Feb 8 (Reuters) - Southern Hemisphere Mining Ltd SUH.AX :
* DEAL SIGNED WITH HUDBAY ON SOUTHERN HEMISPHERE'S LLAHUIN PORPHYRY COPPER/GOLD PROJECT IN CHILE
* CO TO RECEIVE UP TO US$5.8 MLN IN CASH PAYMENTS OVER 5 YEARS; HUDBAY TO SPEND MINIMUM OF $3.5 MLN OVER FIRST 3 YEARS
* CO'S UNIT SIGNED OPTION AGREEMENT WITH HUDBAY MINERALS INC'S UNIT TO ACQUIRE UP TO 70 PERCENT OF LLAHUIN PROJECT