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HudBay Substantially Increases Mineral Resources

Monday, July 9th, 2007

HudBay Minerals Inc. announce a National Instrument 43-101 (NI 43-101) compliant in-situ mineral resource estimate for its Tom and Jason deposits in the Yukon Territory.
Tom and Jason Deposits – Mineral Resources
Million Tonnes, Zinc(%), Lead(%), Silver(g/t)
Jason 1.45 5.25 7.42 86.68
Tom 4.98 6.64 4.36 47.77
Total Indicated 6.43 6.33 5.05 56.55
Jason 11.00 6.75 3.96 36.42
Tom 13.55 6.68 3.10 31.77
Total Inferred 24.55 6.71 3.48 33.85
“The mineral resource estimate confirms our combined Tom and Jason deposits as one of the largest undeveloped zinc/lead deposits in North America,” said Peter Jones, President & CEO. “These deposits are an attractive asset for HudBay and compliment HudBay’s 22.8 million tonnes of reserves and 3.2 million tonnes of inferred resources, as of January 1, 2007, at our four mines in Manitoba and New York state. HudBay is moving ahead with early stage regulatory and community engagement to position the Company to potentially develop underground mines on this mineral resource in the future.”
The Tom and Jason deposits are located in close proximity to each other on a property of 5,278 hectares, close to the Yukon-Northwest Territories border, approximately 400 km east of Whitehorse where the deposits straddle the North Canol Road and share a common airstrip.
The NI 43-101 compliant mineral resources estimate of the Tom and Jason deposits is contained in a report titled “Technical Report on the Tom and Jason Deposits, Yukon Territory, Canada”, which will be filed on SEDAR. The Report was prepared by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA). David W. Rennie, P. Eng., is the Report author, and is a Consulting Geological Engineer with Scott Wilson RPA and a Qualified Person under NI 43-101. Core samples from both the Tom and Jason properties were assayed by a number of labs including Bondar Clegg and Company Ltd., Chemex Labs Ltd. and Hudson Bay Mining and Smelting Co., Limited, prior to its acquisition by HudBay.

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