Hudbay has invested 338 million of its 794 million dollar capital construction budget for the Lalor project near Snow Lake and has entered into an additional 84 million dollar commitment to the project with ore now being hoisted from the ventilation shaft.  President David Garofalo says Lalor and Reed Lake will lead to improved future growth.  He says now that they’ve achieved commercial production for the first phase of Lalor they expect that the sequentially improved earnings and cash flow in the second half of 2013 will be followed by more substantial growth in 2014 as the Reed project comes on line and they commission the main shaft at Lalor.

              Garofalo adds Hudbay’s focus at Reed Lake has been advancing the underground ramp and sinking the escape and ventilation raises from surface.  They have invested 37 million of the 72 million dollar capital construction budget at Reed and entered into an additional 13 million in commitments. Hudbay expects full production there by the first quarter of next year