June 23, 2010 / 11:55 AM / 8 years ago

UPDATE 1-Canada's HudBay finds more copper-gold at Lalor

* Finds more gold, copper at Lalor deposit in Manitoba

* Sees potential to expand resource estimate

TORONTO, June 23 (Reuters) - HudBay Minerals Inc (HBM.TO) said on Wednesday it had discovered more gold and copper at its Lalor deposit in the western Canadian province of Manitoba.

Toronto-based HudBay first discovered zinc at Lalor in 2007, and it announced last year that it had found a gold zone and a deeper copper-gold zone on the property.

In October, the company said it would spend C$85 million to access Lalor through a ramp from its nearby Chisel North mine to begin mining by early 2012, ahead of the expected completion date of a separate Lalor shaft in 2014.

HudBay said it expects to significantly increase its exploration activity in the gold zones and copper-gold zone to further delineate the zones and add them to its mine plans.

“The discovery of new copper-gold mineralization clearly shows the prospective nature of the deposit and the potential for expansion of the current resource estimates,” Warren Holmes, the company’s interim chief executive, said in a statement.

Earlier this week, HudBay named David Garofalo as president and chief executive officer, effective July 12. Garofalo will replace Holmes, who acted as interim CEO following the retirement of former head Peter Jones late last year. [ID:nN21227027] (Reporting by Euan Rocha, editing by Maureen Bavdek)

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