Zinc

[Lone Clone]

HudBay sees increased reserves, stock jumps

06/07/07

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TORONTO (Reuters) - Shares of HudBay Minerals Inc. punched further into record territory on Friday after the miner said it had substantially increased reserves at its Yukon deposits.

HudBay stock was up 53 Canadian cents, or 2 percent, at C$27.38 by early afternoon on the Toronto Stock Exchange, after having peaked at C$27.64.

Estimates for HudBay's neighboring Tom and Jason mines in northwestern Canada confirmed it is "one of the largest undeveloped zinc/lead deposits in North America," Peter Jones, the president and chief executive, said in a statement on Friday.

Combined, the two deposits contain an "indicated" 6.43 million tonnes of zinc, lead and silver, and a "total inferred" amount of 24.55 million tonnes, the miner said.

The Winnipeg-based company's shares have jumped in the last four sessions, climbing 23 percent in the shortened trading week.

($1=$1.05 Canadian)