09:46 AM EST - HudBay Minerals Inc. : said it has, through a subsidiary, entered into a non-binding letter of intent with VMS Ventures Inc. respecting HudBay's copper-rich Reed Lake property in Manitoba's Flin Flon Greenstone Belt, which is presently under option to VMS, the two southern claims immediately adjacent to the Reed Lake property as well as certain other adjacent exploration properties, which are held by VMS. HudBay said it would obtain a 70% interest in the joint venture and VMS would obtain a 30% interest. Upon execution of the definitive joint venture deal, the company would make certain cash payments to VMS in satisfaction of its obligation to earn back in to the property and as consideration for VMS transferring the southern claims to the joint venture. HudBay and VMS anticipate that definitive deals can be completed by May 31, 2010. HudBay Minerals Inc.
shares T.HBM are trading down $0.60 at $13.45.
