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CANADIAN ZINC
CORPORATION ANNOUNCES NORMAL COURSE ISSUER BID
Vancouver, British
Columbia, May 26, 2009 - Canadian Zinc Corporation (TSX: CZN; OTCBB: CZICF) (the
"Company" or "Canadian Zinc") announces that it
intends to renew, subject to regulatory approval, its normal course
issuer bid (the "Bid") pursuant to which the Company may
purchase up to a maximum of 5,000,000 common shares in the capital of
the Company (the "Shares"), representing approximately 4.2%
of the issued and outstanding shares of the Company of 118,900,563 as
at May 25, 2009.
The
Company is of the view that the recent market prices of the Shares do
not properly reflect the underlying value of the Company's assets. No
insiders of the Company intend to participate in the Bid.
The
Company intends to commence the renewed Bid on or about June 1, 2009
and terminate the Bid no later than May 31, 2010. Pursuant to TSX
policies, daily purchases made by the Company may not exceed 37,481
shares, which is 25% of the average daily trading volume of 149,925
Shares on the TSX over the past six months, subject to certain
prescribed exceptions. Purchases pursuant to the Bid will be made from
time to time through the facilities of the Toronto Stock Exchange. Shares
purchased will be paid for with cash available from the Company's
working capital, which at March 31, 2009, was approximately $22.394
million. All Shares purchased pursuant to the Bid will be cancelled and
returned to treasury.
During the
course of Company's normal course issuer bid from May 13, 2008 to May
12, 2009, the Company purchased and cancelled an aggregate of 1,784,500
common shares at a weighted average price of $0.22 per share.
About Canadian Zinc:
The
Company's principal focus is its efforts to advance the Prairie Creek
Mine, a zinc/lead/silver property located in the Northwest Territories
of Canada, towards production. The Prairie Creek Mine is partially
developed with an existing 1,000 tonne per day mill and related
infrastructure.
Cautionary Statement - Forward Looking
Information
This press
release contains certain forward-looking information, including the
intended completion of a normal course issuer bid. 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
availability of funds to complete purchases of common shares under the
normal course issuer bid and the share price of the Company. There can
be no assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements.
For further information contact:
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