Noront Resources

HudBay Minerals Inc. - RiskMetrics, Independent Voting Advisory Service, Recommends that HudBay Shareholders Support the Concerned Shareholder Nominees by Voting the YELLOW Proxy

    TORONTO, March 16 /CNW/ - SRM Global Master Fund Limited Partnership
("SRM") announces that RiskMetrics Group has recommended that shareholders of
HudBay Minerals Inc. ("HudBay") (TSX: HBM) vote their YELLOW proxy FOR the
removal of the incumbent Board and the election of the Concerned Shareholder
Nominees as directors of HudBay at the special meeting of HudBay shareholders
to be held on March 25, 2009.
    RiskMetrics is an independent voting advisory service whose
recommendations are followed closely by leading pension funds, investment
managers, mutual funds and other institutional shareholders. It is the world's
leading provider of proxy voting and corporate governance services with over
20 years of experience.
    In its report dated March 13, 2009, RiskMetrics focussed its analysis on
the extraordinary circumstances surrounding the HudBay/Lundin transaction
process and the lack of regard given to shareholder rights by the incumbent
Board in attempting to avoid a shareholder vote. In its report RiskMetrics
highlighted the following shareholders' concerns:

    <<
    -   "Despite the market reaction and angry shareholder response to the
        proposed Lundin transaction, the HBM board continued to try to avoid
        a shareholder vote."
    -   "We are concerned that on the one hand the board did not try very
        hard to renegotiate the transaction, while on the other hand they
        appear to have tried very hard to avoid a shareholder vote."
    -   "The OSC has made clear their view with regard to the incumbent
        board's lack of recognition and concern for shareholder rights to the
        extent that their actions appear to have been for the purpose of
        preventing the exercise of shareholder rights. The board has not been
        accountable to shareholders."
    >>

    With respect to the Concerned Shareholder Nominees RiskMetrics states
that "we believe the dissident nominees comprise a team with the requisite
experience and reasonable independence from SRM and HBM....We are reasonably
confident that, if elected, the dissident nominees would act independently
from SRM and in the best interests of HBM and its shareholders (in accordance
with their fiduciary duty)."
    In recommending that HudBay shareholders vote FOR the removal of the
incumbent Board and the election of the Concerned Shareholder Nominees,
RiskMetrics concluded that "Due to the extraordinary circumstances surrounding
the HBM/Lundin transaction process, including the oppression application, the
requested OSC hearing, review and ruling and the significantly negative market
reaction to the HBM board-approved Lundin transaction, despite the lack of a
more detailed strategy by the dissidents at this time, the HBM board must be
held accountable for their actions, therefore shareholder support is warranted
for the dissident nominees."
    A spokesman for SRM said "We are delighted that RiskMetrics has endorsed
the Concerned Shareholder Nominees. RiskMetrics represents important and
independent support for our view that shareholders should vote for the
Concerned Shareholder Nominees. RiskMetrics' stature as the leading
independent monitor of corporate governance in Canada will give an extra
measure of confidence to Canadian, U.S. and international institutional and
individual investors to vote for the Concerned Shareholder Nominees. To ensure
change is implemented, it is now crucial for all shareholders to actively
deliver their yellow proxies, no matter how large or small their holdings, to
vote for the removal of the current Board and the election of the Concerned
Shareholder Nominees as directors of HudBay."
    A spokesman for SRM added, "The RiskMetrics' recommendation confirms our
view that a change is needed at HudBay. The incumbent Board is collectively
responsible for the poor decisions made at HudBay in recent months. The
RiskMetrics' report combined with the recent poor track record of the
incumbent Board demonstrates that the incumbent Board is incapable of leading
HudBay and creating shareholder value."

    Conference Call

    The Concerned Shareholder Nominees will be hosting a conference call on
Tuesday, March 17, 2009 at 2:00 p.m. (Eastern Time) to update analysts and
shareholders on recent events and the Concerned Shareholder Nominees proposed
plan for HudBay. Mr. Peter R. Jones, former chief executive officer of HudBay
and the expected appointee to the chief executive officer position at HudBay
and G. Wesley Voorheis will provide a statement on behalf of the Concerned
Shareholder Nominees and will be available to take questions from analysts
(details below):

    <<
    Date: March 17, 2009
    Time: 2:00 p.m. (Eastern Time)
    Dial-in: 416-764-8689 or 888-575-5159
    Replay: 416-764-8691 or 877-674-6060
    Replay passcode: 4135
    >>

    Mr. Jones is also scheduled for a live interview on BNN (the Business
News Network) today at 2:05 p.m. (Eastern Time).

    Website

    Please visit www.newhudbayboard.com for additional information, including
press releases, voting instructions and the proxy circular dated March 2,
2009.
    SRM urges shareholders to vote FOR the removal of the incumbent Board and
the election of the Concerned Shareholder Nominees as directors of HudBay at
the special meeting of shareholders to be held on March 25, 2009. Copies of
the proxy circular dated March 2, 2009 can be obtained via SEDAR
(www.sedar.com) or by contacting Georgeson toll-free at 1-866-717-7946 or if
outside North America at 212-806-6859 (collect calls accepted).

    TIME IS SHORT: As time is short and mailing back your YELLOW proxy may no
longer be an option available, HudBay shareholders are encouraged to vote by
fax, telephone or for ease of voting, internet and entering their YELLOW
control number. Please visit www.newhudbayboard.com for additional
information. HudBay shareholders are encouraged to contact Georgeson toll-free
at 1-866-717-7946 or if outside North America at 212-806-6859 (collect calls
accepted) with any questions or if they require assistance voting their YELLOW
form of proxy. If you support the Concerned Shareholder Nominees you must act
quickly to complete the appropriate documents. If you support the Concerned
Shareholder Nominees you should vote using only the YELLOW form of proxy
accompanying the proxy circular and disregard any other form of proxy.
    YELLOW proxies must be received by Georgeson by no later than 2:00 p.m.
(Toronto time) on March 20, 2009 in order to be voted at the meeting. Even if
you have voted the management proxy and wish to change your vote, simply vote
again using the YELLOW proxy, a later dated proxy will automatically revoke
the previously submitted proxy.
    Note: Permission to quote from the RiskMetrics report was neither sought
nor obtained.

    Source: SRM Global Master Fund Limited Partnership

    Certain statements contained in this release constitute forward-looking
statements. The words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar expressions as they
relate to SRM, the Concerned Shareholder Nominees, the Company or its current
or future management, are intended to identify forward-looking statements.
Such statements reflect SRM's or the Concerned Shareholder Nominees current
views with respect to future events and are subject to certain risks,
uncertainties and assumptions. SRM and the Concerned Shareholder Nominees
assume no responsibility for any such statements. Many factors could cause the
Company's actual results, performance or achievements that may be expressed or
implied by such forward-looking statements to vary from those described herein
should one or more of these risks or uncertainties materialize. Such factors
include, but are not limited to, economic, business, technological,
competitive and regulatory factors.

For further information: Media: Wes Voorheis at (416) 947-1400; or
Adrian Flook at +44 20 7153 1588. Shareholders: Georgeson toll-free at
1-866-717-7946 or if outside North America at (212) 806-6859 (collect calls
accepted)