H.M.
Visagie (416-805-4166)
Analysis
�Canada Zinc Metals (CZX) reports that Tongling
Nonferrous Metals Group Holdings Co. Ltd. has exercised 5.75 million share
purchase warrants to acquire 5.75 million common shares at a price of 60
cents per share, for proceeds to Canada Zinc Metals Corp. of $3.45 million. The
proceeds of the private placement will be used to fund further exploration and
advancement of the Company's Akie property and for working capital purposes.
With the exercise of the warrants, Tongling now holds
a 17.65% equity position in the Company.
The Company has filed a NI 43-101 report supporting
the estimated inferred resource of 23.6 million tonnes grading 7.6% Zn, 1.5% Pb
and 13.0 g/t Ag (at a 5% Zn cut off grade). Two similar deposits, Cirque and
South Cirque, located some 20 km northwest of Akie and owned under a joint
venture by Teck Resources and Korea Zinc, are also hosted by Gunsteel rocks and
have a combined geologic inventory in excess of 50 million tonnes.
Comment: Eventually, the zinc deposits in the Akie
district will be exploited.�
TSX.V: CZX; Frankfurt: A0F7E1
About Canada Zinc Metals Corp.
Canada Zinc Metals is a mineral exploration company focused on unlocking
the potential of a future long life mining district in British
Columbia, Canada.
The Company is the dominant land holder in a world class mineral belt called
the Kechika Trough which hosts in excess of 80 million tonnes of base metal
resources. Canada Zinc Metals owns a total of 78,526 hectares in
233 claims which extend northwestward from the Akie property for a distance of
125 km.
Using the NI 43-101 resource estimate, the deposit contains 3.95
billion pounds of zinc, 780 million pounds of lead and
8.95 million ounces of silver. The deposit remains open in all
directions.
Tongling Nonferrous Metals Group and Lundin Mining are significant
shareholders of the Company.
Please visit us at www.canadazincmetals.com