HUDBAY MINERALS (HBM US $11.26; Rating remains at Neutral; Price Target RAISED from $11/share to $12/share) ESTIMATED INITIAL CAPITAL EX RAISED TO $1.5 BILLION AT CONSTANCIA; INITIAL RESOURCES PUBLISHED FOR PAMPACANCHA WITH Cu-EQUIVALENT GRADES of 0.74% 4/3/2012

HUDBAY MINERALS (HBM US $11.26; Rating remains at Neutral; Price Target
RAISED from $11/share to $12/share) ESTIMATED INITIAL CAPITAL EX RAISED
TO $1.5 BILLION AT CONSTANCIA; INITIAL RESOURCES PUBLISHED FOR
PAMPACANCHA WITH Cu-EQUIVALENT GRADES of 0.74% 4/3/2012