Zincore Metals Inc.

Zincore Metals Inc.

March 05, 2010 11:03 ET

Zincore Gains Key Shareholder

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2010) - Zincore Metals Inc. (TSX:ZNC) ("Zincore" or the "Company") reports that Hochschild Mining plc ("Hochschild Mining") has sold its 36.9% shareholding (38,100,000 shares) in Zincore to Inversiones Pacasmayo SA ("Inversiones Pacasmayo") by way of a privately negotiated agreement at a price of $0.27 per share, an 11.6% premium to Zincore's 20-day, weighted average closing price.

Zincore's President and CEO, Jorge Benavides, commented "we are pleased with this transaction. It places the shares in the hands of a strong financial investor, who may also become a strategic partner in our goal to develop a single, zinc-lead mining operation through the use of an alternative metallurgical process at our Accha Zinc Oxide District in southern Peru."

Inversiones Pacasmayo is a public investment company which trades on the Lima Stock Exchange. Eduardo Hochschild, Executive Chairman of Hochschild Mining, indirectly controls approximately 95% of the shares of Inversiones Pacasmayo, which owns approximately 64% of the overall shares of Cementos Pacasmayo SAA. In turn, Cementos Pacasmayo SAA owns all of the shares of Corianta SAC. Corianta currently uses a Waelz rotary kiln at its facility in northern Peru to process zinc and lead ore from its Bongara mine to produce a commercial high grade zinc oxide concentrate. Zincore is testing this same pyrometallurgical process with ores from its Accha and Yanque projects on the Accha Zinc Oxide District.

Hochschild Mining originally acquired the 38,100,000 common shares of Zincore as a result of its purchase of Southwestern Resources Corp. in May 2009. As a precious metals resource company, ownership of such a substantial number of Zincore shares, a zinc exploration company, did not constitute a core part of Hochschild Mining's strategy.

About Zincore
Zincore is a Vancouver-based mineral exploration company focused mainly zinc and related base metal opportunities in the Americas, namely Peru, Mexico and Canada. The Company's common shares trade on the TSX under the symbol ZNC.

Forward-looking Statements Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Annual Information Form of Zincore dated March 9, 2009 which is filed with Canadian securities regulatory authorities and available on SEDAR (www.sedar.com). Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Zincore does not assume the obligation to update any forward-looking statements.

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