Zincore Metals Inc.

Zincore Metals Inc.

May 22, 2009 08:00 ET

Hochschild Acquires Southwestern's 48% Shareholding in Zincore

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2009) - Zincore Metals Inc. (TSX:ZNC) ("Zincore" or the "Company") announces that Hochschild Mining plc ("Hochschild") has acquired a 48.2% shareholding in Zincore as a result of acquiring Southwestern Resources Corp. ("Southwestern"). Hochschild is a London Stock Exchange listed mining company with a market capitalization of approximately $1.2 billion and has significant mining operations in Peru.

On March 24th, 2009, Southwestern and Hochschild announced a plan of arrangement whereby an indirect, wholly owned subsidiary of Hochschild would acquire all of the issued and outstanding common shares of Southwestern. The plan of arrangement was approved by Southwestern shareholders on May 8, 2009 and by the Supreme Court of British Columbia on May 11, 2009. Through its acquisition of Southwestern, which closed yesterday, Hochschild has acquired a 48.2% interest in Zincore.

Timo Jauristo, Zincore's President and CEO commented, "The acquisition of Southwestern's interest in Zincore by Hochschild is very positive. Hochschild is a large, Peru based mining company with significant experience in Latin America. Zincore now has a stronger partner while we advance our existing exploration and development projects and seek additional properties."

Miguel Aramburu, Chief Executive Officer of Hochschild added, "We are delighted to have successfully acquired Southwestern and its holding in Zincore. We look forward to supporting Zincore and working with management to realize future shareholder value."

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 become a leading, low-cost zinc producer by advancing its 100%-owned Accha-Yanque belt 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.

Contact Information