New Board at HudBay
Mar 23, 2009 19:57 ET
New Board Appointed at HudBay Minerals
TORONTO, ONTARIO--(Marketwire - March 23, 2009) - HudBay Minerals Inc. ("HudBay", "the company") (TSX:HBM) announces that in light of preliminary proxy vote counts relating to the meeting of shareholders scheduled for March 25, 2009, the board of directors of HudBay Minerals have resigned, with the nominees of SRM Global Master Fund Limited Partnership ("SRM") having been appointed in their place. G. Wesley Voorheis has been appointed chairman, and joins J. Bruce Barraclough, Brian D. Gordon, Alan Roy Hibben, W. Warren Holmes, Peter R. Jones, John Knowles and Alan Lenczner on the new board of directors of HudBay Minerals.
The new board has accepted the resignation of Colin K. Benner as interim chief executive officer, and has appointed Peter R. Jones as chief executive officer of the company.
"I am excited about leading HudBay and working with its employees once again and truly building on the company's financial strength," said Mr. Jones, HudBay's CEO. "I thank Messrs. Anderson and Benner and all of the members of the outgoing board for a smooth transition process, and wish them well in their future endeavours."
Mr. Voorheis said the new Board anticipates working constructively with the company's management to achieve a smooth transition. The new Board also understands that the company has had discussions with third parties concerning a possible sale of the company but no discussions are currently underway.
In light of the transition to the new board, the shareholders meeting scheduled for Wednesday, March 25, 2009 has been cancelled.