HudBay to Defend Application Vigorously

TORONTO, ONTARIO, Jan 12 (MARKET WIRE) --
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.

ABOUT HUDBAY MINERALS INC.

HudBay is a leading base metals mining company with assets in North and
Central America. The company is focused on growing its business through
operational optimization, strategic investing, mine development and
exploration. An integrated mining company, HudBay operates zinc and
copper mines, concentrators and metal production facilities in northern
Manitoba and Saskatchewan, a zinc oxide production facility in Ontario,
the White Pine Copper Refinery in Michigan, and owns the Fenix nickel
project in Guatemala. In addition to its primary products, the company
also produces gold, silver and zinc oxide. HudBay is a member of the
S&P/TSX Composite Index and the S&P/TSX Global Mining Index.

This news release and the information contained herein does not
constitute an offer of securities for sale in the United States and
securities may not be offered or sold in the United States absent
registration or exemption from registration.

(HBM-T)

Contacts:
HudBay Minerals Inc.
Annemarie Brissenden
Manager, Investor Relations
(416) 362-0615
Email: annemarie.brissenden@hudbayminerals.com
Website: www.hudbayminerals.com

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