HUDBAY MINERALS (HBM US $12.15; Price Target RAISED from $16/share to $17/share) NOTES FROM SITE VISIT TO CONSTANCIA PROJECT IN PERU; ESTIMATED GOLD PRICES RAISED; ESTIMATED ZINC PRICES LOWERED 9/16/2011

HUDBAY MINERALS (HBM US $12.15; Price Target RAISED from $16/share to
$17/share) NOTES FROM SITE VISIT TO CONSTANCIA PROJECT IN PERU;
ESTIMATED GOLD PRICES RAISED; ESTIMATED ZINC PRICES LOWERED  9/16/2011