The following is a company news release issued by Canada Zinc Metals Corp. (TSX.V: CZX). Please visit our website for additional information at www.canadazincmetals.com.
Should you have any questions or comments, please contact us at (604) 684-2181 or by email at info@canadazincmetals.com.
Regards,
Corporate Communications
CANADA ZINC METALS CORP.
FOR IMMEDIATE RELEASE
info@canadazincmetals.com
Canada Zinc Metals Announces Closing of $3 Million Private Placement
Vancouver, British Columbia, Canada � June 9, 2010 � Canada Zinc Metals Corp. (TSX Venture Exchange: CZX) (�Canada Zinc Metals� or the �Company�) is pleased to announce that, further to its news release dated May 27, 2010, it has received final approval from the TSX Venture Exchange with respect to the closing of the non-brokered private placement.
5,000,000 units of the Company were subscribed to at a price of $0.60 per unit for gross proceeds of $3,000,000. Each unit consists of one common share and one half of a common share purchase warrant. Each whole warrant entitles the holder to purchase, at any time within 18 months from closing, one common share of the Company at a price of $0.80. All shares issued pursuant to the private placement are subject to a hold period expiring on October 8, 2010.
The Company paid $210,000 as a finder�s fee on the transaction.
About the Akie and Kechika Regional Properties
The Akie zinc-lead property is situated within the southern-most part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.
Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian �Gunsteel� formation. The Company has outlined a NI 43-101 compliant inferred resource of 23.6 million tonnes grading 7.6% zinc, 1.5% lead and 13.0 g/t silver (at a 5% zinc cut off grade).
Two similar deposits, Cirque and Cirque 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 (not 43-101 compliant) grading approximately 10% combined zinc + lead.
In addition to the Akie property, Canada Zinc Metals Corp. controls a large contiguous group of claims which comprise the Kechika Regional project. These claims are underlain by geology identical to that on the Akie property (Cardiac Creek deposit) and Cirque. This project includes the 100% owned Mt. Alcock property, which has yielded a historic drill intercept of 8.8 metres grading 9.3% zinc+lead, numerous zinc-lead-barite occurrences, and several regional base metal anomalies.
All of the company�s claims (77,889 Ha), with the exception of a small isolated block (2,293 Ha), are in good standing, under the provisions of the Mineral Tenure Act of British Columbia, until December 8, 2018.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
CANADA ZINC METALS CORP.
�PEEYUSH VARSHNEY�
pEEYUSH vARSHNEY, LL.B
CEO & CHAIRMAN
|
Canada Zinc Metals Corp
|
|
EXPLORATEUR |
CODE : CZX.V |
ISIN : CA5646131071 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Canada Zinc est une société d’exploration minière de zinc basée au Canada. Ses principaux projets en exploration sont KECHIKA et AKIE (CARDIAC CREEK) au Canada. Canada Zinc est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 49,6 millions CA$ (38,5 millions US$, 32,2 millions €). La valeur de son action a atteint son plus haut niveau récent le 14 janvier 2011 à 0,83 CA$, et son plus bas niveau récent le 15 avril 2016 à 0,10 CA$. Canada Zinc possède 159 930 000 actions en circulation. |