Toronto, Ontario - Waterton Global Resource Management, Inc. ('WGRM Inc.'), on behalf of Waterton Mining Parallel Fund Offshore Master, LP ('Waterton Mining LP') and Waterton Precious Metals Fund II Cayman, LP ('Waterton Fund II') (collectively, 'Waterton'), announced that Waterton has disposed of 8,000,000 common shares (the 'Common Shares') of Hudbay Minerals Inc. ('Hudbay'), representing approximately 3.05% of the outstanding Common Shares, through market sales on the New York Stock Exchange at an average price of approximately US$5.1069 (C$6.90) per Common Share for aggregate consideration of US$40,855,200 (C$55,187,204).

Immediately prior to giving effect to these dispositions, Waterton owned and exercised control or direction over, in the aggregate, 37,855,287 Common Shares, representing approximately 14.45% of the issued and outstanding Common Shares. Immediately after giving effect to these dispositions Waterton now owns and exercises control or direction over, in the aggregate, 29,855,287 Common Shares, representing approximately 11.40% of the issued and outstanding Common Shares. Waterton disposed of the Common Shares in order to monetize a portion of their investment in Hudbay.

Waterton may, depending on market and other conditions, acquire additional Common Shares through market transactions, private agreements, treasury issuances, exercise of warrants, or otherwise, or may sell all or some portion of the Common Shares, or may continue to hold the Common Shares. For further information and to obtain a copy of the early warning report filed by Waterton, please see Hudbay's profile on the SEDAR website www.sedar.com or contact Richard Wells, Chief Financial Officer of WGRM Inc. at 416-504-3505. The head office address of WGRM Inc. is Commerce Court West, 199 Bay Street, Suite 5050, Toronto, Ontario, M5L 1E2, Canada. The head office address of each of Waterton Mining LP and Waterton Fund II is Ugland House, Grand Cayman, Cayman Islands, KY1-1104.

The head office address of Hudbay is 25 York Street, Suite 800, Toronto, Ontario, Canada M5J 2V5.

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