Zincore Metals Inc.

Zincore Metals Inc.

June 22, 2009 08:00 ET

Zincore Signs Bridge Loan Agreement with Hochschild

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2009) - Zincore Metals Inc. (TSX:ZNC) ("Zincore" or the "Company") has executed a bridge loan agreement with a wholly owned subsidiary of Hochschild Mining plc ("Hochschild") to provide up to US$1 million in working capital. The loan has a term of one year with principal and accrued interest repayable in cash upon completion of an equity financing. In the event the loan is outstanding at the end of the term, principal and accrued interest is repayable, subject to any required regulatory and shareholder approvals, in common shares based on a 15% discount to market price of common shares at that time. Any outstanding loan balance bears interest at US dollar LIBOR plus 8%. Hochschild owns 48.2% of the outstanding common shares of Zincore.

Proceeds from the loan will be used for general corporate purposes, including community relations activities involving Zincore's exploration properties in Peru, and, upon access being secured, work on the Minasccasa zinc-copper skarn project and identified targets on the Accha-Yanque belt, including the Dolores copper porphyry. In parallel, metallurgical work on the Accha and Yanque deposits continues.

Mr. Jorge Benavides, Interim President and CEO commented, "Our priority is to resume community and exploration activities in Peru and this loan permits the Company to move quickly in that regard. We have a positive outlook on the zinc market and will take steps to position Zincore to capitalize on that view."

About Zincore

Zincore is a Vancouver-based mineral exploration and development company focused on zinc and base metal opportunities in Latin America. The Company's strategy is to advance its 100%-owned Accha-Yanque belt and other zinc and base metal properties toward development. Zincore holds 62,000 hectares of concessions in southern Peru and additional properties in Chile and Mexico. The Company's shares trade on the Toronto Stock Exchange under the symbol ZNC.

About Hochschild

Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L for Reuters / HOC LN for Bloomberg) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild currently operates five underground epithermal vein mines, four located in southern Peru and one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has one early stage development project in Mexico and fifteen long-term prospects throughout Latin America. Hochschild has over forty years experience in the mining of precious metal epithermal vein deposits.

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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