HUDBAY MINERALS (HBM $15.45; RATED NEUTRAL; PRICE TARGET REDUCED FROM $26/Share to $19.50/Share) MODELS UPDATED TO INCLUDE NORSEMONT ACQUISITION/CONSTANCIA PROJECT IN PERU; ESTIMATED LONG-TERM ZINC PRICES LOWERED TO $0.80 PER LB 5/8/2011

HUDBAY MINERALS (HBM $15.45; RATED NEUTRAL; PRICE TARGET
REDUCED FROM $26/Share to $19.50/Share) MODELS UPDATED TO INCLUDE
NORSEMONT ACQUISITION/CONSTANCIA PROJECT IN PERU; ESTIMATED
LONG-TERM ZINC PRICES LOWERED TO $0.80 PER LBĀ  5/8/2011