HudBay Minerals Inc has announced a new National Instrument 43-101 compliant mineral resource estimate for the Fenix project in eastern Guatemala. Measured and Indicated resources are 36.19 million tonnes of 1.92% nickel contained in saprolite.

This new resource estimate replaces the previously reported 41.4 million tonnes at 1.63% nickel in the Proven and Probable reserve category, as contained in the technical report on Fenix filed by HudBay in November 2008. The previous reserve was calculated from saprolite Measured and Indicated resources of 61.45 million tonnes at 1.49% nickel.

Mr W Warren Holmes EVC & interim CEO of HudBay Minerals Inc said that "This new resource estimate and significant increase in the nickel grade enhances the overall economics of the Fenix project. I expect the updated feasibility study will support our belief that Fenix is one of the world's best undeveloped brownfield nickel laterite projects."