Copper-zinc exploration in the Flin Flon-Snow Lake VMS Belt

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cosmokramer

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hudbay sells stake in Lundin

posted on May 11, 2009 09:13AM

HudBay Agrees to Sell Lundin Mining Stake

TORONTO, ONTARIO--(Marketwire - May 11, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

HudBay Minerals Inc. ("HudBay", "the company") (TSX:HBM) has, withthe consent of Lundin Mining Corporation ("Lundin"), entered into anagreement to sell its entire 16.7 per cent stake in Lundin to GMPSecurities L.P., for cash proceeds of approximately $236 million,representing a gain before tax of approximately $100 million. Closingof the transaction is expected to occur on or about May 26, 2009.

HudBay Minerals Inc.: Strength to Build the Future

Now the big question is what will they do with the cash??? Lets hope VMS is on the list.

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