MANITOBA – HUDBAY MINERALS of Winnipeg has outlined a $42.8-million exploration budget for 2008. In the Flin Flon Greenstone Belt, the company plans to spend $36.8 million, including $15.2 million for grassroots exploration, $10.2 million at the Lalor Lake deposit, $6.1 million for underground mine exploration, and the balance for administration and studies.
The Lalor Lake deposit lies only 15 km from HudBay’s Snow Lake concentrator. The property is estimated to host as much as 20.0 million tonnes of material averaging 7.7-8.8% Zn and 0.7-0.8% Cu. The company plans to update these numbers and collect data for a feasibility study. Also in the Snow Lake area are the Bur and Watts deposits, which are also due for NI43-101 studies.
HudBay plans to spend $2.1 million to expand the underground resource at its Balmat zinc mine in New York, and the remaining $4.2 million at the Tom-Jason lead-zinc deposit in the Yukon, the San Antonio copper project in Chile and in southwest Ontario.
Information on these and other exploration projects is available at www.HudBayResources.com.