News Release
Griffin Notifies Yukon Zinc of No
Amendment to Griffin Proposal
Vancouver, BC,
April 30, 2008 - Yukon Zinc Corporation (YZC.TSX-V) ("Yukon Zinc" or
"the Company") announces today that it has received formal
notification from Griffin Mining Limited ("Griffin") that it does
not intend to increase its offer for Yukon Zinc shares (see April 21 and
April 28, 2008 News Releases). The Board will now meet on or about May
7, 2008, to determine whether to formally accept and recommend to
shareholders the proposal announced on April 28, 2008 of Jinduicheng and
Northwest to acquire all of the outstanding shares of Yukon Zinc.
Advisers and
Counsel
Yukon Zinc's
legal counsel and financial advisors are Lang Michener LLP and Paradigm
Capital Inc., respectively. The legal and financial advisers for Jinduicheng
and Northwest are Davies Ward Phillips & Vineberg LLP and BMO Capital
Markets, respectively.
About Yukon Zinc
Yukon Zinc is a
TSX Venture Exchange listed company based in Vancouver. It is focused on
development of its silver-rich Wolverine Project in southeast Yukon and its
large exploration land holdings in the Finlayson and Rancheria Districts. A
bankable feasibility study was completed for the Wolverine Project by Wardrop
Engineering in January 2007 indicating favourable project economics. The
Project has all of its main development permits and enjoys strong support
from the Yukon Government and its local First Nations communities.
Cautionary Note
Regarding Forward-Looking Statements
This press
release contains "forward-looking statements" within the meaning of
applicable Canadian securities laws concerning the business, operations and
financial performance and condition of Yukon Zinc, including proposals by
Griffin and Northwest/Jinduicheng. Forward-looking statements include, but
are not limited to, statements with respect continuation of the Griffin Proposal
and the proposal by Northwest/Jinduicheng, to the future price of metals, the
estimation of mineral reserves and resources, the realization of mineral
reserve estimates, the timing and amount of estimated future production,
costs of production, capital expenditures, costs and timing of the
development of new deposits, success of exploration activities, permitting
time lines, hedging practices, currency exchange rate fluctuations,
requirements for additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, timing and possible
outcome of pending litigation, title disputes or claims and limitations on
insurance coverage. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect",
"is expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could",
"would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of
Yukon Zinc to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks related to
the integration of acquisitions; risks related to international operations;
risks related to joint venture operations; actual results of current
exploration activities; actual results of current reclamation activities;
conclusions of economic evaluations; changes in project parameters as plans
continue to be refined; future prices of metals; possible variations in ore
reserves, grade or recovery rates; failure of plant, equipment or processes
to operate as anticipated; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or financing or
in the completion of development or construction activities. Although Yukon
Zinc has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements. Yukon Zinc
does not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable securities
laws.
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For more information
contact:
Dr. Harlan Meade, President and CEO
Shae Dalphond Manager, Investor Communications
Telephone: (604) 682-5474 Toll-free: 1-877-682-5474
Facsimile: (604) 682-5404
info@yukonzinc.com www.yukonzinc.com
THE TSX VENTURE
EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OF THIS NEWS RELEASE.
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