HudBay Urges Shareholders to Vote the BLUE Proxy, AGAINST the Resolution to Remove the Current Board and Replace Them With SRM's Nominees

Market Wire, March, 2009

For full details of HudBay Minerals' position on the proposal to replace the current Board of Directors, please visit www.hudbayminerals.com/strongfuture .

HudBay Minerals Inc. ("HudBay", "the company") (TSX: HBM) urges shareholders to vote the BLUE proxy, AGAINST the resolution to remove the current board and replace them with SRM's nominees. HudBay's current Board of Directors has the right strategy to guide the company through challenging economic times and into a strong future.

HudBay Minerals has posted to its website ( www.hudbayminerals.com/strongfuture ) a letter to its shareholders, appended to this news release, from the interim CEO, Colin K. Benner and HudBay's Board of Directors. The letter reviews the serious concerns HudBay, along with leading independent proxy firms Glass Lewis & Co. and Riskmetrics, have raised about the slate nominated by SRM Global Master Fund ("SRM"). Glass Lewis has recommended that shareholders vote AGAINST SRM's resolution. HudBay's directors continue to believe that SRM is choosing to hide its true intent, which is to take control of HudBay and distribute cash through a share buyback, a strategy that would weaken HudBay's financial strength and jeopardize the company's organic growth opportunities.

HudBay's current Board of Directors has the right strategy to build long-term value for all shareholders. That is why management and the Board have steadfastly refused to alter their strategy to accommodate SRM's short-term objectives. Notwithstanding SRM's narrow views, many HudBay shareholders, including large institutional shareholders, have expressed strong support for the HudBay strategy, which is to preserve its competitive financial strength and increase shareholder value through efficient operations, organic growth and accretive acquisitions.

"We have a good strategy that's well considered," said Mr. Benner. "My objective, and that of the Board, is to steer the company through these challenging times and ensure a prosperous future for HudBay. The company needs a CEO who has the best possible qualifications, and will look ahead to the future rather than returning to the past. As interim CEO, I look forward to working with HudBay's Board of Directors to find that successor."

Voting Instructions for BENEFICIAL (NON-REGISTERED) SHAREHOLDERS

If your common shares are held in a brokerage account a BLUE voting instruction form or BLUE proxy was mailed to you. Only vote the BLUE voting instruction form or BLUE proxy as follows:

Canadian Shareholders: Visit www.proxyvote.com and enter your 12 digit control number or call 1-800-474-7493 or fax your BLUE proxy to (905) 507-7793 or toll free at 1-866-623-5305 to ensure it is received before the deadline.

U.S. Shareholders: Visit www.proxyvote.com and enter your 12 digit control number or call 1-800-454-8683.

Voting Instructions for REGISTERED SHAREHOLDERS

If the common shares are held in your own name, fax the BLUE proxy to Equity Transfer & Trust Company at 416-595-9593 or Kingsdale at 416-867-2271 or 1-866-545-5580 or visit www.voteproxyonline.com and enter your control number.

For assistance in voting your BLUE proxy, please contact HudBay's proxy solicitation agent, Kingsdale Shareholder Services Inc., at toll-free 1-866-581-0508 or 1-416-867-2272.

HudBay Minerals Inc.: Strength to Build the Future

HudBay Minerals Inc. (TSX: HBM) is a Canadian integrated mining company with assets in North and Central America principally focused on the discovery, production and marketing of base metals. The company's objective is to increase shareholder value through efficient operations, organic growth and accretive acquisitions, all while maintaining its financial strength. A member of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index, HudBay Minerals is committed to high standards of corporate governance and sustainability.

Forward Looking Information

This news release and its attachments contain "forward-looking information" within the meaning of applicable securities laws. Forward looking information includes but is not limited to information concerning the shareholders' meeting scheduled for March 25, 2009, the intentions of SRM, and the strategy and intentions of HudBay and its board of directors. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "understands" or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "will", "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies).