Hudbay Dips On Good News Buying Opportunity

HudBay Updates Drilling on Copper-Gold Zone at the Lalor Deposit 17:02 EST Thursday, December 17, 2009

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2009) - HudBay Minerals Inc. ("HudBay", the "company") (TSX:HBM) today announced additional drill results as an update to its September 22, 2009 announcement of the discovery of a Copper-Gold zone at its 100% owned Lalor deposit near its Snow Lake concentrator in the Flin Flon Greenstone Belt.

Notable results intersected in the Copper-Gold zone included DUB263W05, which assayed 9.62 g/t Au, 29.01 g/t Ag, 6.46% Cu, and 0.40% Zn over 30.94 meters from 1261.68 to 1292.62 meters and in drill hole DUB263W03, which assayed 11.75 g/t Au, 35.36 g/t Ag, 5.89% Cu and 0.43% Zn over 32.78 meters from 1253.36 to 1288.14 meters. Please refer to the map entitled "Lalor Cu-Au Zone - Plan View", available on HudBay's web site and at http://media3.marketwire.com/docs/hudbaylalor.pdf for drill hole intersection locations (the "Drill Plan Map").

The Copper-Gold intersection in hole DUB263W05 intersected the 30.94 meters of mineralization approximately 21 meters down plunge to the north from the previously disclosed DUB263W02 (the "Discovery Hole") (13.35 g/t Au, 27.98 g/t Ag, 5.33% Cu and 0.35% Zn over 34.54 meters from 1253.08 to 1287.62 meters). The intended target for this hole was 50 meters down plunge to the north.

The Copper-Gold intersection in hole DUB263W03 was a metallurgical wedge cut located approximately two meters away from the Discovery Hole. In addition to this wedge cut, HudBay has completed six of the nine holes announced in the company's October 8, 2009 news release, including DUB246DPN, DUB249DPN, DUB263W04, DUB263W05, DUB265, and DUB266. Previously completed holes have also had assay results returned, including DUB252, DUB252W02 and DUB263W01.

"We are encouraged by these drill results which demonstrate that the Copper-Gold zone remains open down plunge and we will continue exploration to further define the zone," said W. Warren Holmes, HudBay's executive vice chairman. "A mining contractor has been selected, crews have been mobilized and ramp development is underway with the aims of providing an advanced exploration platform and pre-development opportunities."

The narrow widths and/or low grade results from assays on drill holes DUB252W02, DUB252 and DUB263W01 as shown in Table 1 suggest they define the Copper-Gold zone eastern margin. Drill hole DUB263W04 was intended to test 50 meters down plunge of the Discovery Hole. However, it did not reach its intended target. Assays are pending on this hole and HudBay's management believes it would also limit the extent of the eastern boundary due to the absence of significant visual copper mineralization. Evaluation of gold content is pending assay results.

Hole DUB265 was intended to intersect the Copper-Gold zone at 150 meters down plunge of the Discovery Hole to the north. This hole did not intersect its intended target and drifted to the east. While assays remain pending, no notable visual copper mineralization was observed. However, a Crone borehole electro-magnetic survey taken from DUB265 indicates a strong off-hole conductor approximately 50 to 60 meters to the west, coincident with the original target.

Deflecting the diamond drill hole wedge cuts away from the parent diamond drill hole using directional drilling technology has proven to be successful at Lalor; however at depths greater than 1,000 meters, accurately intersecting proposed targets is more difficult.

The western boundary of the Copper-Gold zone is not as well defined as the east. A narrow zone intersected in DUB249DPN suggests a western limit to the zone. Assay results are pending from DUB246DPN; however no notable copper mineralization was observed. Evaluation of gold content is pending assay results. DUB189, which was previously released on March 3, 2008, may represent a limit of possible extension to the west in the northern portion of the favorable target area as shown on the Drill Plan Map. A Crone borehole electro-magnetic survey is scheduled for this hole to help guide the drilling program.

HudBay currently has two drills operating on the Copper-Gold zone targeting the favorable target area. One drill is targeting the continuity of mineralization between DUB252W01 and the Discovery Hole. The other drill is targeting the down plunge extension of the mineralization 150 meters to the north of the Discovery Hole. Pending the results of this drilling future targets will be assessed. The exploration down plunge to the north and the evaluation of the possibility of other lenses associated with the Copper-Gold zone remain exploration priorities.

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Here are all the house positions for : HBM for 12/18/2009.

42 Records Returned

House Positions

	Exch	House	Bought	$Value	Ave		Sold	$Value	Ave		Net	$Net
		65 Goldman	149,050	1,945,998	13.06		3,000	39,142	13.05		146,050	-1,906,856
		11 MacQuarie	130,600	1,712,142	13.11		0				130,600	-1,712,142
		15 UBS	302,140	3,933,745	13.02		179,470	2,331,212	12.99		122,670	-1,602,533
		16 Paradigm	1,094,200	14,304,706	13.07		989,900	12,956,774	13.09		104,300	-1,347,932
		80 National Bank	143,650	1,874,977	13.05		85,400	1,120,210	13.12		58,250	-754,767
		85 Scotia	122,235	1,600,043	13.09		66,800	877,736	13.14		55,435	-722,307
		66 Pope	42,000	579,650	13.80		0				42,000	-579,650
		9 BMO Nesbitt	68,586	897,350	13.08		31,100	408,353	13.13		37,486	-488,997
		99 Jitney	300,200	3,920,855	13.06		264,800	3,457,181	13.06		35,400	-463,674
		44 Jones Gable	26,500	347,254	13.10		5,000	66,200	13.24		21,500	-281,054
		250 Infinium Capital	17,900	234,016	13.07		7,000	91,232	13.03		10,900	-142,784
		124 Questrade	13,368	175,304	13.11		3,300	43,322	13.13		10,068	-131,982
		83 Research Cap	9,200	119,593	13.00		0				9,200	-119,593
		72 Credit Suisse	67,456	881,147	13.06		63,337	831,241	13.12		4,119	-49,906
		46 Blackmont	8,869	115,913	13.07		6,150	80,093	13.02		2,719	-35,820
		56 Edward Jones	3,000	39,020	13.01		770	10,012	13.00		2,230	-29,008
		101 Newedge	3,300	44,226	13.40		1,300	17,144	13.19		2,000	-27,082
		69 Jordan	5,000	65,175	13.04		3,100	40,556	13.08		1,900	-24,619
		145 Woodstone	1,500	19,450	12.97		0				1,500	-19,450
		58 Qtrade	8,280	108,441	13.10		7,200	93,462	12.98		1,080	-14,979
		54 Global	1,000	13,000	13.00		0				1,000	-13,000
		89 Raymond James	1,500	19,605	13.07		500	6,545	13.09		1,000	-13,060
		57 Interactive	935	12,181	13.03		150	1,968	13.12		785	-10,213
		5 Penson	921	12,060	13.09		371	4,945	13.33		550	-7,115
		53 Morgan Stanley	0				60	777	12.95		-60	777
		70 Manulife	0				700	9,044	12.92		-700	9,044
		37 MacDougall	1,000	13,000	13.00		2,000	26,100	13.05		-1,000	13,100
		10 FirstEnergy	14,911	194,887	13.07		15,987	207,087	12.95		-1,076	12,200
		18 Genuity	0				1,205	15,918	13.21		-1,205	15,918
		73 Cormark	12,200	158,600	13.00		13,700	178,431	13.02		-1,500	19,831
		31 Dominick	14,800	193,202	13.05		17,000	221,488	13.03		-2,200	28,286
		81 HSBC	10,926	143,745	13.16		14,200	185,751	13.08		-3,274	42,006
		2 RBC	189,020	2,476,880	13.10		195,900	2,583,481	13.19		-6,880	106,601
		79 CIBC	369,944	4,839,289	13.08		387,390	5,056,580	13.05		-17,446	217,291
		33 Canaccord	36,950	481,142	13.02		58,417	760,085	13.01		-21,467	278,943
		27 Dundee	6,150	79,937	13.00		30,300	394,368	13.02		-24,150	314,431
		39 Merrill Lynch	262,969	3,433,172	13.06		308,786	4,016,317	13.01		-45,817	583,145
		74 GMP	52,105	681,930	13.09		141,587	1,848,729	13.06		-89,482	1,166,799
		14 ITG	14,210	186,129	13.10		108,800	1,421,096	13.06		-94,590	1,234,967
		1 Anonymous	496,100	6,474,538	13.05		628,100	8,198,237	13.05		-132,000	1,723,699
		7 TD Sec	643,560	8,379,437	13.02		778,875	10,178,760	13.07		-135,315	1,799,323
		19 Desjardins	166,505	2,172,330	13.05		391,085	5,104,492	13.05		-224,580	2,932,162
		Total	4,812,740	62,884,069	13.07		4,812,740	62,884,069	13.07		0	0