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PDAC – March 2, 2009

Kelly Gilmore

HudBay’s Perspective on New and Future Discoveries in the Prolific Flin Flon Greenstone Belt

2 HudBay’s Perspective on New and Future Discoveries in the Prolific Flin Flon Greenstone Belt

Forward-Looking InformationThis presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information concerning HudBay's mineral resource estimates and potential plans for Lalor as well as HudBay's exploration and development plans and its strategies and future prospects. 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", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions 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 projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of HudBay and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include changes in market conditions, variations in ore grade or recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, economic factors, government regulation and approvals, environmental and reclamation risks, costs, timing and amount of future production, capital expenditures and requirements for additional capital, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, permitting timelines, labour disputes and the availability of skilled labour, results of exploration and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, as well as those risk factors discussed in the Annual Information Form for the year ended December 31, 2007, and as contained in the Management Discussion and Analysis for the three and nine month period ended September 30, 2008 for HudBay Minerals Inc. available at www.sedar.com. Although HudBay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. HudBay undertake no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

This presentation and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.


Outline• Flin Flon Greenstone Belt Background• New Discoveries since 1993 when the operations were set to close

– 777 discovery

– Spectrem discoveries

– Other new discoveries

• VMS Reed

• Halo Lost Lake

– Lalor

• Future Discoveries: where and how

• HudBay’s Perspective


#

#

#

#

#

#

#

# #

Precambrian

Carbonate Cover

Volcanics

Flin FlonSnow Lake

Saskatchewan Manitoba

0 200 Kilometers

N

Saskatoon

Regina

Winnipeg

Churchill

Flin Flon Greenstone BeltExploration Area

from Manitoba Dept. of Energy & Mines

Flin Flon

Precambrian Shield

OrdovicianSilurian

Devonian

Cretaceous

Winnipeg


Flin Flon Greenstone Belt


• HudBay discoveries and mines have produced over 155 million tonnes from over 26 mines

• 60% of deposits found with geophysics• Flin Flon mine is the largest

– 62.4 mt @ 2.2% Cu, 4.2% Zn, 2.6 g/t Au and 41.5 g/t Ag• Average size of the deposits

– 6.3 mt @ 2.1% Cu, 4.08% Zn including Flin Flon mine– 3.6 mt @ 2.0% Cu, 4.04% Zn excluding Flin Flon mine

• More than 20 million tonnes discovered since 1993

Flin Flon Greenstone Belt Background


1910 1930 1950 1970 1990 2010

Mandy

Flin Flon

Sherridon

Dickstone

Cuprus

Schist

Don Jon

North Star

Birch

Flexar

Coronation

Osborne

Chisel

Stall

Ghost & Lost

Anderson

White

Ruttan

Centennial

Rod

Westarm

Spruce Point

Trout

Namew

Callinan

Chisel North

"777"

Photo

Konuto

Discovery Closure

ProspectingGeologicalGeophysical

Method Used

Flin Flon Greenstone Belt Mines

Discovery Methods for Deposits Mined in the Belt


Flin Flon Greenstone Belt Production

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

1928

1931

1934

1937

1940

1943

1946

1949

1952

1955

1958

1961

1964

1967

1970

1973

1976

1979

1982

1985

1988

1991

1994

1997

2000

2003

2006

Year

Ann

ual P

rodu

ctio

n To

ns

FFM Trout Birch Flexar Coronation Westarm Don Jon

Cuprus North Star Schist Callinan Centennial Dickstone 777

Konuto White Anderson Chisel North Chisel Open Pit Chisel Ghost & Lost

Osborne Photo Rod Spruce Stall

Production Charts


Discoveries versus Drilling


Chisel North

• Includes only HudBay drill holes

• Under explored areas under carbonate cover

• Satellite deposits and mines

• Extensively explored core areas near mines in Flin Flon and Snow Lake

Exploration Maturity


Chisel North

Spectrem Surveys• Fifth generation of airborne

EM survey

• Produced over 2000 untested EM targets

• Produced 2 mines

• Produced 6 significant new zones, Watts, Harmin, Fenton, Talbot, Archibald, Grassberry

• Produced over 20 new mineral occurrences

• Over 80,000 km of new VTEM survey


0.430.615.45Minago

4.620.311.33Harmin Cross

1.063.382.91Moose

2.972.1831.89Harmin

10.610.946.38Fenton

2.442.5113.79Watts

3.570.305.40Harmin South

4.260.612.40Harmin East

2.040.2213.86Harmin North

1.806.5728.83Photo

3.5012.449.65Talbot

Zn %Cu %MetresZone

Harmin North

Harmin South

Harmin East

Watts River

Harmin

Minago

Photo Lake

FentonHarmin Cross

Talbot

Moose Lake

Spectrem discoveries in Manitoba


1.380.622.00Suggi SW

0.032.682.53Hobbs

6.920.0838.66Archibald

5.411.623.00Windy

1.454.663.45Suggi

0.011.533.98Saskoba

1.281.402.60Windy North

19.286.942.52Grassberry

14.964.202.48Jazz

0.281.133.56Usinne Lake

Zn %Cu %MetresZone

2.387.398.31Konuto

Hobbs

UsinneJazz

SuggiWindy

Grassberry

Suggi SW

Archibald

Saskoba

Konuto

N

Spectrem discoveries in Saskatchewan


0.153.176.09Rockcliff Resources: R1 Zone

0.1110.3633.46VMS Ventures: Reed

4.904.50Murgor: WimExtension

3.460.1015.30Troymet Exploration: McClarty

3.225.694.98Exploration Syndicate: Zang

8.93.04.40Halo Resources: Lost

Zn %

Cu %

MetresCompany – Zone

0.761.115.82Murgor: Hudvam New Lens

New Discoveries: 2007 to 2009

Zang Zone

Alex- Groucho

EmilyM45 Zone

McClartyReed Lake

R-1

HudvamWim

Lost


VMS Ventures Reed Lake Discovery


Halo Resources Lost Lake: Shallow High Grade Discovery


1910 1935 1960 1985 2010

Time

Flin Flon

Callinan

"777"

Time Line Discovery to Closure Flin Flon Mine Horizon• Discovered in 1915 production

1930• Within mine exploration

extended ore to depth• 50 years (1965) to the first

indication of other economic mineralization on the horizon

• 79 years (1984) to the second mine discovered on the horizon

• Why so long – no need for exploration and lack of technology and understanding

• Clearly new technology and understanding should produce new discoveries


777 3D Model


Seismic Surveys


• EM not effective due to cultural noise

• 3D seismic survey designed to target 500m – 3000m depth

• Sulphides are high energy reflectors

• Identified new targets at depth

Seismic Section


• 15 km from Snow Lake concentrator

• Discovered March 2007

• Geophysical target @ 800m depth

• Six drills operating

Lalor Infrastructure


DUB 168: 790.85 to 795.53 4.68 m @ 42.34% Zn


-700m

-900m

-700m

-900m

-1100m

-1300m

3D Cross Section


Inferred

Inferred

Inferred

Inferred

Inferred

Inferred

Inferred

Category

9.940.6828.022.215,513,00010 – Main

8.190.7034.092.8713,241,000Total

9.010.6848.973.181,540,00040 – FW #3

5.550.4332.621.912,252,00030 – FW #2

6.360.3133.172.39579,00031 – FW #2HW

5.941.0738.934.893,068,00020 – FW #1

18.390.2932.740.70289,00011 – Main HW

Zn %Cu %Ag g/tAu g/tTonnesZone

Mineral Resources as of June 23, 2008 NI 43-101 Compliant

IndicatedIndicatedIndicatedCategory

10.250.5316.451.302,092,00010 – Main

8.820.7120.481.913,388,000Total6.511.0126.982.901,296,00020 – FW #1

Zn %Cu %Ag g/tAu g/tTonnesZone

Resource Estimate


The New Gold Zone• Contact Gold mineralization in hanging wall and footwall of

massive sulphide• Separate gold mineralization

DUB 170 843.75 0.34 g/t Au 0.26% Cu 15.38% Zn

DUB 171 1081.46 m 26.4 g/t Au 3.74% Cu 1.52% Zn

Massive sulphide

Zinc rich

Stringer sulphide

Contact Gold Mineralization

Gold – Copper +/- Lead Rich


LegendZone 20Contact Gold to Zone 20

FW Gold

LegendZone 20Contact Gold to Zone 20

FW Gold

NORTH

Zone 20 and Gold Mineralization


DUB 208W01

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

830.11 834.39 839.15 842.39 847.20 850.69 855.69 860.69 Depth m

Zn-C

u-Pb

%

0.00

20.00

40.00

60.00

80.00

100.00

120.00

Aug

/t

ZincCopperGoldLead

14.46m @ 0.55 g/t Au 11.58% Zn

11.28m @ 14.22 g/t Au

Footwall Gold Mineralization


DUB 215

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

909.58 914.20 918.38 922.91 927.91 932.91 937.91 942.35 946.54 951.15 956.15 960.70

Depth meters

Zn-C

u-Pb

%

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

Au

g/t

ZincCopperGoldLead

10.24m @ 28.53 g/t Au 0.66% Cu 0.23% Zn

Separate Gold Mineralization


Chisel North

Chisel Seismic Section


• Historically the FFGB has a sustainable record of new discoveries

• Recent new discoveries show that the FFGB continues to be a very prolific place to explore

• Exploration in mature well explored areas near mines continues to be successful using new technology– At previously unexplored depths 777 and Lalor– At shallow depths: Halo’s Lost Lake deposit

• Exploration in relatively unexplored parts of the belt is also successful and there are a large number of Spectremtargets that remain to be tested

Summary: HudBay’s Perspective


• 80,000 km of new VTEM survey• New discoveries have all been under cover, at depth or

previously obscured by cultural noise or complex geology• Deep deposits with a subtle expression require:

– The use of new technology to define the targets– An integrated approach that uses the three cornerstones of

geoscience, geology, geochemistry and geophysics to select and prioritize the best targets

– Aggressive exploration to drill deep drill holes

Summary: HudBay’s Perspective


APPENDIX• Reserves and Resources

• Estimated Mineral Reserves – January 1, 2008

• Estimated Inferred Mineral Resources – January 1, 2008

• Pre-development Properties – January 1, 2008

• Lalor – Mineral Resources


Estimated Mineral Reserves – January 1, 2008

21,354,400Total Reserves

13,825,900Total Probable

7,528,500Total Proven

10.8---890,400Probable

9.5---1,000,100Proven

Balmat

6.8---879,400Probable

9.3---528,700Proven

Chisel North

4.72.121.81.7831,800Probable

4.12.013.71.31,535,000Proven

Trout Lake

5.02.129.92.211,224,300Probable

4.03.125.72.44,464,700Proven

777

Zn (%)Cu%Ag (g/t)Au (g/t)TonnesMine

Please refer to HudBay’s Annual Information Form for the year ended December 31, 2007 and applicable technical reports in respect of the properties filed on SEDAR for further information.


Estimated Inferred Mineral Resources – January 1, 2008

3,470,500Total

12.8---1,442,300Balmat

5.5---272,100Chisel North

0.72.34.00.8299,900Trout Lake

4.21.326.91.81,456,200777

Zn (%)Cu%Ag (g/t)Au (g/t)TonnesMine

Please refer to HudBay’s Annual Information Form for the year ended December 31, 2007 and applicable technical reports in respect of the properties filed on SEDAR for further information.Inferred resources diluted, recovered and economically tested.


Pre-development properties: Estimated Mineral Reserves – January 1, 2008

9.0

8.6

2.6

-

6.8

5.3

6.7

6.6

Zn (%)

31,475,000Total Inferred

7,490,000Total Indicated

-1.49.60.1302,000Inferred

-1.912.10.11,050,000Indicated

Bur

-1.925.60.76,623,000Inferred

-----Indicated

Watts River

4.0-36.4-11,000,000Inferred

7.4-86.7-1,450,000Indicated

Jason

3.1-31.8-13,550,000Inferred

4.4-47.8-4,980,000Indicated

Tom

Pb (%)Cu (%)Ag (g/t)Au (g/t)TonnesProperty

Please refer to HudBay’s Annual Information Form for the year ended December 31, 2007 and applicable technical reports in respect of the properties filed on SEDAR for further information.


Reserves and Resources – HudBay Minerals• To estimate mineral reserves, measured and indicated mineral resources were first estimated by a 12-step process,

which includes determination of the integrity and validation of the data collected, including confirmation of specific gravity, assay results and methods of data recording. The process also includes determining the appropriate geological model, selection of data and the application of statistical models including probability plots and restrictive kriging to establish continuity and model validation. The resultant estimates of measured and indicated mineral resources are then converted to proven and probable mineral reserves by the application of mining dilution and recovery, as well as the determination of economic viability using historical operating costs. Other factors such as depletion from production are applied as appropriate. Long term metal prices, including premiums, used to determine economic viability of the 2008 mineral reserves were US $550 oz. gold, US $11.00 oz. silver, US $1.45 lb. copper and US $0.75 lb. zinc.

• Estimated inferred mineral resources within HudBay mines were estimated by a similar 12-step process, used to estimate measured and indicted resources. The inferred mineral resources tabulated above and contained in HudBay mines are compliant with the requirements of NI 43-101; they have had dilution and recovery applied and have been economically tested using the same historical costs and long term metal prices as those used for the estimation of mineral reserves.

• The 2008 estimated measured and indicated mineral resource and the estimated inferred mineral resource were prepared under the supervision of Kimberley Lau, B.Sc., P.Geo, who is employed by Hudson Bay Mining and Smelting Co., Limited (HBMS), a wholly-owned subsidiary of HudBay, as Superintendent, Mining Technical Services and who is a Qualified Person under NI 43-101. The 2008 estimated mineral reserve and the estimated diluted, recovered and economically tested inferred mineral resources have been prepared under the supervision of Gerald Beauchamp, B.Sc., P.Eng., who is employed by HBMS as Senior Mines Analyst and who is a Qualified Person under NI 43-101.

• Please refer to HudBay’s Annual Information Form for the year ended December 31, 2007 and applicable technical reports in respect of the properties filed on SEDAR for further information.


Lalor – Mineral Resources

Notes:

1. CIM Definitions were followed for the estimation of Mineral Resources.2. Mineral Resources are estimated at a zinc equivalency (ZNEQ) cut-off of 4% (ZNEQ% equals Zn% + Cu% x 2.352

+ Au g/t x 0.626 + Ag g/t x 0.009) and a minimum two metre true width. 3. Long term $US metal prices of $700/oz gold, $12.00/oz silver, $2.00/lb copper and $0.85/lb zinc were used for the

estimation of ZNBQ.4. Metal recovery assumptions of 65% gold, 60% silver, 90% copper and 90% zinc were used for the estimation of

ZNBQ.5. Specific gravity measurements using industry standard techniques were completed on all assayed intervals.

The mineral resource estimate included above was prepared by Robert Carter, P. Eng., Senior Mines Analyst of HBMS, and audited by Ian Blakley, P. Geo., Senior Consulting Geologist of Scott Wilson RPA. Both are Qualified Persons under NI 43-101 and have reviewed and approved the contents.

Source: The Technical Report dated September 19, 2008 in respect of HudBay’s Lalor property and available on SEDAR.

8.190.7034.12.913.2Inferred

8.820.7120.51.93.4Indicated

Zn(%)

Cu(%)

Ag(g/t)

Au(g/t)

Tonnes(millions)

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