FLIN FLON

Copper Reef Mining Corporation announced that it has closed the non-brokered private placement with a subsidiary of HudBay Minerals Inc. previously announced on January 26, 2011. Copper Reef received gross subscription proceeds in an amount equal to Can$1,050,000.00 as consideration for the subscription by HudBay of 7,000,000 units at a purchase price of Can$0.15 per Unit.

HudBay Minerals announced additional drill results at its 100% owned Lalor deposit near its Snow Lake concentrator in the Flin Flon Greenstone Belt, Canada. Notable results intersected in the previously disclosed copper-gold zone include DUB265W01, which assayed 11.70 g/t Au, 30.63 g/t Ag, 6.88% Cu, and 0.37% Zn over 6.44 meters, from 1364.32 to 1370.76 meters, and DUB246W01, which assayed 5.25 g/t Au, 15.26 g/t Ag, 3.58% Cu and 0.15% Zn over 3.35 meters, from 1210.95 to 1214.30 meters.

HudBay Minerals reported drill results at its 100% owned Lalor deposit in the Flin Flon Greenstone Belt, Manitoba, Canada. Significants results came from hole DUB 230 grading 23.11 g/t gold, 91.28 g/t silver, 0.81% zinc, 1.15% copper over 8.75 meters and from hole DUB234 grading 10.28 g/t gold, 45.08 g/t silver, 1.12% zinc, 1.09% copper over 13.00 meters.