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LAND USE PERMIT EXTENSION APPROVED
� APPOINTMENT OF CHIEF FINANCIAL OFFICER
Vancouver, British Columbia, January 31st, 2011 - Canadian Zinc
Corporation (TSX: CZN; OTCBB: CZICF) is pleased to report the Mackenzie
Valley Land and Water Board has granted a two year extension to
Canadian Zinc's Land Use Permit for�
mineral exploration on the Prairie Creek Property in the
Northwest Territories.
The Land Use Permit (MV2004C0030) was originally issued in May
2006 for a term of five years, entitles the Company to conduct diamond
drilling exploration activities throughout the 3,400 hectare Prairie
Creek Property, along with utilizing support services from the existing
Prairie Creek mine site.� A
number of diamond drilling exploration campaigns have been completed
under this permit, the most recent being the 2010 exploration
program.� The Company applied for
an extension and has been granted a two year renewal of the Permit,
which now expires May 10, 2013.�
Renewal of this Land Use Permit enables the Company to move
ahead with its drilling exploration activities. The 2011 program is
designed to further test the area located 1.5 kilometres north
of the last drill hole that is within the defined mineral resource,
where the host geology is believed to extend deeper to the north.�
The Company raised $2.5 million in Flow-Through financing, as
announced on December 23, 2010, for the planned drilling exploration
activities at Prairie Creek. It is expected that drilling will
recommence when the site opens this spring.
Appointment of Chief Financial Officer and Grant of Options
Canadian Zinc is pleased to announce the appointment of Trevor
Cunningham CMA as Vice President Finance and Chief Financial Officer of
the Company.
Mr. Cunningham, who will be based in Vancouver,
is a Certified Management Accountant of British Columbia and has
previously been employed in various financial positions by a number of
mineral resource companies.� He
has been granted employee stock options on 300,000 shares, vesting over
two years, exercisable at $0.71 per share for five years.
About
the Prairie Creek Mine
Canadian Zinc's principal focus is to advance the
Prairie Creek Mine towards production. The Prairie Creek mineral
deposit contains substantial quantities of zinc, lead and silver The
Prairie Creek Property hosts total Measured and Indicated Resources of
5,840,329 tonnes grading 10.71% zinc, 9.90% lead, 0.326% copper, and
161.12 grams silver per tonne, a large Inferred Resource of 5,541,576
tonnes grading 13.53% zinc, 11.43% lead, 0.514% copper and 215 grams
silver per tonne and additional exploration potential. [Technical
Report October 2007, Minefill Services Inc Dr. David Stone and Stephen
Godden, Qualified Independent Persons, in compliance with NI 43-101].
The Measured and Indicated Resource is capable of
supporting a mine life in excess of fourteen years at the planned
initial rate of 600 tonnes per day, which will increase to 1,200 tonnes
per day, and the future inclusion of Inferred Resources is expected to
extend the mine life to at least 20 years.
The Mine is partially developed with an existing
1,000 tonne per day mill and related infrastructure. Applications for
permits to put the Mine into production are currently undergoing
environmental assessment by the Mackenzie Valley Environmental Impact
Review Board.
Cautionary Statement - Forward Looking Information:
This press release contains certain forward-looking
information, This forward looking information includes, or may be
based upon, estimates, forecasts, and statements as to management's
expectations with respect to, among other things, the issue of permits,
the size and quality of the company's mineral resources, future
trends for the company, progress in development of mineral properties,
future production and sales volumes, capital and mine production costs,
demand and market outlook for metals, future metal prices and treatment
and refining charges, the outcome of legal proceedings and the
financial results of the company. The Company does not currently
hold a permit for the operation of the Prairie Creek Mine.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Inferred mineral resources are
considered too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral
reserves. There is no certainty that mineral resources will be
converted into mineral reserves.
For
further information contact:
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