241 of the Canada Business Corporations Act that the business or affairs of HudBay are, have been, or are threatened to be carried on or conducted in a manner that is oppressive or unfairly prejudicial or that unfairly disregards the interests of the applicants as shareholders of HudBay; (b) an order directing HudBay to call, hold and conduct a special meeting of shareholders to consider and, if deemed advisable, approve the proposed combination of HudBay with Lundin Mining Corporation through a statutory plan of arrangement and to elect a board of directors by a special resolution on or before January 28, 2009, or such other time as may be fixed by the Court provided it is prior to the closing of the plan of arrangement; and (c) an interim and final order directing HudBay not to effect the plan of arrangement without the approval of HudBay shareholders.

HudBay has retained external counsel and will vigorously oppose the application. HudBay expects the Court to hear the matter prior to the closing of the Lundin acquisition scheduled for January 28, 2009 and will oppose any request for a delay of the scheduled closing.