Reed Lake Resource Estimate Expected to be Released in March 2011

HudBay recently completed an infill drilling program at its 70% owned Reed Lake project with an NI 43-101 resource estimate expected to be released in March 2011. The results of the infill drilling program are generally in line with the company's expectations. HudBay will then begin an economic evaluation to determine the viability of the Reed Lake deposit. A production decision is expected by the fourth quarter of 2011. Given the near surface nature of the Reed Lake copper deposit, its advantageous location adjacent to a provincial highway and its proximity to the company's Flin Flon complex, production could commence by late 2012 or early 2013 with a relatively small capital investment.