Zincore Metals Inc.
TSX : ZNC

Zincore Metals Inc.

January 18, 2007 07:15 ET

Zincore Metals Reports Initial Drill Results at Accha Deposit in Peru, Including 35 Metres at 9.3% Zinc

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 18, 2007) - Zincore Metals Inc. (TSX:ZNC) ("Zincore" or "The Company") announces drill results from four holes drilled at its 100%-owned Accha zinc deposit in southern Peru. These holes represent the first drilled as part of the 20,000-metre HQ diamond drill program at Accha that began on November 23, 2006.

Results confirm the high-grade, open pit nature of the Accha deposit. Highlights include:

- 34.89 metres at 9.31% zinc from 47.81 metres and

- 17.26 metres at 8.65% zinc from 102.84 metres.

Drill holes AC-01 to AC-04 were drilled within the main ore deposit and form part of the resource definition phase of the drill program. All intersected mineralization consists of zinc carbonates and zinc oxides. The holes were spaced across a 200 metre strike length of the eastern part of the Accha deposit. A twinned hole was drilled at each location and mineralised core is being sent to the Company's consultants for use in the metallurgical test work program. Two holes intersected a lower zone of mineralization that had not been reported in the historical drilling.

Timo Jauristo, Zincore's President and CEO stated, "These results demonstrate the near surface, high-grade nature of the Accha deposit and confirm the continuity of mineralization in these areas. The drilling met or exceeded our expectations based on the historical model and the new mineralization identified at depth is encouraging. We continue an aggressive program of resource definition drilling and will then commence our step-out exploration program aimed at extending the mineralization."

Accha is one deposit within Zincore's 30-kilometer long Accha-Yanque zinc oxide belt in southern Peru. Two drills are currently active on the property. The drill program objectives include improving drill density within the historical mineral resource envelope (to approximately 50- by 50-metre spacing), testing for extensions of the Accha orebody along strike to the west and down-dip to the south, and collection of metallurgical samples. Results from the drill program will enable preparation of a current resource estimate under NI 43-101.



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Intersection
------------------- Core
From To Interval Zinc Lead
Hole No. (metres) (metres) (metres) (%) (%)
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AC-01 60.93 65.1 4.17 1.63 0.13
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79.00 90.20 11.20 4.51 0.18
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including 82.75 86.42 3.67 8.09 0.02
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118.27 119.96 1.69 6.46 0.42
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134.35 136.60 2.25 13.67 0.45
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AC-02 47.81 82.70 34.89 9.31 1.27
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including 52.20 61.03 8.83 17.88 0.64
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and 69.78 73.05 3.27 22.67 1.02
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84.50 98.80 13.40 1.95 0.08
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98.80 104.77 5.97 11.00 0.17
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AC-03 101.80 114.85 13.05 8.65 2.41
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including 103.00 106.70 3.70 23.37 2.78
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AC-04 102.84 120.1 17.26 8.65 0.97
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including 109.9 118.4 8.5 13.64 1.07
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125.35 130.66 5.31 5.87 0.18
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188.45 193.4 4.95 5.64 1.3
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Zincore has engaged Watts, Griffis and McOuat Limited, an independent, Toronto-based international geological and mining consulting firm, to advise on the drilling program and complete the resource estimate. The Company has also initiated base line water sampling studies as well as initial socio-economic studies within the area of influence of the Accha project. Other baseline studies will begin over the coming months and the Company is currently in the process of evaluating several contractors to carry out these surveys. Metallurgical test work is in progress under the direction of Green Team Consultants International ("GTI").

To view accompanying map please click on the following link: http://www.ccnmatthews.com/docs/ZNC_Map.jpg

Quality Control

Zincore has implemented a quality control program to ensure best practice in litho geochemical sampling and analysis of rock chips, trench, tunnel and drill core samples.

All drill core samples (approximately one metre, half-core composites) are shipped in security sealed bags via a private trucking company directly to the ALS Peru Laboratories facility in Lima. All samples for the resource drill program are digested using a three acid digestion and analyzed by two packages. Pb and Zn are determined by Atomic Absorption and if the results exceed 30% they are re-assayed by volumetric methods. All samples are also assayed by ICP for 25 elements (also using the three acid digestion for complete dissolution).

The Company submits its own standards and blanks as a measure of the accuracy of the analysis. All pulps and coarse rejects are being recovered and stored. Prior to a new resource calculation, 10% of all samples used in the resource calculation will be re-assayed at a second laboratory using the same analytical techniques described above. Both a re-assay of the pulp and of a new pulp prepared from the coarse reject will be used.

Vernon Arseneau, P.Geo., Manager, Peru for Zincore is supervising the exploration program and is the qualified person as defined under National Instrument 43-101 for this news release.

About Zincore

Zincore's strategy is to become a leading, low-cost zinc producer with the immediate objective of advancing its 100% owned Accha-Yanque property toward a development decision through a disciplined process of exploration, drilling and resource definition, and technical studies. Zincore holds a portfolio of other zinc exploration properties in southern Peru and intends to pursue additional zinc opportunities elsewhere in Latin America and China.

About the Accha Deposit

The Accha-Yanque property consists of 56 concessions over a 30-kilometre distance in southern Peru. At the north end of the property is the Accha deposit and at the south end is the Yanque deposit. A number of zinc prospects with limited prior exploration occur between these two deposits. A total of 56 holes were completed by Cominco Ltd., Savage Resources Ltd. ("Savage"), and Pasminco Limited ("Pasminco") at the Accha deposit for 13,500 metres.

Savage, and later, Pasminco, which acquired Savage, evaluated Accha between 1998 and 2001. Two historical resource estimates under the AUSIMM JORC standards were calculated for the Accha deposit using differing assumptions. In 1999, Kvaerner Metals ("Kvaerner"), under engagement to Savage calculated an indicated mineral resource of approximately 7.0 million tonnes grading 8.9% zinc and an inferred mineral resource of 1.8 million tonnes grading 8.9% zinc. In 2000, Pasminco calculated an indicated mineral resource of approximately 3.8 million tonnes grading 8.9% zinc and 1.0% lead and an inferred mineral resource of 2.0 million tones grading 11.4% zinc and 1.9% lead under more conservative assumptions.

Cautionary Note Regarding Mineral Resource Estimates

The qualified person for the Accha-Yanque technical report is L.D.S. Winter, P.Geo., an independent consulting geologist as defined under NI 43-101. Historical mineral resource estimates have not been reconciled to the mineral resource categories of NI 43-101 and sufficient work has not been done to classify these estimates as current mineral resources. For details on the Accha historical mineral resource estimates and the Yanque current mineral resource estimate, see Zincore's prospectus relating to its IPO dated October 26, 2006, which was filed with Canadian securities regulatory authorities and is available on SEDAR (www.sedar.com).

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 prospectus of Zincore relating to its IPO 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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